Just Listed – 4-Units Near the Beach in Playa del Rey

Just Listed – 4-Units Near the Beach in Playa del Rey

Brett Lyon and Woody Stahl of Lyon | Stahl Investment Real Estate are excited to present 123 Montreal St,
a 4-unit apartment building in the Playa del Rey neighborhood of Venice, California!


Listed at $2,100,000 this building was built in 1957, has a pro forma cap rate of 4.89% and a pro forma NOI of $102,762.

This property has a total living area of 2,306 SF and is situated on a 4,603 SF lot. Consisting of two (2) 2-bed/1-bath and two (2) 1-bed/1bath units, the property has the potential to produce $11,500 per month(4.75%+ Market CAP & 14.89 Market GRM). The property, which was built in 1957 and is subject to rent-control, has four (4) on-site carports (one per unit) and plenty of street parking. The back 1-bed/1-bath unit has been recently renovated with new wood floors, kitchen counters, and bathrooms. Given the property’s upside in market rent potential and close proximity to the beach, this is a great opportunity for any investor looking to add a great piece of real estate to their portfolio.


Investment Highlights:
● 2,306 SF of total living space situated on 4,603 SF of land
● Four (4) units consisting of (2) 2-Bed/1-Bath & (2) 1-Bed/1-Bath
● Huge upside in market rent potential | Market – 4.75%+ CAP & 14.89 GRM
● Back 1-bed/1-bath unit has been recently renovated | New wood floors, kitchen counters, & bathrooms
● Property has (4) on-site carports with sufficient street parking
● Built in 1957 | Subject to Los Angeles rent control provisions
● Incredible location in Playa Del Rey! Close proximity to the beach, cafes/restaurants, & other retailers


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County Overview:

The most heavily populated county in the country is Los Angeles County with approximately 9.9 million people, including about 1 million that live in unincorporated areas of the county. The metropolis – formed by the six neighboring counties of Los Angeles, Ventura, Kern, San Bernardino, Riverside, and Orange – is home to approximately 19 million residents. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates. Los Angeles County has the largest population of any county in the nation, exceeded only by eight states. According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.

 

 

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