Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a five-unit apartment property at 1801 S. Highland Avenue in the highly sought-after Mid-City district of Los Angeles, CA. The property boasts a diverse unit mix of 1 one-bedroom/one-bathroom unit, 2 two-bedroom/one-bathroom units, 1 three-bedroom/one-bathroom unit, and 1 four-bedroom/two-bathroom unit, all within a 5,174 square foot building situated on a corner lot. Within the past year, the property has been extensively upgraded throughout. Exterior and common area improvements include new landscaping, new exterior paint, and new light fixtures.
Select individual units were repositioned via high-end amenities such as in-unit washer/dryers, new kitchen cabinets with quartz countertops and glass backsplashes, new stainless steel appliances, new ceramic tile and wood laminate flooring, and new drywall with updated paint. Improving both energy efficiency and general tenant comfort are the new double pane windows, new energy efficient light fixtures, upgraded plumbing fixtures and pipes, and new copper wiring. These rehabbed units not only allow for an immediate increase in income, but also provide a blueprint for a future owner to apply to the remaining units in an attempt to add value to the property. Offering a potential additional income stream, the building features garage parking for two vehicles with possible room for two to three more vehicles in open spaces.
Situated in the desirable Mid City neighborhood of Los Angeles, a submarket experiencing tremendous growth and revitalization, several of the neighboring buildings having recently been remodeled. Midtown Crossing, a 330,000 square foot urban retail center that was completed by CIM Group in 2012 is within walking distance of the property, providing tenants with excellent new dining, retail, and fitness opportunities. An astute investor will be able to replicate and implement a thorough interior renovation program similar to other units in the building in order to take advantage of the approximately 22% upside in rental income.
