San Marino Street Apartments

Los Angeles, CA 900062715 – 2723 San Marino St.

Property Type: Multifamily
For Sale

Details

  • Price: 5,895,000
  • Cap Rate: 4.25%
  • GRM: 13.43
  • Cost per SF: $350.81
  • Cost per unit: $196,500
  • Year Built: 1923 | 1950
  • Square Footage: 16,804
  • Lot Size: 19,886 SF
  • Units: 30
  • No. Stories: 2
  • Parking: 10 spaces
  • Transaction Type: For Sale
  • Property Type: Multifamily
  • Zoning: LAR4
  • Building Class: N/A
  • APN/Parcel ID: 5077-028-017 | 5077-028-018

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 2 (2715 & 2723 San Marino St.) is comprised of 2 adjacent buildings totaling 30 units and Portfolio 1 (2737, 2743 & 2749 San Marino St.) is comprised of 3 adjacent buildings totaling 85 units. Portfolio 1 and Portfolio 2 have a triplex between them that is currently NOT up for sale.

2715 & 2723 San Marino Street is a two-building portfolio sale located in the highly coveted and emerging sub-market of Macarthur Park, Los Angeles. This investment opportunity presents an ideal income property for an investor looking to acquire a value-add opportunity with significant rental upside potential.    

The apartment buildings stand on two adjacent lots with separate APN’s and total 30 units. The buildings were constructed in 1923 and 1950 totaling 16,804± building square feet on a combined lot size of 19,866 ± 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 or the addition of multiple ADU units. Buyer to verify.  

These extremely spacious units at San Marino average 560± square feet. A total of 6 units will be delivered vacant at the close of escrow! The units are comprised of: 

  • (4) Jr. 1 Bedroom + 1 Bath  
  • (24) 1 Bedroom + 1 Bath  
  • (2) 2 Bedroom + 1 Bath units 

Common area amenities include controlled access, security camera monitoring system, gated covered parking, existing space to install on-site laundry and a central-courtyard. Unit amenities include select units with air conditioning, stove, plenty of closet space. Several units have been upgraded with new flooring and counter tops. 

Aesthetically, the property grounds and building are well maintained.

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

  • 2715-23 San Marino St. may be purchased along with Portfolio 1 of The Collection on San Marino St. comprised of an additional 3 buildings totaling 85 units (2737, 2743 & 2749 San Marino St.)
  • 6 units delivered vacant at the close of escrow!  
  • Excellent unit mix of (4) Jr. 1 Bedroom + 1 Bath (24) 1 Bedroom + 1 Bath and (2) 2 Bedroom + 1 Bath units 
  • Value-Add opportunity with immediate upside in rents & potential for several ADUs.  
  • Located in a Tier 2 Transit Oriented Community (TOC)  
  • Large 19,886± square foot lot, zoned R4, possible future redevelopment  
  • Preliminary ADU feasibility study completed w/ possible potential to add 5 ADU units 
  • Minutes to Downtown LA, Koreatown, Staples Center & USC 

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23975 Park Sorrento Suite 110
Calabasas, CA 91302