3729 Glendon AveLos Angeles, CA 90034

Property Details for 3729 Glendon Ave

Year built

1965

Property type

Apartment buildings

Description

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.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0189

Longitude

-118.41

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