517 & 916 West 84th Street

517 W 84th St, Los Angeles, CA 90044, USA

$3,800,000

Property Description

Marcus & Millichap is pleased to present a two (2) property portfolio located at 517 and 916 West 84th Street. The subject properties are situated in a solid South Los Angeles location, north of West Manchester Avenue and east of South Vermont Avenue.

South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood-- and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally-owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway.

Built in 1960, 517 West 84th Street contains a streamlined unit mix of eight (8) two-bedroom / one-bathroom units. This property is located two (2) blocks east of 916 West 84th Street, near the corner of West 84th Street and South Figueroa Street. All eight (8) of the units fill a 4,712 SF building on a 6,887 SF lot. Three (3) of these units are currently vacant. The lot is located on the corner of an alleyway which offers residents access to the limited onsite parking. There are parking spaces located along the side of the building/alleyway and in a small lot behind the building. The well-maintained property also features a fenced-in quaint, grassy front yard providing secure recreation area and controlled entry access.

Built in 1955, 916 West 84th Street contains a good unit mix of ten (10) one-bedroom / one-bathroom units and two (2) two-bedroom / one-bathroom units. Three (3) of these units are currently vacant. All units sit in a 6,864 SF building on a 9,099 SF lot. This lot is located near the corner of West 84th Street and South Vermont Avenue. The gated property is secure with controlled entry access. Once through the front gate, residents have access to an array of onsite amenities. The well-maintained property features a quaint, grassy front yard perfect for picnicking. There is limited onsite parking located at the rear end of the lot. Residents can walk less than ten (10) minutes east to visit the second subject property at 517 West 84th Street.

Situated in a solid South Los Angeles location, this two (2) property portfolio offers an excellent opportunity for any investor to capitalize on the strong initial cashflow through a lease up of the six (6) vacant units.

Contact Agent

Jason Tuvia

(818) 212-2735

Unit Mix

Ten (10) 1 Bedroom / 1 Bathroom Units & Ten (10) 2 Bedroom / 1 Bathroom Units

Property Type

Multifamily

Submarket

Price

Size

11,576 SF

Total Units

Year Built

1960/1955

Property Location

517 W 84th St, Los Angeles, CA 90044, USA

Property Description

Marcus & Millichap is pleased to present a two (2) property portfolio located at 517 and 916 West 84th Street. The subject properties are situated in a solid South Los Angeles location, north of West Manchester Avenue and east of South Vermont Avenue.

South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood-- and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally-owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway.

Built in 1960, 517 West 84th Street contains a streamlined unit mix of eight (8) two-bedroom / one-bathroom units. This property is located two (2) blocks east of 916 West 84th Street, near the corner of West 84th Street and South Figueroa Street. All eight (8) of the units fill a 4,712 SF building on a 6,887 SF lot. Three (3) of these units are currently vacant. The lot is located on the corner of an alleyway which offers residents access to the limited onsite parking. There are parking spaces located along the side of the building/alleyway and in a small lot behind the building. The well-maintained property also features a fenced-in quaint, grassy front yard providing secure recreation area and controlled entry access.

Built in 1955, 916 West 84th Street contains a good unit mix of ten (10) one-bedroom / one-bathroom units and two (2) two-bedroom / one-bathroom units. Three (3) of these units are currently vacant. All units sit in a 6,864 SF building on a 9,099 SF lot. This lot is located near the corner of West 84th Street and South Vermont Avenue. The gated property is secure with controlled entry access. Once through the front gate, residents have access to an array of onsite amenities. The well-maintained property features a quaint, grassy front yard perfect for picnicking. There is limited onsite parking located at the rear end of the lot. Residents can walk less than ten (10) minutes east to visit the second subject property at 517 West 84th Street.

Situated in a solid South Los Angeles location, this two (2) property portfolio offers an excellent opportunity for any investor to capitalize on the strong initial cashflow through a lease up of the six (6) vacant units.

Contact Agent

Jason Tuvia

(818) 212-2735

(818) 448-4415

CalBRE #01772495

Unit Mix

Ten (10) 1 Bedroom / 1 Bathroom Units & Ten (10) 2 Bedroom / 1 Bathroom Units

Property Details

Property Type

Multifamily

Submarket

South Los Angeles

Price

$3,800,000

Price per Unit

$190,000

Price per SF

$328.27

Status

Size

11,576 SF

Total Units

20

Year Built

1960/1955

Property Location

517 W 84th St, Los Angeles, CA 90044, USA