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9 Units in Prime Palms 3637 Mentone Ave 9 Unit Apartment Building $2,695,000 ($299,444/Unit) 4.96% Cap Rate Los Angeles, CA 90034
INVESTMENT HIGHLIGHTS
- Fantastic Palms location
- Long-term family ownership
- Ideal unit mix
- Massive upside potential
EXECUTIVE SUMMARY
CAN BE PURCHASED INDIVIDUALLY OR WITH 12715-12717 VENICE AND 12665 VENICE AS A PORTFOLIO.
We are pleased to present the exclusive opportunity to acquire a well-located, professionally managed multi-family property on LA’s famed Westside.
Perfectly situated in the Palms neighborhood with it’s easy access to West LA, Culver City, and the 405/10 freeways, 3637 Mentone Avenue was built in 1961 and features 9 apartments, including three 2-bed/1-bath units and six 1-bed/1bath units. The apartments boast spacious layouts with separate dining areas, walk-in closets, balconies, and new flooring in many instances. There are on-site laundry facilities, off-street parking, low maintenance landscaping, and separate meters for gas and electricity. Soft story retrofit work was completed and a Certificate of Compliance issued.
3637 Mentone truly offers the astute investor an excellent turnkey property with a tremendous foundation for income and cap rate growth as well as long-term asset appreciation.
We are pleased to present the exclusive opportunity to acquire a well-located, professionally managed multi-family property on LA’s famed Westside.
Perfectly situated in the Palms neighborhood with it’s easy access to West LA, Culver City, and the 405/10 freeways, 3637 Mentone Avenue was built in 1961 and features 9 apartments, including three 2-bed/1-bath units and six 1-bed/1bath units. The apartments boast spacious layouts with separate dining areas, walk-in closets, balconies, and new flooring in many instances. There are on-site laundry facilities, off-street parking, low maintenance landscaping, and separate meters for gas and electricity. Soft story retrofit work was completed and a Certificate of Compliance issued.
3637 Mentone truly offers the astute investor an excellent turnkey property with a tremendous foundation for income and cap rate growth as well as long-term asset appreciation.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$218,593
|
$29.16
|
| Other Income |
$1,505
|
$0.20
|
| Vacancy Loss |
$6,558
|
$0.87
|
| Effective Gross Income |
$213,540
|
$28.48
|
| Taxes |
$32,324
|
$4.31
|
| Operating Expenses |
$47,549
|
$6.34
|
| Total Expenses |
$79,873
|
$10.65
|
| Net Operating Income |
$133,667
|
$17.83
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $218,593 |
| Annual Per SF | $29.16 |
| Other Income | |
|---|---|
| Annual | $1,505 |
| Annual Per SF | $0.20 |
| Vacancy Loss | |
|---|---|
| Annual | $6,558 |
| Annual Per SF | $0.87 |
| Effective Gross Income | |
|---|---|
| Annual | $213,540 |
| Annual Per SF | $28.48 |
| Taxes | |
|---|---|
| Annual | $32,324 |
| Annual Per SF | $4.31 |
| Operating Expenses | |
|---|---|
| Annual | $47,549 |
| Annual Per SF | $6.34 |
| Total Expenses | |
|---|---|
| Annual | $79,873 |
| Annual Per SF | $10.65 |
| Net Operating Income | |
|---|---|
| Annual | $133,667 |
| Annual Per SF | $17.83 |
PROPERTY FACTS
| Price | $2,695,000 | Apartment Style | Low-Rise |
| Price Per Unit | $299,444 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.96% | Building Size | 7,497 SF |
| Gross Rent Multiplier | 12.33 | No. Stories | 2 |
| No. Units | 9 | Year Built | 1961 |
| Property Type | Multifamily | Parking Ratio | 1.6/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LAR3 - Multiple Residential | ||
| Price | $2,695,000 |
| Price Per Unit | $299,444 |
| Sale Type | Investment |
| Cap Rate | 4.96% |
| Gross Rent Multiplier | 12.33 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 7,497 SF |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | LAR3 - Multiple Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 3 | - | 1,095 |
| 1+1 | 6 | - | 700 |
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 4314-009-009 | Total Assessment | $303,764 |
| Land Assessment | $80,973 | Annual Taxes | $32,324 ($4.31/SF) |
| Improvements Assessment | $222,791 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
4314-009-009
Land Assessment
$80,973
Improvements Assessment
$222,791
Total Assessment
$303,764
Annual Taxes
$32,324 ($4.31/SF)
Tax Year
2024
MAP
ADDITIONAL PHOTOS
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