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3112 Estara Ave
Los Angeles, CA 90065
Multifamily Property For Sale
·
15 Units
Investment Highlights
- Approximately 21% rental upside remains, capturable through ordinary turnover.
- The government-required seismic retrofit work has already been completed, saving a new investor substantial capital and time.
- The property has been held by current ownership for 36 years.
- The property is offered at $173,333 per unit.
- Eagle Rock Boulevard and Verdugo Road, a top Eastside restaurant corridor with Michelin-listed Dunsmoor and Bub and Grandma's, sit half a mile away.
- Glassell Park’s asking rents run below those of nearby Atwater Village, Eagle Rock and Highland Park.
Executive Summary
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 3112 Estara Avenue, a 15-unit apartment community located in the Glassell Park neighborhood of Los Angeles, west of Eagle Rock Boulevard.
Built in 1959, the property comprises 12,396 square feet of improvements in a single two-story building on a 12,302-square-foot parcel, with parking and laundry on site. Its unit mix is 10 one-bedroom units and five two-bedroom units. The government-required seismic retrofit has been completed. The property is offered at an attractive basis of $173,333 per unit, with approximately 21% rental upside remaining, capturable through ordinary turnover.
With a Walk Score of 82, most errands can be accomplished on foot. Over the past several years Eagle Rock Boulevard and Verdugo Road have become one of the strongest independent restaurant corridors on the Eastside, and the property sits just over half a mile from both. Among the corridor’s better-known names are Dunsmoor, listed in the Michelin Guide, and Bub and Grandma’s on Eagle Rock Boulevard, with Verdugo Bar, Wife and the Somm and Lemon Poppy Kitchen on Verdugo Road. Beyond the neighborhood, the 2 and 5 Freeways put Downtown Los Angeles, Glendale and Pasadena within commuting distance.
3112 Estara Avenue offers investors an opportunity to acquire a value-add asset in Glassell Park, where asking rents remain below the nearby submarkets of Atwater Village, Eagle Rock and Highland Park.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Built in 1959, the property comprises 12,396 square feet of improvements in a single two-story building on a 12,302-square-foot parcel, with parking and laundry on site. Its unit mix is 10 one-bedroom units and five two-bedroom units. The government-required seismic retrofit has been completed. The property is offered at an attractive basis of $173,333 per unit, with approximately 21% rental upside remaining, capturable through ordinary turnover.
With a Walk Score of 82, most errands can be accomplished on foot. Over the past several years Eagle Rock Boulevard and Verdugo Road have become one of the strongest independent restaurant corridors on the Eastside, and the property sits just over half a mile from both. Among the corridor’s better-known names are Dunsmoor, listed in the Michelin Guide, and Bub and Grandma’s on Eagle Rock Boulevard, with Verdugo Bar, Wife and the Somm and Lemon Poppy Kitchen on Verdugo Road. Beyond the neighborhood, the 2 and 5 Freeways put Downtown Los Angeles, Glendale and Pasadena within commuting distance.
3112 Estara Avenue offers investors an opportunity to acquire a value-add asset in Glassell Park, where asking rents remain below the nearby submarkets of Atwater Village, Eagle Rock and Highland Park.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Property Facts
| Price Per Unit | $173,333 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.07% | Lot Size | 0.28 AC |
| Gross Rent Multiplier | 9.18 | Building Size | 12,396 SF |
| No. Units | 15 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | [Q]C1-1VL-CDO | ||
| Price Per Unit | $173,333 |
| Sale Type | Investment |
| Cap Rate | 6.07% |
| Gross Rent Multiplier | 9.18 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 12,396 SF |
| No. Stories | 2 |
| Year Built | 1959 |
| Opportunity Zone |
Yes |
| Zoning | [Q]C1-1VL-CDO |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 650 |
| 2+1 | 5 | - | 750 |
Property Taxes
| Parcel Number | 5458-017-031 | Improvements Assessment | $805,053 |
| Land Assessment | $461,632 | Total Assessment | $1,266,685 |
Property Taxes
Parcel Number
5458-017-031
Land Assessment
$461,632
Improvements Assessment
$805,053
Total Assessment
$1,266,685
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