Power Properties | Commercial Real Estate is offering for sale this sixteen (16) unit apartment building consisting of eight 1+1s and eight 2+1.75s. Almost all of the units have been remodeled or renovated in some fashion and feature a spacious floor plan, balcony or private patio, wall A/C unit, dishwasher, electric stove/range and several units have a fireplace. The building is separately metered for electricity, has a laundry room (leased equipment) and intercom entry system. Covered parking is at the front and rear of the building and is subject to the LA Soft-Story Retrofit Program ordinance with an initial compliance date of 7/28/2018.
The subject property is located just south of Wilshire Boulevard in the northern portion of the neighborhood of Sawtelle. A prime west Los Angeles location with easy access to the restaurants and shops along San Vicente Boulevard in Brentwood as well as the movie theaters, shops and restaurants in Westwood Village. In addition, the Metro Expo Line has a stop just over a mile away which delivers a convenient travel path to Santa Monica beach, Santa Monica Pier, Third Street Promenade and the 2010 renovated Santa Monica Place outdoor shopping mall. Travelling on the Metro Expo line in the other direction delivers a passageway to Culver City and Downtown Los Angeles. With the expansion of the Metro Purple line and an eventual stop at the VA Center (less than a mile away), residents will gain light rail access to Westwood, Century City, Beverly Hills, Mid-Wilshire and Koreatown.
This property is part of a larger Westside apartment building portfolio consisting in total of 99 units and listed for sale at $46.9M. The other addresses include 833 20th St. 90403 (14U), 3300 Castle Heights Ave. 90034 (14U), 3308 Castle Heights Ave. 90034 (12U), 11815 Mayfield Ave. 90049 (15U), 11818 Darlington Ave. 90049 (15U) & 11825 National Blvd. 90064 (13U). Properties can be purchased together or separately.
PLEASE NOTE THE FOLLOWING:
1) Investment summary is attached; contact Josh Johnson for NDA & marketing package
2) Trust sale (not distressed, no seller financing, no court confirmation)
3) Do not disturb tenants, drive by only
4) Email Josh Johnson for LOI form to submit initial offer on. Provide proof of funds, schedule of real estate and prequalification letter or commitment letter from lender (if applicable) with LOI.
5) Property tour for qualified buyers who have submitted an LOI to occur during 3rd week of March
6) Access to books & records provided upon receipt of LOI
7) All services have been selected
8) Commission split subject to change if Buyer/Principal purchases multiple properties within this portfolio
9) Final offer to be on provided purchase agreement
Disclaimer: All information has been secured from sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to its accuracy. References to SF, age, expenses, pro-forma/market expectations & financing terms are approximate. Recipient(s) must verify the information and bears all risk for any inaccuracies.
