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A 38-Unit Value-Add Opportunity in Mid-City 1776 S Rimpau Blvd 38 Unit Apartment Building $7,500,000 ($197,368/Unit) 5.20% Cap Rate Los Angeles, CA 90019
INVESTMENT HIGHLIGHTS
- Investors can gain a significant presence in LA’s Mid-City, where the average transaction size is 9 units over the past five years
- Villa Chamberlain is near top shopping, dining, museums, and job hubs across Mid-City, Miracle Mile, West Adams, and Koreatown
- Long Term Ownership – The Subject Property Has Been Owned for 37 Years, Offering a Rare Acquisition Opportunity
- Bordered by Country Club Park, Lafayette Square, and Miracle Mile, Mid-City offers a compelling value for tenants priced out of these costly submarket
- The Government Required Seismic Retrofit Work has Already Been Completed, Which Saves a New Investor Substantially in Capital and Time
- New ownership has potential to add ADUs for future growth and appreciation—buyer to verify
EXECUTIVE SUMMARY
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale The Villa Chamberlain Apartments, a 38-unit apartment community located at 1776 South Rimpau Boulevard. The subject property is located south of Venice Boulevard and east of La Brea Avenue.
The property is located in a desirable pocket of Mid-City. The building is in close proximity to an array of shopping, along with a slew of vibrant restaurants, museums, cafes, bars, theaters, grocery stores, gyms, and entertainment choices in Mid-City, Miracle Mile, West Adams, & Koreatown. This provides residents with convenient access to employment centers, retail and entertainment in the immediate area.
Situated on an oversized 37,539 square foot parcel, the property is comprised of 32 one-bedroom units, five two-bedroom units, and one three-bedroom unit. The property has more than 24% remaining rental upside through unit renovations along with a desirable parking ratio of 1.18/1.00 and on-site laundry facilities.
Villa Chamberlain offers investors a rare opportunity to acquire a sizeable presence in a sought-after in-fill submarket of Los Angeles. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate units in order to achieve superior market rents moving forward, makes Villa Chamberlain an excellent acquisition opportunity.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale The Villa Chamberlain Apartments, a 38-unit apartment community located at 1776 South Rimpau Boulevard. The subject property is located south of Venice Boulevard and east of La Brea Avenue.
The property is located in a desirable pocket of Mid-City. The building is in close proximity to an array of shopping, along with a slew of vibrant restaurants, museums, cafes, bars, theaters, grocery stores, gyms, and entertainment choices in Mid-City, Miracle Mile, West Adams, & Koreatown. This provides residents with convenient access to employment centers, retail and entertainment in the immediate area.
Situated on an oversized 37,539 square foot parcel, the property is comprised of 32 one-bedroom units, five two-bedroom units, and one three-bedroom unit. The property has more than 24% remaining rental upside through unit renovations along with a desirable parking ratio of 1.18/1.00 and on-site laundry facilities.
Villa Chamberlain offers investors a rare opportunity to acquire a sizeable presence in a sought-after in-fill submarket of Los Angeles. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate units in order to achieve superior market rents moving forward, makes Villa Chamberlain an excellent acquisition opportunity.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $7,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $197,368 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.86 AC |
| Cap Rate | 5.20% | Building Size | 30,489 SF |
| Gross Rent Multiplier | 10.12 | No. Stories | 2 |
| No. Units | 38 | Year Built | 1962 |
| Property Type | Multifamily | Parking Ratio | 1.48/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LARD1.5 | ||
| Price | $7,500,000 |
| Price Per Unit | $197,368 |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| Gross Rent Multiplier | 10.12 |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.86 AC |
| Building Size | 30,489 SF |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | LARD1.5 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 32 | - | 700 |
| 2+1 | 5 | - | 900 |
| 3+1 | 1 | - | 1,100 |
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Walk Score®
Very Walkable (83)
PROPERTY TAXES
| Parcel Number | 5071-022-043 | Improvements Assessment | $6,155,006 |
| Land Assessment | $2,122,416 | Total Assessment | $8,277,422 |
PROPERTY TAXES
Parcel Number
5071-022-043
Land Assessment
$2,122,416
Improvements Assessment
$6,155,006
Total Assessment
$8,277,422
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A 38-Unit Value-Add Opportunity in Mid-City | 1776 S Rimpau Blvd
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