Active
3775 Beethoven ST
LOS ANGELES CA, 90066
$22,700,000
$541.20 per sqft
Active
2 Beds
2 Baths
41,944 sqft
Multi-family
Built in 1989
Beethoven Garden Apartments is an exceptional multifamily property that offers an investor immediate value-add upside with substantial future growth. This well-maintained, 3-story, 42-unit property was built in 1989 and is NOT subject to LA City rent control. It is only subject to statewide rent control (AB 1482), which allows an investor the ability to increase rents annually by 5%+CPI for a maximum of 10%. The current CAP Rate is 3.61%, with the capacity to immediately increase a majority of the rent rates by 8.8% for a CAP Rate of 3.95%. There is a further upside should an investor make additional improvements. Beethoven Garden Apartments features an fantastic unit mix. All of the 42 units are sizable two-bedroom, two-bathroom style averaging +/-1,000 square feet. The unit layouts provide for maximum privacy, with a central living room and kitchen separating the bedrooms and bathrooms. The in-unit amenities include gas burning fireplaces, dishwashers, ceiling fans, mirrored closets, central HVAC systems, and private balconies. The community amenities include a central courtyard equipped with a Cabana and BBQ area, an elevator, two laundry facilities, video monitoring, gated entry with intercom and controlled access subterranean garage with 84 parking spaces. Beethoven Garden Apartments is located on a peaceful residential street, west of Centinela Ave. and north of Venice Blvd. This perfect Westside Location is within walking distance to shops, dining, transportation and just minutes to Marina Del Rey, Venice Beach and Santa Monica Pier. Mar Vista, is one of the most upcoming and trendy areas on the Westside. Its preferred location is near major employers and the tech hub of Silicon Beach with notable companies such as Google, Hulu, YouTube, Snap Inc., etc. Beethoven Garden Apartments has a Walk Score of 88/100 (Very Walkable) and a Bike Score of 82/100 (Very Bikeable) It is also within walking distance of Beethoven Elementary, Mark Twain Middle School, and Venice High School. Local transportation options include the MTA Expo Line, the Big Blue Bus line and close access to the 405, 10 and 90 Freeways and Pacific Coast Highway. In summary, Beethoven Garden Apartments located in Mar Vista, one of the most sought-after Westside coastal submarkets of Los Angeles, offers an investor the opportunity to acquire an ideally located, very desirable multifamily community with immediate upside.
SB24112650MR
MLSⓇ ID
May 20, 2024
Listed
September 13, 2024
Updated
Map
3775 Beethoven ST
LOS ANGELES CA, 90066
Interior Features
Total Stories
3
Bedrooms
2
Total Bathrooms
2
Appliances
Community, Dishwasher, Microwave
Laundry Description
Community
Fireplace
Yes
Fireplace Description
Gas, Living Room
Cooling
Yes
Cooling Description
Central
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.77 Acres
Architectual Style
Spanish
Sewer
Public Sewer
Other Property Details
Area Name
Palms - Mar Vista
Days on Market
2
Garage
Yes
Garage Spaces
84
Parking
Assigned, Controlled Entrance
Parking Total
84
View
Yes
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
LAR3
Listed by Nancy Bush with Lyon Stahl Investment Real Estate, Inc.
Listing Contact: 310-363-4965
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Amy Um | CA DRE# 01961595 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 9/13/2024