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9-Unit Value-Add Apartment in Palms 3344 Keystone Ave 9 Unit Apartment Building $2,800,000 ($311,111/Unit) 5.99% Cap Rate Los Angeles, CA 90034
INVESTMENT HIGHLIGHTS
- Long Term Ownership – Family Owned & Available for Purchase for the First Time Ever
- Six One-Bedroom Units Have Plans to be Converted into Two-Bedroom Units, Offering Rent Upside — Buyer to Verify
- The Property is in a Desirable West LA Pocket With Easy Access to Jobs, Retail & Entertainment in Culver City, Century City & Santa Monica
- There is Approximately 16 Percent Remaining Rental Upside Through Turnover and Tactful Renovation (Current Unit Configuration)
- Ownership has Procured Plans to add an ADU, Allowing for Future Growth and Appreciation — Buyer to Verify
- Keystone is Currently Achieving a Healthy Income Stream of More than $20,000 in Scheduled Rent Per Month
EXECUTIVE SUMMARY
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 3344 Keystone Avenue, a nine-unit apartment community in Palms, an affluent residential neighborhood bordering Culver City. The subject property is located East of Overland Avenue & North of Palms Boulevard, ideally located three blocks away from the I-10 Freeway and one block North of Venice Boulevard allowing tenants convenient access throughout Los Angeles.
Nestled between Beverly Hills, Century City, Marina Del Rey, Santa Monica and Venice, 3344 Keystone provides residents with easy access to major thoroughfares and the charm of Palms’ vibrant neighborhood. The area captures the essence of urban living providing tenants access to West LA, Downtown Culver City and strong employment opportunities as many of the largest tech companies including Google, Apple, Tesla and Amazon have leased space nearby.
Situated on a 7,496 square foot lot, the property is comprised of one studio, six one-bedroom units, and two two-bedroom units. Select units have been upgraded with new flooring, quartz countertops, stainless steel appliances, AC and more. All six of the one-bedroom units have plans to be converted to two-bedroom units as well as the ability to add an Additional Dwelling Unit (ADU), providing new ownership a major repositioning opportunity. The property is professionally managed and offers large floor plans, balconies, on-site parking & laundry.
3344 Keystone Avenue provides investors with a rare opportunity to acquire a well-maintained asset with remaining value-add components in a desirable pocket of West Los Angeles.
* The Properties Original Certificate of Occupancy Indicates that there are 9 Apartments; while the LA County Assessor’s Record Indicates there are 8 Units. City of Los Angeles goes by Certificate of Occupancy to Determine Legal Units. Buyer must conduct their own Due Diligence Regarding this Matter.
** LA Assessor Indicates 7,638 Square Feet - Buyer to Verify
Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 3344 Keystone Avenue, a nine-unit apartment community in Palms, an affluent residential neighborhood bordering Culver City. The subject property is located East of Overland Avenue & North of Palms Boulevard, ideally located three blocks away from the I-10 Freeway and one block North of Venice Boulevard allowing tenants convenient access throughout Los Angeles.
Nestled between Beverly Hills, Century City, Marina Del Rey, Santa Monica and Venice, 3344 Keystone provides residents with easy access to major thoroughfares and the charm of Palms’ vibrant neighborhood. The area captures the essence of urban living providing tenants access to West LA, Downtown Culver City and strong employment opportunities as many of the largest tech companies including Google, Apple, Tesla and Amazon have leased space nearby.
Situated on a 7,496 square foot lot, the property is comprised of one studio, six one-bedroom units, and two two-bedroom units. Select units have been upgraded with new flooring, quartz countertops, stainless steel appliances, AC and more. All six of the one-bedroom units have plans to be converted to two-bedroom units as well as the ability to add an Additional Dwelling Unit (ADU), providing new ownership a major repositioning opportunity. The property is professionally managed and offers large floor plans, balconies, on-site parking & laundry.
3344 Keystone Avenue provides investors with a rare opportunity to acquire a well-maintained asset with remaining value-add components in a desirable pocket of West Los Angeles.
* The Properties Original Certificate of Occupancy Indicates that there are 9 Apartments; while the LA County Assessor’s Record Indicates there are 8 Units. City of Los Angeles goes by Certificate of Occupancy to Determine Legal Units. Buyer must conduct their own Due Diligence Regarding this Matter.
** LA Assessor Indicates 7,638 Square Feet - Buyer to Verify
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $311,111 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 5.99% | Building Size | 7,638 SF |
| Gross Rent Multiplier | 10.69 | No. Stories | 2 |
| No. Units | 9 | Year Built | 1957 |
| Property Type | Multifamily | Parking Ratio | 1.44/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $2,800,000 |
| Price Per Unit | $311,111 |
| Sale Type | Investment |
| Cap Rate | 5.99% |
| Gross Rent Multiplier | 10.69 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 7,638 SF |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | LAR3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Storage Space
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 500 |
| 1+1 | 6 | - | 721 |
| 2+2 | 2 | - | 1,200 |
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 4314-021-016 | Improvements Assessment | $205,828 |
| Land Assessment | $85,586 | Total Assessment | $291,414 |
PROPERTY TAXES
Parcel Number
4314-021-016
Land Assessment
$85,586
Improvements Assessment
$205,828
Total Assessment
$291,414
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9-Unit Value-Add Apartment in Palms | 3344 Keystone Ave
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