Property Details


Year Built: 1923
Units: 29
Price / Unit: $165,517
Price / SqFt: $248
CAP: 3.90%
GRM: 12.68

Executive Summary


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The Neema Group of Marcus & Millichap is pleased to present 440 S Bonnie Brae St, a 29-unit value-add apartment building in Westlake. The property features a unit mix of 20 singles and 9 one-bedrooms and 10 garage parking spaces. At the asking price, the property is being offered for $165,517 cost per unit and a low $248 cost per square foot. An investor has the opportunity to further increase cashflow and capture an additional 38% in rental income through interior renovation of units. Gas and electricity are separately metered and there is a community laundry room with three washers and dryers.

 

The property is situated on a corner lot just south of W 3rd St, only two blocks from MacArthur Park and walking distance to metro A-E lines. High Walk Score of 91, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle. This neighborhood in Westlake is ideally located with a short commute to Downtown and Koreatown. Proximity to MacArthur Park, Echo Park, Dodger Stadium, and The Broad Museum provide residents with ample entertainment opportunities.

Area Overview

Westlake

Westlake is adjacent to other notable neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The neighborhood is extremely dense, with endless streets lined with small businesses. MacArthur Park, designated as the City of Los Angeles Cultural Monument #100, is located in Westlake and is adjacent to the Metro’s Westlake/MacArthur Park Station, which affords access to the Red and Purple lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.

Westlake has recently seen a flurry of development and public safety initiatives, from mixed-use projects to new crosswalks. M2A Architects was contracted to construct a mixed-use project at the intersection of Olympic and Hoover that will feature 173 dwelling units, nearly 37,000 square feet of ground-floor commercial space and parking for 262 vehicles. Amidi Group, a San Francisco-based developer, is 50% complete with their $180 million 1027 Wilshire development. The project will span nine stories and feature 376 residential units, approximately 5,000 square feet of ground floor retail space, and subterranean parking for more than 800 vehicles.

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