16 Fleet St, Marina del Rey, CA 90292

16 Fleet St, Marina del Rey, CA 90292

Marina del Rey, CA
$4,825,000

Property Description

INVESTMENT HIGHLIGHTS

  • 10-Unit Apartment Building with Subterranean Parking
  • Well Positioned One Lot From the Sand Surrounded by Newer Buildings and Homes
  • 10 Subterranean Parking Spaces + Several Exterior Spaces | Newer Roof and the Building Has Copper Plumbing
  • Located on the Sought-After Peninsula of Marina Del Rey | Great Proximity to the Marina and Venice Pier Areas
  • Unit Mix: (4) 2-Bed/2-Bath Units, (4) 1-Bed Units, and (2) Bachelor Units
  • On-Site Laundry Room | 2 Storage Rooms and Oversized Bike Room That Can Potentially Be an ADU

EXECUTIVE SUMMARY

16 Fleet Street is a well positioned 10-unit apartment building situated on the highly sought-after Peninsula of Marina Del Rey, just one lot from the sand.
The property boasts a mix of (4) 2-bed/2-bath units, (4) 1-bed units, and (2) Bachelor units. (6) Units feature private balconies/patios. Tenants enjoy ample parking, on-site laundry and a bike storage room, as well as a large private yard facing a walk-street. Great proximity to the Marina and Venice Pier areas provides easy access to a range of retail and restaurant establishments.
The building offers 8,040 RSF of living space priced at $671/SF and $540,000 per unit, with a 19 GRM and 3.29% CAP (Proforma 12 GRM and 5.7% CAP) presenting immediate upside potential.
With its premier location, sizeable living space, and attractive pricing, 16 Fleet Street is an excellent and rare investment opportunity for any Los Angeles CRE Investor.

Property Features

  • Sale Price: $4,825,000
  • Area Size: 8,040 Sq. Ft.
  • Land Area: 6,301 Sq. Ft.
  • Year Built: 1971
  • Listing Date: 3/29/2023
  • Closing Date: 8/30/2023
  • Units: 10
  • Current GRM: 19.23
  • Current Cap Rate: 3.29%
  • Price Per Unit: $540,000
  • Market GRM: 12.64
  • Market Cap Rate: 5.77%
  • Current NOI: $178,140

Lyon Stahl Investment Real Estate

Keep In Touch