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21 Units in Palms Near Culver City

$7,750,000

3750 Glendon Ave

# of Units: 21
(+1 Non Conf)

GRM: 14.2 Current
         8.1 Market

CAP Rate: 4.05% Current
               9.18% Market

Price/SF: $329

Building SF: 23,583

Lot SF: 14,160

Zoning: LAR3

Year Built: 1986

Description

3750 Glendon Ave is a true “Value Add” opportunity, with 75% upside in rents and only subject to AB 1482 rent control. The units average over 1,100 SF, all of which are between 2 - 4 bedrooms each! There is a bonus vacant studio apartment (ADU potential), and two other units are being held vacant for a new owner to lease up at market rents. As the property was built in 1986, it features ample parking for all units, an elevator, central HVAC, two laundry rooms, and multiple balconies per unit. Palms is an excellent neighborhood in West LA, adjacent to Culver City and a favorite of UCLA students. The average home price in 90034 is $1.5M, making this an extremely high barrier to entry neighborhood for home buying, and a prime location multifamily investment. The building has been in the same family since it was built, this is the first time it has ever been offered for sale, and it is a trust sale.

 

Location

The property is well located near Venice Blvd, Palms Blvd and Overland Ave. It is adjacent to Culver City, which has seen an incredible amount of new developments and increase in property values recently. The property is also near UCLA, LAX, Santa Monica Airport and a whole host of favorable locations and services. In addition, the area is deemed a walker's paradise with a walk score of 93, making most errands accomplishable by foot. The building has the advantage of being close to Sony Pictures Studios, the Expo Line, We Work, Equinox, a number of entertainment industry company offices and post production houses, making it ideal for attractive jobs and low commute times. There are various shops, malls, restaurants and desirable locations in the local vicinity. 

Property Highlights​​

  • Extremely well located 1980's building near Venice & Overland

  • Trust Sale - 1st Time on the market ever!

  • Value-Add investment in highly coveted Palms neighborhood

  • Huge upside approximately 75%!

  • Vacant bonus unit (adjacent to original owner’s 4Br unit with shared patio)

  • Built in 1986 making it not subject to Los Angeles RSO, Only AB 1482

  • Great unit mix of mostly 2 & 3 bedroom apartments

  • All top floor units have high, vaulted ceilings

  • All units have central A/C and heat, and most units have gas fireplaces

  • Very spacious units averaging over 1,100 SF!

  • 42 Parking spaces–well parked

  • Separately metered for gas & electricity

  • 2 laundry rooms, 1 on each floor

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