Property Details


Year Built: 1987
Units: 34
Price / SqFt: $385
CAP: 5.79%
GRM: 11.27

Executive Summary


DOWNLOAD OFFERING MEMORANDUM

The Neema Group of Marcus & Millichap is pleased to present 4310 Russell Ave., an investment opportunity of a 34-unit apartment building in Los Feliz, one of the most coveted rental submarkets in all of Los Angeles, located just east of Hillhurst Ave. between Commonwealth Ave and Talmadge St. This is a rare opportunity to purchase a sizeable asset in this pocket of the submarket adjacent to American Broadcast Studios. Los Feliz is considered a premier rental market of Los Angeles attracting quality tenants and providing easy access to amenities in Hollywood as well as the 101 & 5 Freeways.

The building features an ideal, rare unit mix of of 32 two-bedrooms (1,000 SF), one single (350 SF), and one 2+2.5 townhouse (1,200 SF) – each with their own private balcony. The property has 66 gated parking spaces and secure entry and exit. Furthermore, there is a community laundry room with washers and dryers. The rental income provides stable current cash flow to an investor with additional upside over 14% achievable through increasing rent as units turn. The 1987 construction does not fall within the city of Los Angeles rent control.

The neighborhood of Los Feliz is highly desirable and a densely populated rental market of Los Angeles. Surrounded by multimillion-dollar single-family residences north and south of Los Feliz Blvd, the property provides apartment renters the opportunity to reside in an affluent community. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theatre and stargazing at Griffith Observatory.

The subject property is currently under contract and being sold by way of Receivership.The sale is subject to a court confirmation overbid hearing. Please contact the agents for additional details.

Area Overview

Los Feliz is a hillside neighborhood in the central region of Los Angeles, California. This highly desirable area borders Hollywood and encompassing part of the Santa Monica Mountains. Los Feliz is situated between Griffith Park, Atwater Village, Silver Lake, Hollywood and the Hollywood Hills. From hiking Griffith Park to seeing at show at The Greek Theatre, there is no shortage of things to do in Los Feliz. The neighborhood is also home to some of the greatest architecture masterpieces including Frank Lloyd Wright Mayan-inspired house.

Los Feliz offers a perfect mix of shopping and nightlife, always with the option to take a breather in one of the largest urban parks in North America—4,310 acres to be exact. Because of that, residents are as likely to spend Saturday afternoons sipping a stiff cocktail at one of the local watering holes as they are to hit the trails of Griffith Park with a cold-pressed juice in hand. Inhabited by an eclectic mix of residents, this east side enclave is a wonderful hodgepodge of historic mansions and charming apartment buildings. This rare hybrid manages to offer city life in the form of local shops, restaurants, and bars, and nature, thanks to the many trails and grassy knolls of Griffith Park. Dotted with restaurants, coffee shops, boutiques, vintage stores, and even an independent movie theater, the heart of this neighborhood rests within a stretch of downtown’s Vermont Avenue. Skylight Books is a reader’s dream come true and beloved Italian restaurant Little Dom’s is a local favorite.

The subject property is currently under contract and being sold by way of Receivership.The sale is subject to a court confirmation overbid hearing. Please contact the agents for additional details.

DOWNLOAD OFFERING MEMORANDUM

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