$ 5,150,000
1945 S Garth AVE Los Angeles, CA 90034
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$ 5,150,000
Est. payment /mo
Active
1945 S Garth AVE Los Angeles, CA 90034
13,164 SqFt
UPDATED:
09/30/2024 06:41 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 13,164 sqft
Price per Sqft $391
MLS Listing ID OC24148529
HOA Y/N No
Year Built 1964
Lot Size 0.290 Acres
Acres 0.29
Property Description
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.
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.
Location
State CA
County Los Angeles
Area C09 - Beverlywood Vicinity
Zoning LARD2
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Urban
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 4302029040
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Steven Goldstein • NorthMarq Realty Services, Inc • 424-422-0904