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21-Units Value-Add Near Larchmont Village 161 S St. Andrews Pl 21 Unit Apartment Building $4,050,000 ($192,857/Unit) 5.28% Cap Rate Los Angeles, CA 90004
INVESTMENT HIGHLIGHTS
- 50 Percent Remaining Rental Upside Through Interior & Exterior Renovations – Four Units Currently Vacant
- Long Term Ownership – Family Owned and Operated, on the Market for the First Time in Over 25 Years
- Features Secured Subterranean Parking, On-Site Laundry (Owner-Owned), Balconies (86% of Units), Elevator Modernized in 2021, and In-Unit A/C
- Located in a Highly Sought-After Pocket, Just Blocks from Larchmont Village with Convenient Access to Boutique Shops, Popular Eateries & Coffee Shops
- Nearby Local Landmarks Including The Wiltern, MaDang Courtyard, Omni Plaza, City Center on 6th, The LINE Hotel, Chapman Plaza & More
- Surrounded by Multi-Million Dollar Homes in Neighborhoods Including Windsor Square, Windsor Village, Wilshire Park, Lafayette Square & Hancock Park
EXECUTIVE SUMMARY
Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 21-unit apartment community located at 161 South St Andrews Place. The subject property is located just south of Beverly Boulevard, three blocks away from Larchmont Village - one of LA’s most distinct and well-regarded neighborhoods.
The property is comprised of one three story building, situated on an 8,490 square foot parcel. Consisting entirely of one-bedroom units, the layouts are spacious and feature patios (86% of units), A/C units and on-site parking for every unit. New Ownership will have the opportunity to add tremendous value as there is 50 percent remaining rental upside through interior renovations.
As a result of the neighborhood’s charm and desirability, there is robust demand for housing and long-term rent growth. The asset’s location along with the value-add potential for a new owner make 161 South St Andrews an excellent acquisition opportunity.
Disclosure of Legal Proceedings
Ownership is currently involved in the following legal matters involving the property:
Tenant Habitability Lawsuit: Los Angeles Superior Court Case No. 24STCV03171 – Durwood v. Waheed, involving Unit #105 who still resides at the building.
Employment-Related Lawsuit: Los Angeles Superior Court Case No. 23STCV03290 – Durwood v. Canul, filed by the former on-site manager who has vacated the building.
Broker has not independently verified the nature or details of the legal proceedings. Buyer is strongly advised to conduct their own due diligence, including a review of all relevant court documents, with counsel of Buyer's choosing. Buyer acknowledges they may not rely on any statements or information provided by Broker. Broker makes no representations or warranties regarding the status, substance, potential outcomes, or financial, legal, or property implications of any legal proceedings. Buyer assumes sole responsibility for the evaluation of these matters.
The property is comprised of one three story building, situated on an 8,490 square foot parcel. Consisting entirely of one-bedroom units, the layouts are spacious and feature patios (86% of units), A/C units and on-site parking for every unit. New Ownership will have the opportunity to add tremendous value as there is 50 percent remaining rental upside through interior renovations.
As a result of the neighborhood’s charm and desirability, there is robust demand for housing and long-term rent growth. The asset’s location along with the value-add potential for a new owner make 161 South St Andrews an excellent acquisition opportunity.
Disclosure of Legal Proceedings
Ownership is currently involved in the following legal matters involving the property:
Tenant Habitability Lawsuit: Los Angeles Superior Court Case No. 24STCV03171 – Durwood v. Waheed, involving Unit #105 who still resides at the building.
Employment-Related Lawsuit: Los Angeles Superior Court Case No. 23STCV03290 – Durwood v. Canul, filed by the former on-site manager who has vacated the building.
Broker has not independently verified the nature or details of the legal proceedings. Buyer is strongly advised to conduct their own due diligence, including a review of all relevant court documents, with counsel of Buyer's choosing. Buyer acknowledges they may not rely on any statements or information provided by Broker. Broker makes no representations or warranties regarding the status, substance, potential outcomes, or financial, legal, or property implications of any legal proceedings. Buyer assumes sole responsibility for the evaluation of these matters.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $4,050,000 | Apartment Style | Low-Rise |
| Price Per Unit | $192,857 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.28% | Building Size | 15,606 SF |
| Gross Rent Multiplier | 11.12 | No. Stories | 3 |
| No. Units | 21 | Year Built | 1971 |
| Property Type | Multifamily | Parking Ratio | 1.35/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $4,050,000 |
| Price Per Unit | $192,857 |
| Sale Type | Investment |
| Cap Rate | 5.28% |
| Gross Rent Multiplier | 11.12 |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 15,606 SF |
| No. Stories | 3 |
| Year Built | 1971 |
| Parking Ratio | 1.35/1,000 SF |
| Zoning | LAR3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 21 | - | - |
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (73)
PROPERTY TAXES
| Parcel Number | 5516-022-023 | Improvements Assessment | $765,841 |
| Land Assessment | $330,577 | Total Assessment | $1,096,418 |
PROPERTY TAXES
Parcel Number
5516-022-023
Land Assessment
$330,577
Improvements Assessment
$765,841
Total Assessment
$1,096,418
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21-Units Value-Add Near Larchmont Village | 161 S St. Andrews Pl
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