6 Units | South LA | Generated 10 Offers | Exchange Buyer
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The LAAA Team of Marcus & Millichap is proud to announce the successful close on 542 West 76th Street, a 6 unit multifamily property located in the 90044 zip code of South Los Angeles.
Property Overview
The subject property sits on a 7,000 square foot parcel and consists entirely of 2 Bedroom / 1 Bathroom units. The property presents an excellent value add opportunity to capture the near 40% upside potential in rents. Also, another value-add strategy the new investor could consider would be to allocate the space behind the building for an ADU, which are now being widely approved by the city and come with far less hurdles during the permitting process. The subject property resides within close proximity to the I-110 Freeway, offering tenants the ability to easily access nightlife, dining, entertainment, and so much more of what the city has to offer. With proper strategy and sound execution, 542 West 76th Street could become a strong cash flowing investment for an experienced value add buyer.
Deal Story
The seller, who is a repeat client that we've represented more than a dozen times on both the buy and list side, purchased this property in December 2019 for $975,000. At that time, the property was listed by a residential agent who only sells single family homes, and for that reason our client believes the property was priced much below the actual value. Even though this would be the smallest property in his portfolio, he decided to buy the property since he thought it was a great deal. However, he quickly learned the smallest property in his portfolio received the smallest amount of attention. For more than 2 years of ownership, the property was all but forgotten about without any capital improvements being done. In January this year, the seller realized he no longer wanted to hold an investment that he was not planning on adding value to so he decided to list it for sale.
The LAAA Team of Marcus & Millichap is proud to announce the successful close on 542 West 76th Street, a 6 unit multifamily property located in the 90044 zip code of South Los Angeles.
Property Overview
The subject property sits on a 7,000 square foot parcel and consists entirely of 2 Bedroom / 1 Bathroom units. The property presents an excellent value add opportunity to capture the near 40% upside potential in rents. Also, another value-add strategy the new investor could consider would be to allocate the space behind the building for an ADU, which are now being widely approved by the city and come with far less hurdles during the permitting process. The subject property resides within close proximity to the I-110 Freeway, offering tenants the ability to easily access nightlife, dining, entertainment, and so much more of what the city has to offer. With proper strategy and sound execution, 542 West 76th Street could become a strong cash flowing investment for an experienced value add buyer.
Deal Story
