Listed by Justin McCardle, GIG Real Estate Inc.,

117 S Avenue 64

Los Angeles, CA, 90042

$9,250,000

$676 per ft²
$9,250,000
$676 per ft²
Active
Active
 - For Sale
carpenters-square
13,674 ft²
property_type
Multi-family
calendar
Built 1989
The MARQ, a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. A turnkey, newer constructed apartment community (built in 1989) and located in what can be considered as one of the best locations in Highland Park. The property offers an investor the rare opportunity to own an excellent piece of real estate in a strong and gentrifying submarket nearby downtown Los Angeles, plus a safe way to fight the raging inflation. Due to its year built, the property is NOT under City of Los Angeles rent control ordinance; it is under Statewide ordinance AB1482 which allows maximum annual rent increase of 5%+CPI. This provides future upside potential for upgraded units and non-upgraded units (2). The property is strategically located right off York Blvd, providing easy access to dining, retail stores, and shopping along York Blvd. It is within walking distance to Highland Park Metro Station, and Figueroa St retail corridors. It is at the border of Highland Park and South Pasadena and within walking distance to South Pasadena Arroyo Seco Golf Course and South Pasadena Arroyo Seco Park. The property has a high Walk Score of 88 (“Very Walkable”). It has superb access to Downtown Los Angeles via FWY 110, and minutes to FWY 2, FWY 134 and FWY 210. The property was built in 1989 and has a total of 13,674 SF building size on a 11,307 SF lot. It offers excellent features such as copper plumbing, pitched roof, secured entrance with intercom system, art mural in the entrance area, quiet center courtyard, central HVAC in each unit, drought resistant + water efficient landscaping, gated parking and much more. It has an excellent unit mix of eight (8) 2 bedroom+1bathroom, and sixteen (16) 1 bedroom+1bathroom. It has a total of 39 parking spaces (26 are tandem), and shared laundry room. All the units (except 2) have been completely upgraded with new flooring, new kitchen with stainless steel appliances with dishwasher, new bathroom, new lighting fixtures, and ceiling fans. Each unit has central HVAC, individual water heater, and all 2nd floor units have vaulted ceiling with private balconies. Each unit is separately metered for electricity and gas. The property has been very well-maintained throughout current ownership with no known deferred maintenance.
MLS® ID:
AR22064095
Listed:
3/30/22
Updated:
9/27/22

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Laundry Description
Common Area

Exterior/Building Features

Lot Size
0.26 acres lot
Lot Details
21-25 Units/Acre
Sewer
Public Sewer

Other Property Details

Area Name
632 - Highland Park
HOA Amenities
Sidewalks, Urban
Garage
Yes
Garage Spaces
39
Parking
Y
Parking Total
39.0
View
N
County
Los Angeles
Water Source
Public
Pool
No
Pool Description
None
Total Stories
2
Zoning
LARD1.5

Property History

Date
Event
Price
Value
9/1/22
Price Change
$9,250,000
-2%

 

Listed by Justin McCardle, GIG Real Estate Inc.,

Based on information from California Regional Multiple Listing Service, Inc. as of 9/27/22. 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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Data last updated 1:12 AM UTC, 9/27/22

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