2418 Pacific Ave Los Angeles, CA 90291

Property Details for 2418 Pacific Ave

Year built

1965

Property size

2,802 SF

Property type

Apartment buildings

Description

This exceptional Class A, 4-unit apartment building at 2418 Pacific Ave in Los Angeles, CA, presents a compelling investment opportunity. Located steps from the Venice Canals and seconds from the beach, this property offers a rare chance to acquire a trophy asset in a highly desirable area. The 2,802 square foot building, constructed in 1965, sits on a 2,802 square foot lot and features a mix of unit types: one 3-bedroom/2-bathroom unit with patio and two parking spaces, one 2-bedroom/1-bathroom unit with a large deck and two parking spaces, and two studio units, each with a patio and one parking space. The building boasts a total of six carport parking spaces, a significant advantage in this location. Currently generating a NOI of $100,538, representing a 4.68% cap rate, the property offers significant value-add potential, with a pro-forma NOI of $134,492 and a pro-forma cap rate of 6.26%. The asking price is $2,150,000, or $537,500 per unit, and the property is zoned LARD1.5. The building is low-maintenance, featuring select renovated units, copper plumbing, and a relatively new roof. One studio unit will be delivered vacant. This property is ideal for an owner-occupant or an investor seeking to leverage residential financing with a 75% loan-to-value ratio. An identical 4-plex at 2420 Pacific Ave is also available for sale, offering the potential for a larger portfolio acquisition.