Active

4121 Marmion WAY

LOS ANGELES CA, 90065

$3,850,000


$321.26 per sqft

Active

3 Beds

2 Baths

11,984 sqft

Multi-family

Built in 1965

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.

AR24123998MR

MLS ID

June 17, 2024

Listed

July 15, 2024

Updated

Map

4121 Marmion WAY
LOS ANGELES CA, 90065

Interior Features

Total Stories

2


Bedrooms

3


Total Bathrooms

2


Appliances

Community, Dryer, Dryer Included, Laundry Area, Refrigerator, Washer, Washer Included


Laundry Description

Community, Dryer, Dryer Included, Laundry Area, Washer, Washer Included


Fireplace

No


Fireplace Description

None


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

Yes


Heating Description

Wall

Exterior/Building Features

Lot Size

0.4 Acres


Roof

Flat


Sewer

Public Sewer

Other Property Details

Area Name

Mt Washington


Days on Market

28


Garage

No


Parking

Assigned, Driveway


Parking Total

16


View

No


View Description

None


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LAR1

Listed by Han Chen with Growth Investment Group Pasade
Listing Contact: 626-224-2495 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor DPP Real Estate shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 7/15/2024

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