Marcus & Millichap is pleased to present 416 South Grand View Street in Los Angeles, California 90057. Built in 1925, this stabilized property made up of 20 units will be delivered with seven vacancies. This is an ideal cash flow investment with a well-maintained building with proven market rents. Additionally, the property is located within a Qualified Opportunity Zone.
The buildings feature a unit mix made up of singles and one-bedrooms with the majority of units already renovated. Seven of the singles will be delivered vacant in rent-ready condition allowing an investor to lease immediately at market rent. The units have undergone renovations that include updated kitchens and bathrooms, hardwood floors and granite countertops. The common areas are well-kept with hardwood floor and new unit signage throughout. While the building is already separately metered for electricity, gas is master metered with the ability to be separated. There is a community laundry room in the basement with two washers and dryers for resident’s use.
Westlake, located right outside Downtown’s employment hub, is a bustling neighborhood with a rapidly gentrifying demographic. Westlake is adjacent to other notable neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The subject property’s location is ideal as it is walking distance to thousands of jobs, transportation options and retail and dining amenities. The demand for apartment units continues to increase, seen by the major developments in the area such as the MacArthur Park Metro Apartments (proposed 665 units), Lake on Wilshire (proposed 478 units) and Wilco (152 units under construction) among many others in close proximity to 416 S. Grand View Street.