6423 Monterey Rd, Los Angeles, CA 90042
Marcus and Millichap is pleased to present a twelve (12) unit apartment building located at 6423 Monterey Road in Los Angeles, California. The subject property is situated in a prime Highland Park location, south of Arroyo Seco Parkway and west of Pasadena Avenue.
Highland Park is a high density rental market adjacent to Eagle Rock, Pasadena, and Montecito Heights. These surrounding submarkets are major employment centers for the demographic that resides in Highland Park, and make it a very commutable area for its residents. Between Highland Park’s two (2) main streets (York Boulevard and Figueroa), you will frequently find neighborhood coffee shops, thrift stores, and new nightlife establishments booming with life. This submarket’s tree-lined residential streets mix with a walkable urban culture, but it is also known for its commuter friendly transportation hubs and thoroughfares. The Metro is an at-grade light rail station near the intersection of North Avenue 57 at Marmion Way (one block north of North Figueroa Street). It is the first station on the line going west toward Atlantic station that’s in the city of Los Angeles. Highland Park has just as many contemporary landmarks as it does ones that predate the neighborhood’s distinction as one of Los Angeles’ hippest locations.
Built in 1966, this property contains a great unit mix of two (2) one bedroom / one bathroom units and ten (10) two bedroom / one bathroom units. Two (2) of the units feature wrap around decks, and one (1) unit is a penthouse. The spacious units all feature private balconies, tall ceilings, gas range stoves, dishwashers, and in-unit laundry hookups. Ten (10) units are rehabbed with new flooring and fixtures throughout, stainless steel appliances, designer bathrooms with stylish fixtures, floor to ceiling windows, and breakfast bars. The offering will be delivered with RTI plans for the soft-story retrofit and a one bedroom ADU that will not impact any parking for the current tenants. The property itself comes with full on-site parking and great landscaping. Residents will enjoy living in Los Angeles without feeling like they are in a highly urban space. Tenants are in immediate proximity of outdoor recreation at Arroyo Seco Park, located just behind the subject property. Just beyond the park, the -110 Freeway allows easy commuting access to major employers across Los Angeles.
Situated in a prime Highland Park location, this offering presents an excellent opportunity for any investor to acquire a turn-key property with positive initial cash flow and RTI plans to build an ADU.