Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 425 South Detroit, a 24-unit non-rent controlled value-add opportunity located in the heart of Miracle Mile. 425 South Detroit represents a rare opportunity to acquire a charming Miracle Mile 1920s vintage, character apartment building that is exempt from rent control (luxury exemption). Additionally, while the property has been well maintained, with select unit interiors upgraded and already achieving $150-$200 premiums, investors will have the opportunity to revamp the properties common areas and renovate the unit interiors, creating a boutique luxury living environment and capturing additional rental premiums.
The property is located in a highly desirable residential enclave within the Miracle Mile. This highly walkable (88 WalkScore) pocket provides residents with ideal proximity to thousands of high-paying jobs, myriad entertainment venues, cultural destinations, and world class dining. Additionally, future developments such as Hackman Capital’s redevelopment of the 25-acre CBS Television Studio lot, Onni Group’s repositioning of the one-million-square-foot Wilshire Courtyard business park, and the extension of the Metro Purple Line through Miracle Mile and into West Los Angeles (2026 expected completion), will continue to attract high quality employment opportunities to the submarket that will drive future growth.
Given the property’s prime Miracle Mile location, value-add component, and anticipated future developments in the immediate area, 425 South Detroit is an ideal investment for investors seeking immediate cash flow and long term appreciation.
