1757 N Serrano Av

09-14-2021
09-14-2021

1757 N Serrano Ave, Los Angeles, CA 90027

  • Unique Value-Added Opportunity in Hollywood
  • Very Low Cost Per Unit and Cost Per Square Feet
  • Opportunity to Add up to 7 Additional Units
  • Extremely Long-Term Owner of Almost 50 Years
  • Massive Long-Term Upside - Average Rent $1,175
  • Prime Location Bordering on Los Feliz

Property Description

The 1757 N Serrano Apartments is a 34-unit apartment building constructed in the 1950’s. The property consists of three stories of apartments in a courtyard configuration over a level of subterranean parking. There are 29 individual parking spaces plus 3 tandem spaces that each accommodate 2 vehicles for a total of 35 parking spaces. There is also a large laundry room with leased equipment, ample storage space plus a pool in the rear of the property. No soft story retrofitting is required.  The unit mix consists of 2 studio apartments each with one-bathroom and a kitchen, 22 one-bedroom apartments with one-bathroom, 3 apartments that are two-bedrooms with one- and one-half bathrooms and 7 apartments that are two-bedrooms with two-bathrooms (one has a bathtub, and one has a shower stall). Units are individually metered for gas and electricity.  There is an opportunity to convert the existing recreation room that is approximately 4,000 square feet. Per California’s Accessory Dwelling Unit (ADU) ordinance as well as a quote that was provided from a contractor specializing in ADU’s, upwards of 7 units could be converted from the existing recreation room that is not being utilized. The quote is included in this marketing package. Buyer to verify as plans have not been submitted. Cap Rate and GRM are based on the estimated additional income as well as the estimated construction costs for the 7 ADU units. Please download the Offering Memorandum for a complete explanation.

Key Property Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Multi-family type
Garden Style
Price
$ 8,600,000
No. of Units
34
Cap Rate
3.92%
GRM / GIM
14.98
Year Built
1958
Building Size
28,999 Sq ft
Lot Size
21,780 Sq ft
Opportunity Zone
Off
Price per unit
$ 252,941
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34.103513, -118.30772

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