Property listed by Marcus & Millichap, Neema Ahadian 310-909-5500
$5,650,000
We are excited to present Sylvester Apartments, a 47-unit multifamily investment opportunity in the heart of Pico-Union. Positioned between W Pico Blvd and Venice Blvd, this well-maintained property offers a compelling blend of strong in-place cash flow and value-add potential. The unit mix consists of 46 singles and one one-bedroom,… Read More currently operating at a 6.56% CAP rate and 7.90 GRM at the asking price, with an additional 16% rental upside as units turn. Adding to its appeal, the offering includes an adjacent 6,000 SF parking lot with 24 spaces, generating $2,500 in monthly income. Further upside may be possible with the potential for an additional ADU (Buyer to verify). Sylvester Apartments is separately metered for electricity and features an on-site community laundry room leased with Wash, offering four washers and four dryers. With a high Walk Score of 89, residents enjoy convenient access to Metro rail and bus lines, as well as major freeways, providing easy connectivity to Downtown LA, Koreatown, Westlake, and Mid-City. Additionally, the property is just half a mile from Loyola High School, enhancing its desirability for long-term tenancy in this dense, infill Los Angeles location. Read Less
Listing Snapshot
Days Online
138
Last Updated
Property Type
Other
Beds
1
Square Ft.
26,096
Lot Size
0.31 Acres
Year Built
1928
MLS Number
25517287
30 Days Snapshot Of 90006
$711k
0%
(avg) sold price
5
+150%
homes sold
144
+53%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1928, Building area total: 26,096, Levels: ThreeOrMore, Living area: 26096, 1 building
Cooling
None
Heating
None
Income
Gross income: $714,821, Net operating income: $370,809
Lot
0.3099 acres, 13,500 square feet, Size: 13,500
Parking
24 totals parking, Uncovered
Property
Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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