Description

12240 Pacific Ave in Los Angeles. This trophy 13-unit apartment building is located in the highly desirable Mar Vista submarket. The luxurious 7,108 SF building is situated on a 7,500 SF lot and has been completely remodeled with top-of-the-line upgrades. This property features a unit mix of (7) 1-bed/1-bath units, (4) studio apartments and (2) 2-bed/2-bath units , currently stabilizing at a 4.84% CAP rate. The entire property has undergone the following renovations: in-unit Washer/Dryers, Wood Plant Waterproof Flooring, New SS Kitchen Appliances, New Quartz Kitchen Countertops with New ‘Soft-Close’ Cabinets, Subway Tile Backsplashes, SS Farmhouse Sinks, Completely Renovated Bathrooms with Full Slab Quartz Tub Surrounds, All New LED Interior Lighting, Instant Hot Water, and High Speed Internet throughout the units. The property is in one of Los Angeles’ Westsides hottest submarkets, just a short distance from Venice, Culver City, Santa Monica, and the prime retail corridors on Rose Avenue and Abbot Kinney Boulevard. This is a perfect opportunity for a yield-focused investor looking to purchase a turn-key asset in one of the most desirable rental markets in Southern California.