Sperry Van Ness is pleased to present the opportunity to acquire the Armacost Apartments, a 14 unit multi-family investment opportunity located in prime West Los Angeles. Built in 1988, this Non Rent Controlled gem offers a very attractive unit mix of (12) 2 Bedroom/2 Bathroom, (1) 1 Bedroom/1 Bathroom, and (1) 2 Bedroom/2 Bathroom two story Townhouse style unit. Unit features include: hardwood floors in the living room, carpeted bedrooms, central heat and air conditioning, dishwashers, fireplaces, balconies, and new appliances. Over the past 3 years the property has received several major upgrades including: three kitchens remodeled with granite counter tops, double-pained windows, power wash and re-stripping of the parking garage, balcony repairs, and new carpeting in all the common areas and elevator. The property is separately metered for gas and electric, features 29 total parking spaces (25 gated and 4 exterior parking spaces) and on-site laundry facilities (owned by the seller) on each floor. The Armacost Apartments provides the investment community with a truly rare investment opportunity, with 8% immediate rental upside potential on current market rents and 20% rental upside with a strong value add strategy including upgrading the remaining kitchens, improving bathrooms, and minor common area and exterior improvements. Potential condo conversion opportunity (buyer to investigate with the city).
Armacost Apartments is located in a highly desirable West Los Angeles location situated just south of the World Famous Wilshire Boulevard and north of Santa Monica Boulevard between Bundy Drive and Barrington Avenue. With close proximity to the prestigious neighborhoods of Brentwood, Santa Monica and Westwood this sought after submarket is poised to capture consistent and impressive growth in the coming years.
Updated on March 6, 2017 at 11:42 am
ARMACOST APARTMENTS - 1457 Armacost Ave.
