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1256 S Westgate Ave 10 Unit Apartment Building $2,750,000 ($275,000/Unit) 3.92% Cap Rate Los Angeles, CA 90025
Investment Highlights
- First time on the market
- Great mix consisting of (1) 2 bed, 2 bath, (2) 2 bed, 1 bath, (7) 1 bed, 1 bath units
- Excellent Walk Score with shops, high-end restaurants and nightlife within walking distance of the subject property
- Value-add opportunity with approximately 72% upside in rents. Will be delivered with 1 vacant unit for immediate access to upside
- One block south of Wilshire, adjacent to Brentwood in a premiere rental pocket of LA's Westside
- Rare opportunity to acquire generational real estate asset in a premiere Westside submarket
Executive Summary
The James Group is pleased to present 1256 S. Westgate Ave in a prime West Los Angeles submarket just a block south of Wilshire Blvd and adjacent to Brentwood, another premier rental pocket of LA’s westside. The subject property is a 10 unit apartment building built in 1960. The building boasts an excellent unit mix including (7) 1 bed / 1 bath and (3) 2 bed / 1 bath units spread out over 7,391 square feet and sits on a 7,202 square foot LAR3 zoned lot. 1256 Westgate is a unique value-add opportunity in one of the best rental pockets of Los Angeles. With approximately 72% upside in rents a future investor will benefit from a well located asset and long term growth potential.
Property Facts
| Price | $2,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $275,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 3.92% | Building Size | 7,391 SF |
| Gross Rent Multiplier | 15.11 | Average Occupancy | 90% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.35/1,000 SF |
| Zoning | LAR3 | ||
| Price | $2,750,000 |
| Price Per Unit | $275,000 |
| Sale Type | Investment |
| Cap Rate | 3.92% |
| Gross Rent Multiplier | 15.11 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,391 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.35/1,000 SF |
| Zoning | LAR3 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | - | - |
| 2+1 | 2 | - | - |
| 1+1 | 7 | - | - |
1 1
Very walkable
80/100
Moderately drivable
70/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 4263-007-025 | Improvements Assessment | $782,876 |
| Land Assessment | $829,655 | Total Assessment | $1,612,531 |
Property Taxes
Parcel Number
4263-007-025
Land Assessment
$829,655
Improvements Assessment
$782,876
Total Assessment
$1,612,531
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1256 S Westgate Ave
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