The Neema Group of Marcus & Millichap is pleased to present 5728 Morley St, Los Angeles, CA 90045. A multi-family apartment in the seaside submarket of Playa del Rey / Westchester; built in 1950 and located in the Santa Monica Bay and the Westside region of Los Angeles, between Manchester Ave and Century Blvd. 5728 Morley St features a single parcel in Westchester, just north of LAX. The current structure consists of a multifamily complex totaling 6,354 SF.
5728 Morley Street sits on a 7,591 SF lot and features a unit mix of 1 three-Bedroom, 3 two-bedrooms, and 4 one-bedroom units. This stabilized investment provides an investor the opportunity to acquire a well-maintained asset with strong in-place cash flow with a 5.49% CAP rate on current income and GRM of 12.03. The property includes eight parking spaces. The subject property is being offered at a price per square unit of $299,375 at a 5.49% CAP.
The units feature modern designs with smooth ceilings, recessed lighting, hardwood floors and tiled kitchens and bathrooms. Units are equipped with air conditioning and ceiling fans in bedrooms (additional ceiling fan in dining room), and all units are individually metered for gas and electric.
5728 Morley sits in the heart of Silicon Beach, which is home to more than 500 tech companies like Snapchat, Tinder and many more. The area offers easy access to LAX and close proximity to the 405 & 105 Freeways which gives residents the ability to easily travel throughout Los Angeles.
Located in Westchester and founded in 1911, LMU is a top-ranked university in the nation. They are committed to fostering a diverse academic community rich in opportunity for intellectual engagement and real-world experience. LMU enrolls an academically ambitious, multicultural, and socioeconomically diverse student body while also recruiting, retaining, and supporting a diverse faculty committed to excellence in teaching, research, scholarship, and creativity. The three campuses are rooted in the heart of Los Angeles, a global capital for arts and entertainment, innovation and technology, business, and entrepreneurship. Los Angeles International Airport is the primary international airport serving Los Angeles and the surrounding metropolitan area. LAX is located in the Westchester neighborhood of LA with the commercial and residential areas of Westchester to the north, the city of El Segundo to the south and the city of Inglewood to the east. In 2019, LAX handled 88,068,013 passengers, making it the world’s third busiest and the United States’ second busiest airport.
The airport is constantly striving to find new ways to make travel more painless and entertaining for it’s travelers, and this mission will produce tremendous economic benefits. At the center of an already thriving region, LAX and the surrounding area is not only a hub for the South Bay and Westside; its entertainment, cultural and recreational activities will continue to attract people from all over Los Angeles. And with over 47.3 million international travelers landing each year, it has a massive global reach.
Westchester is known for its Christmas and Fourth Of July parades that bring many neighborhoods and communities together to celebrate LA’s diversity and inclusion . The farmers market and the general area around Manchester and La Tijera have a great sense of community about.