2-Property Portfolio - Mar Vista
Portfolio Sale of a 10-Unit Apartment Building and the Adjacent Fourplex in the Desirable Mar Vista - Culver-West Area
Major Value-Add Opportunity With 66 Percent Potential Upside in Rents
Unit Mix Consists of Four Two-Bed/Two-Bath, Two Two-Bed/One-Bath, and Eight One-Bed/One-Bath Units
Well-Located Just Two Miles Up The Street From the Venice Pier
A New Investor May Want to Explore Development Potential of the Two Contiguous Lots That Are Both Zoned LAR3 and Total 12,336 Square Feet
Mar Vista Portfolio
Los Angeles, CA
*IN ESCROW *
The Bogie Group Marcus & Millichap is pleased to present to market the portfolio sale of 3996 Wade Street and 12629 Washington Street in Los Angeles, California. The buildings offer a combined 14 units on two contiguous parcels and over 66 percent potential upside in rents in a strong rental area: the properties are located on the border of the Mar Vista and Culver-West neighborhoods, and just two miles directly up the street from the Venice Pier.
3996 Wade Street is a 1958 construction two-story building on a corner lot with a mix of eight one-bedroom/one-bath units and two two-bedroom/one-bath units. The building also offers 10 tuck-under parking spaces and five additional tandem surface spaces.
Next door, 12629 Washington Place is a 1956 construction two-story fourplex with all two-bedroom/two-bath units with spacious floorplans that average over 1,000 square feet. The building also features four single-car garages and a second-floor deck above the garages.
Both assets present major value-add opportunities: current rents at 3996 Wade Street are 64 percent below market, and current rents at 12629 Washington Place are 72 percent below market.
There is strong preference to sell these properties together, however the assets may be acquired separately contingent upon the simultaneous sale of the other.