Marcus & Millichap is pleased to announce the sale of 521 S. Union Avenue, a 20-unit multifamily property located in the Westlake neighborhood of Los Angeles, mere blocks from Downtown LA. Available for an attractive 5.03% CAP Rate based on current income and expenses, the property allows an investor to enter an improving market for the low cost of only $107,500 per unit. New rooftop solar panels may help to reduce utility expenses as the new owner works to capitalize on the property’s 31% rent upside. The eleven on-site parking spaces add a substantial additional income stream to improve the investor’s cash flow. Future maintenance costs for the new investor are minimized by virtue of the property not appearing on the LADBS seismic retrofit list, its new windows, its new exterior paint, and its pitched roof.
Situated between the gentrified neighborhoods of Echo Park and Silverlake, the massively rebuilt Downtown Los Angeles, and the highly-regarded Koreatown, this area is in prime position for future growth and improvement. Many new developments are in the pipeline for the neighborhood, including a potential 85-unit multifamily property at the corner of Union Avenue and Wilshire Boulevard, just two blocks away. Another project featuring 243 apartments and 3,500 square feet of retail space is scheduled to begin construction July 2019 just four blocks north of the property. Several of the largest developers in Los Angeles County are investing heavily in Westlake, a positive sign of this neighborhood’s strength.
Tenants enjoy convenient access to both the Metro Red Line and Metro Purple Line, as well as several bus lines, including a DASH stop just one parcel away. As evident in its Walk Score of 95, daily errands do not require a car. A large shopping center, including Food 4 Less, Rite Aid, Starbucks, McDonald’s, and The Home Depot sits just 250 feet from the property.
