14
See all 14 photos
$1,150,000
Est. payment /mo
10 BD
8 BA
5,960 SqFt
Price Dropped by $150K
1419 Malvern Ave Los Angeles, CA 90006
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UPDATED:
11/08/2024 05:10 PM
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,960 sqft
Price per Sqft $192
MLS Listing ID 24-461224
Bedrooms 10
Year Built 1960
Lot Size 6,508 Sqft
Acres 0.1494
Property Description
Daniel Hirth and Alex Reyhan of The Hirth Group have been exclusively selected by the ownership to handle the sale of 1419 Malvern Avenue. An exceptional eight-unit multifamily building situated between Venice Boulevard and Alvarado Terrace, just north of S. Hoover Street, in the Pico Union submarket near Downtown Los Angeles. This area is a highly sought-after and rapidly gentrifying neighborhood. Built in 1960, the property features a mix of four 2-bedroom, 1-bath units, two 1-bedroom, 1-bath units, and two studio apartments. The current rents are well below market value, providing investors with the opportunity to increase income by over 100% and the potential to add additional ADUs (Buyer to Verify). The building spans 5,960 square feet on a 6,506 square foot lot, offering a 4.32%current CAP rate with a projected pro forma CAP rate of 9.73%, priced at just $162,500 per unit. This property at 1419 Malvern Avenue offers a rare chance for investors to acquire a value-add asset in a high-demand rental market, with the potential to increase value through renovations and the addition of an ADU in the rear. With strategic renovations, investors can maximize rental income and tap into the significant upside. The property is ideally situated in a dense, infill location with easy access to major employment hubs such as Downtown Los Angeles, Mid-Wilshire, Miracle Mile, Hollywood, West Hollywood, Beverly Hills, and Century City. Additionally, it's within walking distance of the Westlake/MacArthur Park Purple/Red Line Metro Stations, providing convenient connections to Downtown Los Angeles. The Purple Line is currently being extended, with new stations set to serve Beverly Hills, Westwood, and Brentwood by 2026.
Location
State CA
County Los Angeles
Area Downtown L.A.
Zoning LARD1.5
Building
Story 2
Others
Special Listing Condition Standard
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Listed by KW Advisors