Fountain Villa Apartments 14031 Cerise Ave 75 Unit Apartment Building $17,500,000 ($233,333/Unit) 5.86% Cap Rate Hawthorne, CA 90250

Fountain Villa Apartments is a 75-unit, garden-style apartment community located at 14031 Cerise Avenue in the dense Hawthorne rental market. The
property contains 46,088 square feet of building area situated on a large 38,971-square-foot lot. Built in 1972, the community consists of three two-story
buildings surrounding a rear courtyard pool. The improvements are situated above one level of on-grade parking. Because the property is located in the
City of Hawthorne, it is not subject to the City of Los Angeles Rent Control Ordinance.
The unit count reflects the recent legal conversion of the property's former pool house into a fully permitted residential unit, in addition to one nonconforming
studio unit, bringing the total to 75 units. The pet-friendly community features a pool, outdoor seating, and a BBQ/grilling area, and is
landscaped with lush grass areas, mature shade trees, trimmed shrubs, and raised planters throughout the interior common areas. The property's unit
mix consists of 12 studio units, 51 one-bedroom/one-bath units, and 12 two-bedroom/two-bath units, averaging approximately 615 square feet. Units are
spacious and well maintained, with many renovated upon turnover and featuring upgraded fixtures, faux-wood laminate flooring or carpet, open kitchens
with included stoves, ample closet space, and tile counters and flooring in the kitchens and bathrooms. Security enhancements include gated parking,
controlled access, and video surveillance.
Parking consists of 81 assigned spaces in a gated, subterranean garage, with ample street parking available for guests. Multiple on-site laundry rooms
are provided for tenant convenience. Utilities are master-metered for gas and water, with electricity separately metered. Located one block north of
Rosecrans Avenue and minutes from the 405, 105, and 110 freeways, Fountain Villa offers residents convenient access throughout Los Angeles, as well
as proximity to major area employers and destinations, including SpaceX, Hollywood Park entertainment district, SoFi Stadium, the Kia Forum, & Intuit
Dome.