New Listing – 6 Unit Building For Sale Near the Grove
Brett Lyon and Woody Stahl of Lyon | Stahl Investment Real Estate are pleased to present 351 N Sierra Bonita Ave, a 6 unit apartment building for sale in Los Angeles!
Listed at $2,625,000 this building was built in 1930, has a cap rate of 3.72% and an NOI of $97,522.
This well-kept Spanish-style apartment building is located in the Fairfax/Beverly Grove district – one of the most desirable and walkable neighborhoods in Los Angeles. Built in 1930, this 6-unit building consists of two stories and a unit mix of two (2) 2-bed/1-bath and four (4) 1-bed/1-bath units. Select units feature original details, such as hardwood floors, period tile in kitchens/bathrooms, and cove ceiling molding. The building’s electrical and plumbing systems have been extensively upgraded throughout. There are 6 garage parking spaces on-site and additional rear surface parking.
Given the property’s high upside (40% increase in market rent potential) and great location near the Grove, the Fairfax & Melrose shopping district, and various restaurants, this is an excellent opportunity for any investor to acquire on prime Los Angeles real estate.
● 5,588 SF building situated on a 6,497 SF lot
● Desirable unit mix – (2) 2-bed/1-bath & (4) 1-bed/1-bath
● Select units feature original details – hardwood floors, period tile in kitchen/bathroom, & ceiling molding
● Electrical & plumbing systems have been upgraded throughout
● (6) on-site garage parking spaces + additional surface parking in rear
● A+ prime location! Blocks from the Grove, Melrose & Fairfax shopping district, and more
● Attractive seller financing available!
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. 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. 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.
Los Angeles County is well located on the Southern Coast of California, and covers 4,061 square miles, including the San Clemente and Santa Catalina islands. The County is comprised of approximately 88 vibrant and diverse cities hosting more than 244,000 business establishments— the greatest concentration in the state. Los Angeles County has a Gross Domestic Product (GDP) of approximately $446 billion – placing it among the top 20 economies in the world. The combined GDP of Los Angeles and its five surrounding neighboring counties places it in the top 10. California is generally considered to be in the top five.
Over the years, Los Angeles County has developed a diverse economic base, supported by a number of Fortune 500 companies with headquarters in the area, including Hilton Hotels, Walt Disney, Occidental Petroleum, DirecTV Group, Northrop Grumman, and many more. Key factors positively impacting the region’s economic position include increased local media production by the entertainment industry and a continuing expansion of import flows. Los Angeles’ well-educated labor pool, many universities, wonderful climate, and world-class infrastructure will enable Greater Los Angeles to continue to be a world leader in economic and cultural significance.
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