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4121 Marmion Way

Los Angeles (City), CA 90065
  • $4,230,000
  • STATUS: Active
  • ON SITE: 35 Days
  • ID#: AR22080818
UPDATED: 52 min ago
$4,230,000
  • 0
    BEDS
  • 0.4
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1965
County:

School Ratings & Info

Listing Agent(s): Handoko Chen of Gig Real Estate Inc. (626-594-4901)


Description

4121 Marmion Way, a 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 neighborhood and within walking distance to many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This is the first time the property has been offered for sale for more than 10 years. The property is a two-story garden style apartment. It offers an excellent curb appeal and is very well maintained with 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. It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) 1bedroom+1bathroom units. One unit is currently vacant and can be delivered vacant at close of escrow (there is a 2nd unit that has given notice). The 2bedroom units are large with excellent layout (estimated size are 925-950SF). None of the units have been upgraded which provides an excellent opportunity for value-add work by the new owner. The current rental income is significantly below market (est. about 44%). Each unit is individually metered for electricity and gas. 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 shared laundry room (laundry lease expires 2023).

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-26T19:33:55.463. 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 deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
www.northsdrealty.com/homes/127894962
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4121 Marmion Way Los Angeles (City), CA 90065

  • Price: $4,230,000
  • Status: Active
  • On Site: 35 Days
  • Updated: 52 min ago
  • ID#: AR22080818
0
Beds
0
Baths
0
½ Baths
0.4
Acres
1965
Built
Neighborhood:
680 - Mount Washington
County:
Los Angeles
Area:
680 - Mount Washington
Property Description
4121 Marmion Way, a 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 neighborhood and within walking distance to many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This is the first time the property has been offered for sale for more than 10 years. The property is a two-story garden style apartment. It offers an excellent curb appeal and is very well maintained with 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. It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) 1bedroom+1bathroom units. One unit is currently vacant and can be delivered vacant at close of escrow (there is a 2nd unit that has given notice). The 2bedroom units are large with excellent layout (estimated size are 925-950SF). None of the units have been upgraded which provides an excellent opportunity for value-add work by the new owner. The current rental income is significantly below market (est. about 44%). Each unit is individually metered for electricity and gas. 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 shared laundry room (laundry lease expires 2023).
Exterior Features

Carport Spaces 0 Lot Features Irregular LotNear Public Transit Number Of Separate Electric Meters 17 Open Parking Spaces 16 Parking Features Assigned Parking Total 16 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Accessibility Features None Appliances Gas Range Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features None Fireplace YN No Flooring CarpetLaminate Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 3.4 Common Interest Community Apartment Community Features Suburban Contingency None Current Financing Conventional Electric Standard Electric Expense 0 Fuel Expense 3938 Garage YN No Gross Income 268556 Gross Scheduled Income 268556 Insurance Expense 11776 Land Lease YN No Laundry Features None Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Maintenance Expense 2365 Net Operating Income 146350 New Construction YN No New Taxes Expense 49711 Number Of Separate Gas Meters 17 Number Of Separate Water Meters 1 Number Of Units Leased 15 Operating Expense 114149 Pest Control Expense 977 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 5038 Tenant Pays ElectricityGas Total Actual Rent 22380 Trash Expense 4542 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 12967 Water Source Public Zoning Lar1



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-26T19:33:55.463. 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 deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
 
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The Houston Team | Compass CA DRE#01991628
2100 Costa Del Mar
Carlsbad CA, 92009
Listing Agent(s): Handoko Chen of Gig Real Estate Inc. (626-594-4901)