123 Montreal St, Playa del Rey, CA 90293

123 Montreal St, Playa del Rey, CA 90293

Playa del Rey, CA

Property Description

Lyon | Stahl is pleased to present 123 Montreal St., a 4-unit apartment building in the Playa Del Rey neighborhood of Venice, California. 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 operate at a 4.80%+ Market CAP & 15.22 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.

<strong>Investment Highlights:</strong>

● 2,306 SF of total living space situated on 4,603 SF of land
● Four (4) units consisting of (2) 2-Bed/1-Bath &amp; (2) 1-Bed/1-Bath
● Huge upside in market rent potential | Market – 4.75%+ CAP &amp; 14.89 GRM
● Back 1-bed/1-bath unit has been recently renovated | New wood floors, kitchen counters, &amp; 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, &amp; other retailers
● The WALL adjacent to the building is temporary to replace a sewer line

Property Features

  • Sale Price: $2,100,000
  • Area Size: 2,306 SF
  • Land Area: 4,603 SF
  • Year Built: 1957
  • Closing Date: 10/31/19
  • Units: 4
  • Price Per Unit: $525,000
  • Market GRM: 14.89
  • Market Cap Rate: 4.89%

Lyon Stahl Investment Real Estate

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