A multifamily property, offering 21 luxury units, has recently been put on the market in Los Angeles’ Larchmont Village neighborhood. The property, also referred to as Larchmont Lofts, is being listed by Marcus & Millichap for $17.5 million, or approximately $833,333 per unit.
“Larchmont lofts is a rare opportunity to acquire 21 condos in prime Larchmont Village. It was built in 2008 and is not subject to rent control,” Michael Sterman, first vice president of Investments for Marcus & Millichap said.
The property is located at 5700 Melrose Avenue on nearly half an acre. Since being constructed, the four-story building has been maintained by Safco Capital, the current owner, through upgrades and modern finishes throughout. According to public records, the company acquired the building in 2017 for $14.35 million.
The offering memorandum shows that the property was initially built as for-sale housing, which makes units substantially larger than average apartments. The property contains a mix of one- and two-bedroom options as well as one bedroom options with lofts, with the smallest unit totaling 1,193 square feet. Rents at the property also range from $3,740 to $4,850, and net operating income currently totals $630,009.
Larchmont Village is situated between the Windsor Square and Hancock Park neighborhoods, and is home to a number of local delis, boutiques, restaurants, a farmers market and more. The area is highly walkable but is also in close proximity to the Hollywood and Vine and Hollywood and Highland subway stations, each of which see more than 1 million users annually. The property also benefits from its close proximity to downtown Los Angeles, and many nearby employers like Kaiser Permanente, Universal Studios, Netflix and Paramount Pictures, among others.
“Los Angeles is one of the most desirable submarkets to live in. There will always be high demand to live in Los Angeles meaning rents will always be high, which will lead to stability and future growth for Los Angeles multifamily investors,” Sterman said.
