740 Genesee Ave Los Angeles, CA 90036-4530

Property Details for 740 Genesee Ave

Year built

1929

Construction

WOOD

Lot size

0.15 lot acres

Property size

8,328 SF

Zone code

LAR3

Property type

Apartment buildings

APN

5086-021-031

APU

5086021031

Description

This exceptional 8-unit apartment building, situated on a 0.15-acre lot in Los Angeles' desirable Miracle Mile neighborhood, presents a compelling investment opportunity. Built in 1929, the two-story building boasts 8,328 square feet, offering spacious one-bedroom units. The property features an on-site laundry room and benefits from its proximity to Wilshire Boulevard and the LA Metro Rail Station, ensuring convenient public transportation access. With a strong NOI of $107,611 and a 4.80% cap rate, this property offers a solid return on investment. The asking price is $2,242,000, translating to $280,250 per unit. The property is zoned LAR3 and has an APN of 5086021031. This prime location, coupled with the building's features and strong financial performance, makes it an attractive addition to any investment portfolio. The property's proximity to cultural landmarks and its location just off Wilshire Boulevard contribute to high tenant demand and long-term value appreciation potential. This is a rare opportunity to acquire a well-maintained multifamily property in a highly sought-after area of Los Angeles. The building's solid financial performance, combined with its prime location and desirable features, makes it an ideal investment for discerning buyers seeking strong returns and long-term growth.