Marcus & Millichap is pleased to present this 18-unit non rent controlled property located at 3327 Livonia Avenue in the Castle Heights pocket of Westside Los Angeles. Built in 1980, the property consists of nine, one-bedroom/one-bathroom units; three, two-bedroom/one-and-one-half-bathroom units; four, two-bedroom/two-and-one-half-bathroom units with a loft; and two three-bedroom/two-bathroom units. The property provides an opportunity for an operator to increase market rents through a more aggressive management style and renovation program. Tenants are attracted to the property through a variety of amenities including spacious units, balconies, a secured gated intercom entry, gated on-grade parking, fireplaces, and on-site laundry.
Situated on Livonia Avenue just south of Robertson Boulevard, the subject property is located just a few blocks from the city of Culver City. Long considered one of the most desirable submarkets on the Westside of Los Angeles, the area is has experienced a tremendous development boom over the past decade. The property is located near numerous trendy restaurants and bars in Downtown Culver City, chic retail shopping and sought after entertainment options. The property is also close to the 10 and 405 Freeways, MTA/Santa Monica/Culver City Bus Lines, and the Culver City Metro Station, which provides convenient rail line access to USC and Downtown Los Angeles. In addition, the property is located a very short distance from the Palms Metro Station which would allow a tenant to hop on and ride all the way west to Santa Monica or east to Downtown. The property is also conveniently located near major local employers such as Sony Pictures, UCLA, Electronic Arts and Culver Studios.
This is an excellent opportunity for an investor looking for a west side non-rent control property with excellent in place financing.
****Buyer to assume a loan of approximately $3,460,000 at 3.65% fixed until 4/2023.
