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The Wick 5810 San Vicente Blvd 14 Unit Apartment Building $4,250,000 ($303,571/Unit) 7% Cap Rate Los Angeles, CA 90019
Investment Highlights
- Attractive going-in basis with a 7.0% Cap Rate and 9.9 GRM, with strong upside to an 8.52% Cap Rate and 8.77 GRM
- Additional income potential through 8 dedicated parking spaces and on-site storage
- Extensive capital improvements completed, including 12 of 14 units renovated, new plumbing and electrical, and a completed soft-story retrofit
Executive Summary
5810 San Vicente Boulevard, “The Wick”, is a meticulously maintained fourteen-unit property comprised of (2) studios, (9) one bed-one bath, and (3) two bed-one bath units. Built in 1958, the property has had extensive capital improvements and renovations completed within the last 5 years, allowing new ownership to take advantage of a well stabilized, cash flowing asset. Improvements include 12/14 units remodeled, completed soft story retrofit, and new plumbing and electric. The Wick is priced at a 7.00% cap rate and 9.90 GRM with an upside to an 8.52% cap rate and upside to a 8.77 GRM at market rents. In addition, the property has eight parking spaces and storage that can be rented for additional income.
Property Facts
| Price | $4,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $303,571 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 7% | Building Size | 10,147 SF |
| Gross Rent Multiplier | 9.9 | Average Occupancy | 86% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1958/2021 |
| Property Subtype | Apartment | Parking Ratio | 0.79/1,000 SF |
| Zoning | R3-1-O | ||
| Price | $4,250,000 |
| Price Per Unit | $303,571 |
| Sale Type | Investment |
| Cap Rate | 7% |
| Gross Rent Multiplier | 9.9 |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 10,147 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built/Renovated | 1958/2021 |
| Parking Ratio | 0.79/1,000 SF |
| Zoning | R3-1-O |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Refrigerator
- Range
Site Amenities
- Controlled Access
- Laundry Facilities
- Gated
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 472 - 500 |
| 1+1 | 9 | - | 700 |
| 2+1 | 3 | - | 862 |
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Very walkable
80/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5085-023-021 | Improvements Assessment | $836,637 |
| Land Assessment | $3,402,330 | Total Assessment | $4,238,967 |
Property Taxes
Parcel Number
5085-023-021
Land Assessment
$3,402,330
Improvements Assessment
$836,637
Total Assessment
$4,238,967
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The Wick | 5810 San Vicente Blvd