Marcus & Millichap is pleased to announce the sale of 525 S. Union Avenue, a multifamily property located in the Westlake neighborhood of Los Angeles, mere blocks from Downtown LA. Two rows of bungalow-style one bedroom units lead to a two-story building on the east end of the parcel containing five single apartments. 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.
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 roofs. Unit interiors feature tile flooring, with the one bedroom units all including dual entrances. A savvy investor can capitalize on the improvements already in place and gradually improve the income by recapturing the approximately 39% rent upside.
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 200 feet from the property.
