Active
4121 Marmion WAY
LOS ANGELES CA, 90065
$3,850,000
$321.26 per sqft
Active
3 Beds
2 Baths
11,984 sqft
Multi-family
Built in 1965
9.48% Proforma CAP Rate in an excellent area with 25% vacancy! 4121 Marmion Way, a prime 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhoods and within walking distance of many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has an excellent demographics with $122,496 average household income within a-mile radius The property is a two-story garden style apartment. It offers excellent curb appeal and is very well maintained with a serene center courtyard. It was built in 1965, has a total of 11,984sqft building size, and situated on a large 17,441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows. The foundation has been bolted and seismic retrofit of the property was completed in 2015. It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) large 1bedroom+1bathroom units. Four units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are 925-1000SF buyer to verify), and the 1-bedroom units are spacious with functional layout (est. size 700-800SF buyer to verify). Each unit has a large living room, wall heater, windows A/C, and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about 59%). Each unit is individually metered for electricity and gas. The units are large and bright which makes them very attractive and easy to rent. There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater, and a shared laundry room (seller own machines). The property is located right off Figueroa St; in the Mount Washington neighborhood, and at the border of Highland Park and South Pasadena, providing an unparalleled access to superb amenities on Figueroa St.
AR24123998MR
MLSⓇ ID
June 17, 2024
Listed
October 2, 2024
Updated
Map
4121 Marmion WAY
LOS ANGELES CA, 90065
Interior Features
Total Stories
2
Bedrooms
3
Total Bathrooms
2
Appliances
Community, Dryer, Dryer Included, Laundry Area, Refrigerator, Washer, Washer Included
Laundry Description
Community, Dryer, Dryer Included, Laundry Area, Washer, Washer Included
Fireplace
No
Fireplace Description
None
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall
Exterior/Building Features
Lot Size
0.4 Acres
Roof
Flat
Sewer
Public Sewer
Other Property Details
Area Name
Mt Washington
Days on Market
57
Garage
No
Parking
Assigned, Driveway
Parking Total
16
View
No
View Description
None
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
LAR1
Listed by Han Chen with Growth Investment Group Pasade
Listing Contact: 626-224-2495
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Data last updated 10/2/2024