INVESTMENT HIGHLIGHTS
- Arguably one of the best value add apartment deals in Atwater Village! Proforma CAP Rate of over 8%
- Within OPPORTUNITY ZONE!
- Located within a community of High-priced single-family houses area (average ±$800psf)
- First time offered for sale since 1991 (±30 years!)
- Priced to sell for only $300k/unit in Atwater Village!
- Walk Score 77
- Significant rental upside, all tenants are on month-to-month
- Nearby many employment centers, close to public transportation
PROPERTY HIGHLIGHTS
- Excellent unit mix; separately metered for electricity and gas
- Great location in Atwater Village: a residential-friendly, vibrant locale in the northeast of Los Angeles, bordered by Los Feliz and Silver Lake
- Gated parking, secured entrance, shared laundry room (seller own machines)
- Carport parking, zero soft story retrofit required
- Recent capital improvements including new roof (2017)
- Easy to rent building due to its location and convenience, extremely low vacancy history
EXECUTIVE SUMMARY
Growth Investment Group is pleased to present 3137 Perlita Ave; a 4-unit value-add apartment investment opportunity in the highly desirable Atwater Village area of Los Angeles (bordered by Los Feliz and Silver Lake). This is the first time this property offered for sale in the past 29 years. This offering is arguably one the best value-add deals in Atwater Village due to its long-term ownership, low price/unit compared to competing on-market apartments in the same neighborhood, and its significant rental upside potential. Based on rent comparable of upgraded units in the area, the offering provides a potential CAP Rate of over 8%. The property has new roof that was installed in 2017.
The property is a 2-story garden style apartment that was built in 1961. It has an excellent unit mix of 2 x 2bedroom+1bathroom and 2 x 1bedroom+1bathroom units. It is situated on a 5,399 SF lot and offers 4 carport parking. There is no tuck-under parking which eliminates any soft-story retrofit requirements. It has shared laundry area in the back (seller own machines). Each unit is separately metered for electricity and gas.
Each unit is occupied by long-time tenants that are on month-to-month lease. Each unit has windows A/C, wall heater, individual water heater, laminate kitchen countertop, and tiled bathroom. None of the units have been upgraded (unit #1 has updated flooring, the other 3 are on carpet). Due to its excellent and convenient location, the property has an exceptionally low vacancy history and low repair and maintenance expenses.
Atwater Village is home to a diverse community that supports an eclectic mix of historic landmarks and modern shops. Much of Atwater lies in the old river flood plain, which results in deep, fertile soil that local gardeners enjoy today. Young creatives and working class families add to the area's inclusive vibe.
SHOPPING: The Atwater Village shopping scene is small and largely confined to Glendale Boulevard, with some overflow on Los Feliz Boulevard. Still, the shops here pack a lot of "oohs" and "aahs" into their often tiny spaces. Fashion and accessories, both new and vintage, make up a good chunk of what you'll find here. But, keep your eyes open small, independent home and/or garden shops too. If you're looking for music, Jacknife might have what you need and bookworms will want to spend some time at Alias. If crystals are your jam, make sure you head over to The Crystal Matrix. Read on for the guide to shopping in Atwater Village.
DINING: The eclectic Atwater Village dining scene offers a wide range of flavors and price points. Head down to Los Feliz and Glendale Boulevards for the most options, ranging from budget-friendly snacks to more upscale, sit-down dinners. You'll find international favorites - Indian curries, Salvadoran pupusas, Armenian chicken - as well American classics in the restaurants that line Atwater Village streets. There are a lot of new, hip flavors to try too, like the out-of-the-ordinary ice cream selection at Wanderlust or the Mediterranean/Middle Eastern fusion dishes at Momed and Dune. Be forewarned: It's hard to eat just one meal in Atwater Village.
HIDDEN GEMS: Atwater Village is small, but it's packed with hidden gems. The neighborhood is located right by the L.A. River and that alone will give outdoorsy types lots to explore. It's a neighborhood with a music history memorialized in the mural portrait of late Beastie Boy MCA and a future that's being forged inside nearby Swing House Studios. For being such a small neighborhood, Atwater Village's bar game is strong and includes spots where you can check out up-and-coming local talent too. Whether you're looking for an afternoon adventure or a dose of L.A. nightlife, Atwater Village has you covered.