Los Angeles, CA 90034 1945 S Garth Avenue
$5,150,000
3 more
Presented By: Steven Goldstein with NorthMarq Realty Services, Inc; 424-422-0904
Home Details
1945 South Garth Avenue is a 14-unit extensively renovated apartment building built in 1964. Located north of Cadillac Avenue, between Robertson Boulevard and La Cienega Boulevard.
1945 South Garth caters perfectly to its renters pool as the building is made up of large style units. The subject property consists of two (2) 2-bedroom / 1-bathroom units, ten (10) 2-bedroom / 2-bathroom units, and two (2) 3-bedroom / 2-bathroom units. Current ownership has meticulously renovated ten units with finishes not typically seen in this submarket, these renovations include new laminate wood-plank flooring, stainless steel appliance packages, modernized interior paint schemes, custom shaker cabinets, recessed lighting, new fan/wall-AC units, new tile, and custom vanities in bathrooms.
Additional upside can be realized by renovating the remaining classic units and capturing roughly ~53% upside in rents.
Current ownership has also maintained and upgraded the property’s building systems and exterior façade, including new windows throughout, recently replaced roof, fresh painting, updated lighting/ signage package, landscaping, and compliance with the mandated soft-story requirements (buyer to verify) by the City of Los Angeles, with a Certificate of Compliance in hand. These upgrades allow a subsequent buyer to focus on income-generating improvements, minimizing the upfront CapEx typically reserved for building systems.
Situated in a convenient centralized location, 1945 South Garth benefits from neighboring submarkets and the substantial growth surrounding the property. Less than two miles to the south is Los Angeles’ most exciting submarket: Culver City. The recent expansion and desirability of Culver City are attributed to the corporate confidence in the area, with Amazon, Apple, and HBO establishing a presence and showing no signs of slowing down. Consequently, a dramatic development pipeline has been established to meet the housing demand expected in Culver City and surrounding submarkets.
Garth’s neighboring submarkets include Beverlywood to the west, Pico-Robertson to the north, and West Adams to the east. All have undergone significant transformations and experienced surges in property values, making the subject property not only desirable but also affordable relative to surrounding submarkets with similar locational amenities.
Presented By: Steven Goldstein with NorthMarq Realty Services, Inc; 424-422-0904
Interior Features for 1945 S Garth Avenue
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsTwoCommonWallsOrMore
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea
Total Stories2
Other Rooms
Entry Level1
General for 1945 S Garth Avenue
Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Carport Y/NNo
CityLos Angeles
Community FeaturesUrban
CountyLos Angeles
Days on Market25
DirectionsI-10 East to Exit 7A for La Cienega Boulevard. Turn left onto Cadillac Avenue, and then right onto South Garth Avenue.
Electric On Property Y/NNo
Entry LocationFront
Garage Spaces0.0
Garage Y/NNo
Gross Income403316.0
Home Owner AssocNo
Home Warranty Y/NNo
Insurance Expense10498.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
Lot Size Square Feet12632.0
Lot Size UnitsSquareFeet
MLS AreaC09 - Beverlywood Vicinity
MobileHomeRemainsYNNo
Net Operating Income270382.0
New ConstructionNo
NumberOfUnitsTotal14
Operating Expense132933.0
Pool FeaturesNone
Private PoolNo
Property Sub Type AdditionalApartment
Property SubTypeApartment
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Tax Lot324
TermsCash, CashToNewLoan
Trash Expense8744.5
View Y/NNo
Water Sewer Expense15155.0
Waterfront Y/NNo
Year Built1964
Year Built SourcePublicRecords
ZoningLARD2
Exterior for 1945 S Garth Avenue
Building Area Total13164.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesRectangularLot
Lot Size Acres0.29
Lot Size Area12632.0
Lot Size SourceAssessor
Number of Buildings1
Number of Separate Electric Meters14
Number of Separate Gas Meters14
Number of Separate Water Meters0
Open Parking Y/NNo
SpaNo
Total Parking0.0
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480