We are proud to present to market "Mar Vista 30", a unique and significant multifamily investment property housing 30 large and open units situated on a huge 3/4 of an acre lot. Composed of 3, 10 unit buildings, this offering has an ideal mix totaling 22 (2 + 1) and 8 (1 + 1) units with an impressive average unit size of 873 square feet per unit.
Located in the heart of this burgeoning West LA housing community and adjacent to the tech commercial corridor, known today as Silicon Beach, the units on 3724, 3730, and 3736 Inglewood Blvd are near to many of the most prominent tech companies in the nation. Facebook, Google, Snapchat, YouTube, Tesla (to name a few) all have significant facilities nearby.
Mar Vista 30 is perfectly located to capitalize on the increasing demand for housing to accommodate the predominately young, well educated, and well paid workforce in the tech economy. As such, asking rents in this submarket of Los Angeles have risen dramatically over the last several years, outperforming many traditionally high demand West LA submarkets. Resulting from this dramatic rise in asking rents, the potential to add value and cash flow with this investment is very significant.
Mar Vista 30 is situated on a commanding 32,767 square foot lot making this investment both a sizable land acquisition in addition to its respectable unit count. Future development potential would well exceed the current unit count. Properties like this are rare. In Mar Vista, there are less than 40 properties among the hundreds of multifamily properties that have more than 20 units situated on a lot of more than 20,000 square feet. Of these, most are held by large institutional operators not likely to sell in this lifetime, making this property sale an exceedingly rare opportunity for investors to take advantage of.
Given the specific scarcity of such investments with scale, location, upside, and bankable features, this property is attractively priced at only $381.68 per square foot, nearly $30.00 per square foot below the average cost of $410.48 per square foot for recently sold comparable properties. Current rents comfortably align the property’s pricing to GRM and CAP rate expectations for this submarket, making this a financeable asset in a coveted Westside location.
Bottom line: Savvy investors with a variety of investment objectives should see tremendous value in owning this unique and significant investment opportunity.
