The Trio On San Marino

Los Angeles, CA 900062737, 2743 & 2749 San Marino St.

Property Type: Multifamily
For Sale

Details

  • Price: 14,995,000
  • Cap Rate: 4.14%
  • GRM: 13.52
  • Cost per SF: $332.49
  • Cost per unit: $176,412
  • Year Built: 1924 | 1926 | 1928
  • Square Footage: 45,099
  • Lot Size: 20,250 SF
  • Units: 85
  • No. Stories: N/A
  • Parking: Street
  • Transaction Type: For Sale
  • Property Type: Multifamily
  • Zoning: LAR4
  • Building Class: N/A
  • APN/Parcel ID: 5077-028-020 | 5077-028-021 | 5077-028-022

Property Description

The Collection on San Marino Street represents a rare opportunity to acquire two adjacent multifamily investment portfolios totaling 5 buildings and 115 units in central Los Angeles, MacArthur Park. The portfolios may be purchased together or separately.

+ Portfolio 1: 2737, 43 & 49 San Marino St. is comprised of 3 adjacent buildings totaling 85 units.

+ Portfolio 2: 2715 & 2723 San Marino St. is comprised of 2 adjacent buildings totaling 30 units.

Portfolio 1 and Portfolio 2 have a triplex between them that is currently NOT up for sale.

This investment opportunity presents an ideal income property for an investor looking to acquire a value-add opportunity with significant rental upside potential.

This description is for Portfolio 1. The apartment buildings stand on (3) adjacent lots with separate APN’s and total 85 units. The buildings were constructed in 1924, 1926 and 1928 totaling 45,099± building square feet on a combined lot size of 20,250± square feet. Zoning is currently LAR4, and the buildings are located in a Transit Oriented Community (TOC), Tier 2 which may allow for a larger redevelopment. Buyer to verify.

These extremely spacious units at San Marino average 530± square feet and are comprised of:

  • (71) Studio + 1 Bath
  • (10) 1 Bedroom + 1 Bath
  • (4) 1 Bedroom + 1.5 Bath units

Aesthetically, the property grounds and building have been well maintained.

  • Roofs are well-kept, the vents and pipes are inspected and sealed regularly.
  • The electric in buildings 2737 & 2743 were completely rewired and have separate meters.
  • In building 2749 a new water heater and a significant portion of gas line was replaced in 2021.
  • Buildings 2737 & 2749 have been updated with copper plumbing as needed and building 2743 was completely re-piped in 2017.
  • All buildings are equipped with security monitoring systems.

In addition, 55 of the 85 units have been renovated with new kitchens, bathrooms and laminate plank wood flooring.

MacArthur Park is located just minutes outside of Downtown L.A.’s employment hub in a bustling neighborhood with a diverse demographic. From working professionals, entrepreneurs, artists to blue-collar workers; the Macarthur Park neighborhood is a centrally located sub-market of Los Angeles and is adjacent to other notable neighborhoods including Downtown Los Angeles, Koreatown, Pico Union and a short drive to USC Village. The rental market is dense with endless streets lined with small businesses.

MacArthur Park is designated Cultural Monument #100 in the City of Los Angeles and near Westlake, adjacent to the Metro’s Westlake/MacArthur Park Station. This provides convenient access to the Red and Purple Lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.

Westlake has recently seen a flurry of development and public safety initiatives, from mixed-use projects to new crosswalks. M2A Architects was contracted to construct a mixed-use project at the intersection of Olympic and Hoover that will feature 173 dwelling units, nearly 37,000 square feet of ground-floor commercial space and parking for 262 vehicles.

Amidi Group, a San Francisco-based developer, is 50% complete with their $180 million 1027 Wilshire development. The project will span nine stories and feature 376 residential units, approximately 5,000 square feet of ground-floor retail space, and subterranean parking for more than 800 vehicles.

As Koreatown and Downtown Los Angeles continue to experience tremendous growth that is attracting millions of square feet of new developments. The Westlake submarket is benefitting from the spillover. With luxury upscale communities in Koreatown and Downtown Los Angeles continuing to attract a more affluent tenant profile, the area is experience tremendous economic growth.

Property Highlights

  • 3 building, 85-unit portfolio with the opportunity to purchase a neighboring 2 building, 30 unit portfolio!
  • Unit comprised of: (71) Studio + 1 Bath, (10) 1 Bedroom + 1 Bath and (4) 1 Bedroom + 1.5 Bath
  • Select buildings have undergone capital improvements including but not limited to, new plumbing, electrical, upgrading system and 55 units out of 85 have been renovated.
  • Value-Add opportunity with immediate upside in rents.
  • Located in a Tier 2 Transit Oriented Community (TOC)
  • Large 20,250± square foot lot, zoned R4 and the potential for future redevelopment
  • Minutes to Downtown LA, Koreatown, Staples Center & University of Southern California
  • Close to shopping, public transportation with a Walk Score of 92

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23975 Park Sorrento Suite 110
Calabasas, CA 91302