For Sale
$2,195,000

3729 Glendon AveLos Angeles, CA 90034

4-Unit Apartment Building, West LA

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 4-unit apartment building, located in the highly desirable Palms neighborhood of West Los Angeles, presents a compelling investment opportunity. The property, situated on a 5,606 square foot lot, boasts a total of 5,224 square feet of net rentable space and includes four spacious units: three 3-bedroom, 2-bathroom units and one 2-bedroom, 1-bathroom unit. Key features include an on-site laundry room, eight tandem parking spaces, gated entry, and separate meters for gas and electricity. A soft-story retrofit was completed in 2021, enhancing the building's structural integrity and safety. The building currently generates a net operating income (NOI) of $114,831, representing a 5.23% capitalization rate. However, with a projected NOI of $136,035, a pro-forma cap rate of 6.20% is achievable through interior and exterior renovations, which offer an estimated 28% rental upside. The property is zoned LAR3 and was built in 1965, featuring a two-story structure. The asking price is $2,195,000, translating to $548,750 per unit. Its prime location offers convenient access to major retail, entertainment, technology, and employment centers in Silicon Beach, Culver City, Santa Monica, Beverly Hills, and Downtown Los Angeles. This property is ideal for both long-term investors and owner-users seeking a high-cash-flow asset with significant upside potential. One 3-bedroom unit is currently vacant.

Highlights

  • Owner-occupied opportunity with a $150,000 price reduction; potential for one vacant 3-bedroom unit at close of escrow.
  • 5,224 square foot building with four units: three 3-bed/2-bath and one 2-bed/1-bath, priced at $425 per square foot.
  • Owner's 3-bedroom unit features an expanded floor plan, an additional room (office/4th bedroom), fireplace, and front deck.
  • Features include on-site laundry, four tandem parking spaces, gated entry, separate utilities, and a completed 2021 soft-story retrofit.
  • Generating approximately $12,000 monthly ($144,000 annually) in rental income; significant rental upside potential (approx. 28%) through renovations.
  • Excellent Palms, West LA location near major employment centers in Silicon Beach, Culver City, Santa Monica, Beverly Hills, and Downtown LA.

Property Details for 3729 Glendon Ave

Property type
Apartment buildings
Year Built
1965
Buildings
1
Stories
2
Units
4

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0189023
Longitude
-118.4101474
3729 Glendon Ave, Los Angeles, California

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3729 Glendon Ave
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