Luis Morales 2132334392

The Hughes Ave Apartments 3613 Hughes Ave 3 Unit Apartment Building $1,400,000 ($466,667/Unit) 4.93% 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!

3613 Hughes Ave (Offering Memorandum)

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	$21,736	$8.38
Operating Expenses	$11,370	$4.38
Total Expenses	$33,106	$12.77
Net Operating Income	$69,062	$26.63

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	$21,736
Annual Per SF	$8.38

Operating Expenses
Annual	$11,370
Annual Per SF	$4.38

Total Expenses
Annual	$33,106
Annual Per SF	$12.77

Net Operating Income
Annual	$69,062
Annual Per SF	$26.63

PROPERTY FACTS

Price	$1,400,000	Property Subtype	Apartment
Price Per Unit	$466,667	Building Class	C
Sale Type	Investment	Lot Size	0.12 AC
Cap Rate	4.93%	Building Size	2,593 SF
Gross Rent Multiplier	13.57	No. Stories	2
No. Units	3	Year Built/Renovated	1924/1965
Property Type	Multifamily
Zoning	LAR3

Price	$1,400,000
Price Per Unit	$466,667
Sale Type	Investment
Cap Rate	4.93%
Gross Rent Multiplier	13.57
No. Units	3
Property Type	Multifamily
Property Subtype	Apartment
Building Class	C
Lot Size	0.12 AC
Building Size	2,593 SF
No. Stories	2
Year Built/Renovated	1924/1965
Zoning	LAR3