Just Closed – 8 Units Near Westwood Village | $4,165,000
Grant Goldman, Charlie Rasmussen, and Johnnie Stiegler of Lyon | Stahl and Joubin Manoochehri of JNM Realty are pleased to have closed 10745 La Grange Ave, an 8-unit apartment building in Los Angeles!
This property sold for $4,165,000
This beautiful 8-unit apartment building is on the market for the first time in 39 years! This very well-maintained 8,182 sq ft building is situated on a 7,435 sq ft lot, zoned LAR3 in a Tier 2 TOC designated zone. Built in 1963, this property features a unit mix of (4) 2-bed/2-bath units, (2) 2-bed/1.5-bath townhouse-style units, and (2) 1-bed/1-bath units, currently bringing in rental income of $20,977 monthly and $251,724 annually. One town-house-style unit was fully renovated in 2017, two units feature balconies, and within the past 5 years, the roof has been replaced and new copper plumbing has been installed.
The property is in a prime West LA location near the 405/10 freeways, Westfield Century City, Los Angeles Country Club, UCLA, Westwood Village, Beverly Hills, Santa Monica, Culver City, Westside Pavilion (future home of Google), and two expo line stations. This is a perfect investment opportunity for anyone looking to acquire a multifamily asset in a prime location with limited inventory, featuring completed EQ retrofitting, upcoming vacancies, 2 decontrolled units, and potential to build 14 units, utilizing the TOC designation.
• Unit Mix: (4) 2-Bed/2-Bath, (2) 2-Bed/1.5-Bath Townhouse-Style, (2) 1-Bed/1-Bath Units
• 8,182 SF Two-Story building on a large 7,435 SF Lot
• Built in 1963 | Some units recently updated/remodeled
• 3-4 upcoming vacancies | 2 Non-Rent-Controlled Units
• Current 3.77% CAP & 16.6 GRM | Proforma 4.77% CAP & 14.2 GRM
• Seismic Retrofitting almost complete
• Zoned LAR3 | Tier 2 TOC
• Incredible Location: Within 2 miles of UCLA, Westwood Village, Westfield Century City, LA Country Club, Metro Expo Lines, Google’s new campus development: One Westside, and more!
The Century City/UCLA West LA submarket is quickly becoming a destination for many young professionals to live due to the proximity to many entertainment, tech, media and advertising jobs along with its convenient proximity to both the 405 and 10 freeways and beach. This is one of the priciest places to rent in all of Los Angeles, with average monthly rates near $3,000/unit. It is a relatively illiquid submarket, with less than 4% of inventory trading hands each of the past four years.
Beverly Hills is among the most prestigious business addresses in the nation and is home to a concentration of talent agencies, media, finance, and law firms. Medical and health care practices are an important component of Beverly Hills employment as well.
Century City is another prime office cluster and the de-facto CBD of LA’s Westside. It caters to the service and support of the entertainment industry, with law firms, talent agencies, and wealth-management houses making up the bulk of its tenancy. Westwood is a secondary office cluster, with a heavy concentration of financial service firms as well as administrative offices for UCLA.
Demand remains strong here as the submarket’s affluent renters are not put off by some of the highest rents in LA. Over 30% of residents hold a bachelor’s degree or higher, and the median household income is around $100,000 annually. Combine this concentration of wealth with the fact that half of the submarket’s residents rent their homes, and it’s
easy to see the appeal for landlords here.
For future listings:
• Contact [email protected] – (310) 598-1233