Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1480 South Canfield Avenue a 15-unit apartment Community located just south of Pico Boulevard between Doheny Drive and Robertson Boulevard, in Beverlywood. Originally constructed in 1964 and on the market for the first time since its development, this mid-sized apartment community offers an astute investor an excellent opportunity to enhance the asset as two of the fifteen units will be delivered vacant at close of escrow. The building is situated on a large 12,189 square foot parcel and consists of one three-story structure above an on-grade parking garage. The asset boasts large floor plans and a mix that consists of three one-bedroom/one-bathroom units averaging approximately 875 square feet, nine two-bedroom/two-bathroom units averaging approximately 1,500 square feet, and three three-bedroom/two-bathroom units averaging approximately 2,100 square feet.
The ability to offer tenants condo-sized units affords an investor with the unique opportunity to implement an interior capital improvement strategy that is expected to achieve significant rent premiums over more traditionally sized product available in the marketplace. Although the property has been well maintained by the current ownership,1480 South Canfield is ideally positioned to create one of Beverly Hills Adjacent premier rental communities in a location that continues to benefit from superior demographics, high-walkability ratings, and some of the lowest historical vacancy rates in the City of Los Angeles. Additionally, 1480 South Canfield features 24 parking spaces, an elevator, an entry lobby, and on-site laundry facilities. 1480 South Canfield Avenue is located between some of Los Angeles' premier submarkets including Beverly Hills, Century City, Pico-Robertson and Mid-City West. In addition to the approximately 40% projected upside in rental income, this dynamic location offers residents a true premier Los Angeles lifestyle experience within the comfort of a large, condo quality,apartment unit.
