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The Hughes Ave Apartments 3613 Hughes Ave 3 Unit Apartment Building $1,600,000 ($533,333/Unit) 4.17% Cap Rate Los Angeles, CA 90034
INVESTMENT HIGHLIGHTS
- Location Location Location!!!!!
- Palms Neighborhood in the the West Los Angeles District.
- One Unit Completely Rehab.
- All Two Bedroom Units.
- Walk Score of 89.
- Two Units Delivered Vacant.
EXECUTIVE SUMMARY
Luis Morales with RE/MAX Commercial & Investment Realty is excited to present the rare opportunity to acquire the Hughes Apartments, located in the highly sought-after Palms Neighborhood of West Los Angeles. This triplex consists of an appealing mix of three units, each featuring 2 bedrooms and 1 bathroom.
The main house, constructed in 1924, showcases charming Spanish-style architecture. The rear duplex, built in 1964, consists of two mirrored, two-story units. Unit 3611 Hughes Ave has been completely renovated and boasts an open floor plan with all-new appliances. It's a must-see to truly appreciate its quality! Both the main house and the renovated unit will be delivered vacant upon the close of escrow, presenting an excellent opportunity for an owner-user.
Additionally, the zoning is LAR3, which allows for the potential to maximize the land by building multiple units in this rapidly gentrifying area.
The property's proximity to esteemed schools (Palms Elementary, Palms Middle School, and Alexander Hamilton High School), hospitals (Southern California Hospital at Culver City and Kaiser Permanente West Los Angeles Medical Center), public transportation (Palms Metro Light Rail Station), supermarkets (Vons and Trader Joe’s), and fitness centers (Equinox Culver City and Orangetheory Fitness) makes this an ideal investment opportunity!
The main house, constructed in 1924, showcases charming Spanish-style architecture. The rear duplex, built in 1964, consists of two mirrored, two-story units. Unit 3611 Hughes Ave has been completely renovated and boasts an open floor plan with all-new appliances. It's a must-see to truly appreciate its quality! Both the main house and the renovated unit will be delivered vacant upon the close of escrow, presenting an excellent opportunity for an owner-user.
Additionally, the zoning is LAR3, which allows for the potential to maximize the land by building multiple units in this rapidly gentrifying area.
The property's proximity to esteemed schools (Palms Elementary, Palms Middle School, and Alexander Hamilton High School), hospitals (Southern California Hospital at Culver City and Kaiser Permanente West Los Angeles Medical Center), public transportation (Palms Metro Light Rail Station), supermarkets (Vons and Trader Joe’s), and fitness centers (Equinox Culver City and Orangetheory Fitness) makes this an ideal investment opportunity!
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$103,200
|
$39.80
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,032
|
$0.40
|
| Effective Gross Income |
$102,168
|
$39.40
|
| Taxes |
$24,135
|
$9.31
|
| Operating Expenses |
$11,370
|
$4.38
|
| Total Expenses |
$35,505
|
$13.69
|
| Net Operating Income |
$66,663
|
$25.71
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $103,200 |
| Annual Per SF | $39.80 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,032 |
| Annual Per SF | $0.40 |
| Effective Gross Income | |
|---|---|
| Annual | $102,168 |
| Annual Per SF | $39.40 |
| Taxes | |
|---|---|
| Annual | $24,135 |
| Annual Per SF | $9.31 |
| Operating Expenses | |
|---|---|
| Annual | $11,370 |
| Annual Per SF | $4.38 |
| Total Expenses | |
|---|---|
| Annual | $35,505 |
| Annual Per SF | $13.69 |
| Net Operating Income | |
|---|---|
| Annual | $66,663 |
| Annual Per SF | $25.71 |
PROPERTY FACTS
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | $1,900 | 807 |
| 2+1 | 1 | $2,700 | 807 |
| 2+1 | 1 | $4,000 | 978 |
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Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (86)
ZONING
| Zoning Code | LAR3 |
| LAR3 |
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The Hughes Ave Apartments | 3613 Hughes Ave
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