4121 Marmion WAY Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90065
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR24123998
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 1965
Lot Size 0.400 Acres
Property Description
9.48% Proforma CAP Rate in an excellent area with 25% vacancy! 4121 Marmion Way, a prime 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 neighborhoods and within walking distance of many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has an excellent demographics with ±$122,496 average household income within a-mile radius
The property is a two-story garden style apartment. It offers excellent curb appeal and is very well maintained with a 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. The foundation has been bolted and seismic retrofit of the property was completed in 2015.
It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) large 1bedroom+1bathroom units. Four units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are ±925-1000SF – buyer to verify), and the 1-bedroom units are spacious with functional layout (est. size ±700-800SF – buyer to verify).
Each unit has a large living room, wall heater, windows A/C, and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about ±59%).
Each unit is individually metered for electricity and gas. The units are large and bright which makes them very attractive and easy to rent. 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 a shared laundry room (seller own machines).
The property is located right off Figueroa St; in the Mount Washington neighborhood, and at the border of Highland Park and South Pasadena, providing an unparalleled access to superb amenities on Figueroa St.
Location
State CA
County Los Angeles
Area 680 - Mount Washington
Zoning LAR1
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate,Vinyl,Wood
Fireplaces Type None
Fireplace No
Appliance Disposal,Gas Range,Refrigerator,Dryer,Washer
Laundry Common Area
Exterior
Garage Assigned,Driveway,Paved
Pool None
Community Features Urban,Park
Utilities Available Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected
View Y/N No
View None
Roof Type Flat
Accessibility None
Total Parking Spaces 16
Private Pool No
Building
Lot Description Irregular Lot,Near Park,Near Public Transit
Faces Southeast
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 5465022016
Energy Description 3938.0
Acceptable Financing Cash,Cash to New Loan
Listing Terms Cash,Cash to New Loan
Special Listing Condition Standard
Lease Land No