1149 N Westmoreland Avenue

    Los Angeles (City), CA 90029
    • $3,700,000
    • STATUS: Active
    • ON SITE: 21 days
    • ID#: 18350034
    UPDATED: 28 min ago
    $3,700,000
    • 0
      BEDS
    • 0.26
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 9,254
      SQFT
    • $400
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1958
    County:

    School Ratings & Info

    Description

    Current ownership has extensively renovated 3 of the 15 units at the property including adding stainless steel appliances, new cabinetry, new windows, new flooring, quartzite counter-tops, new ceiling fans, and upgraded lighting and plumbing fixtures and is achieving over $1,200-$1,700 premiums over the average in place rents of unrenovated units. Additionally, the common area has been improved with new exterior paint, new secured access parking, landscaping upgrades, new courtyard improvements, and the addition of an on-site laundry facility. The continued gentrification of the surrounding area along with the significant value-add potential for a new owner to continue renovating the remaining 12 units and achieve superior future returns moving forward make 1149 N. Westmoreland Avenue an excellent acquisition opportunity.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-06-23T07:29:31.453. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.playavistaliving.com/homes/84161648

    1149 N Westmoreland Avenue Los Angeles (City), CA 90029

    • Price: $3,700,000
    • Status: Active
    • Updated: 28 min ago
    • ID#: 18350034
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.26
    Acres
    9,254
    SQFT
    $400
    $/SQFT
    1958
    Built
    Neighborhood:
    671 - Silver Lake
    County:
    Los Angeles
    Area:
    671 - Silver Lake
    Property Description
    Current ownership has extensively renovated 3 of the 15 units at the property including adding stainless steel appliances, new cabinetry, new windows, new flooring, quartzite counter-tops, new ceiling fans, and upgraded lighting and plumbing fixtures and is achieving over $1,200-$1,700 premiums over the average in place rents of unrenovated units. Additionally, the common area has been improved with new exterior paint, new secured access parking, landscaping upgrades, new courtyard improvements, and the addition of an on-site laundry facility. The continued gentrification of the surrounding area along with the significant value-add potential for a new owner to continue renovating the remaining 12 units and achieve superior future returns moving forward make 1149 N. Westmoreland Avenue an excellent acquisition opportunity.
    Exterior Features

    Lot Size Source Assessor Lot Size Units Square Feet Parking Features Other Parking YN Yes

    Interior Features

    Appliances RefrigeratorDishwasher Appliances YN Yes

    Property Features

    Cap Rate 3.11 Gross Multiplier 19.69 Gross Operating Income 200532.00 Improvements Amount 780000 Land Value 1820000 Net Operating Income 115230.00 Special Listing Conditions Standard Total Expenses 79664.00 Zoning Lard1.5

    Listing provided courtesy of Sean Rosenzweig of Marcus & Millichap.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-06-23T07:29:31.453. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
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