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11265 Palms Blvd

Los Angeles, CA 90066
  • $10,995,000
  • STATUS: Active
  • ON SITE: 41 Days
  • MLS #: 21-111432
UPDATED: 22 min ago
$10,995,000
  • 40
    BEDS
  • 0.94
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 25,688
    SQFT
  • $428
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1947
County:

School Ratings & Info

Description

We are pleased to present 11265-75 Palms Boulevard, a 24-unit apartment building aptly named Palms Pointe Apartments. The property is located in the highly desirable Mar Vista sub-market on the Westside. 11265-75 Palms Boulevard sits on a nearly full acre of land and features an attractive mix of 2-bedroom and 3-bedroom units. With only ten (10) of the twenty-four (24) units renovated, this building presents a tremendous opportunity for a buyer to come in and rehab the remaining fourteen (14) units as they turnover. The previous owner was able to increase rents on the renovated units by nearly 100% after their extensive and high-quality upgrades. Palms Pointe is located just west of the 405 Freeway and is rather unique in that it is situated on an "island" with no adjacent neighbors, which allows for a level of privacy that tenants enjoy. Additionally, the property boasts a beautiful park-like setting with mature trees and separate private garages; there is even a sizeable dog park for the tenants to use with all of their pets! Furthermore, should you want to take advantage of the sizeable lot and pursue the potential to build even more units in the future. The property is zoned R3 and has the potential to allow up to 51 units (buyer to verify). Situated directly across the street from Mar Vista Recreation Center, the Property affords residents with extremely convenient access to nearly 20 acres of outdoor space along with sports, fitness, gathering, and cultural amenities. This proximity to such amenities certainly lends itself to higher rents, especially when the units have been rehabbed to their full potential. For residents looking for some entertainment, there are a plethora of local shopping and dining options very close by. Venice Boulevard is full of delicious local eateries, vibrant Sawtelle Japantown is just a few minutes away, and the bustling neighborhoods of Culver City, Westwood, Century City, and Beverly Hills are just a short drive from the property. If you are an investor looking for an asset with upside in a core Westside market in Los Angeles, look no further.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-21T06:43:21.843. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.desertarealuxuryhomes.com/homes/123941260
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11265 Palms Blvd Los Angeles, CA 90066

  • Price: $10,995,000
  • Status: Active
  • On Site: 41 Days
  • Updated: 22 min ago
  • MLS #: 21-111432
40
Beds
0
Baths
0
½ Baths
0.94
Acres
25,688
SQFT
$428
$/SQFT
1947
Built
Neighborhood:
Palms - Mar Vista
County:
Los Angeles
Area:
Palms - Mar Vista
Property Description
We are pleased to present 11265-75 Palms Boulevard, a 24-unit apartment building aptly named Palms Pointe Apartments. The property is located in the highly desirable Mar Vista sub-market on the Westside. 11265-75 Palms Boulevard sits on a nearly full acre of land and features an attractive mix of 2-bedroom and 3-bedroom units. With only ten (10) of the twenty-four (24) units renovated, this building presents a tremendous opportunity for a buyer to come in and rehab the remaining fourteen (14) units as they turnover. The previous owner was able to increase rents on the renovated units by nearly 100% after their extensive and high-quality upgrades. Palms Pointe is located just west of the 405 Freeway and is rather unique in that it is situated on an "island" with no adjacent neighbors, which allows for a level of privacy that tenants enjoy. Additionally, the property boasts a beautiful park-like setting with mature trees and separate private garages; there is even a sizeable dog park for the tenants to use with all of their pets! Furthermore, should you want to take advantage of the sizeable lot and pursue the potential to build even more units in the future. The property is zoned R3 and has the potential to allow up to 51 units (buyer to verify). Situated directly across the street from Mar Vista Recreation Center, the Property affords residents with extremely convenient access to nearly 20 acres of outdoor space along with sports, fitness, gathering, and cultural amenities. This proximity to such amenities certainly lends itself to higher rents, especially when the units have been rehabbed to their full potential. For residents looking for some entertainment, there are a plethora of local shopping and dining options very close by. Venice Boulevard is full of delicious local eateries, vibrant Sawtelle Japantown is just a few minutes away, and the bustling neighborhoods of Culver City, Westwood, Century City, and Beverly Hills are just a short drive from the property. If you are an investor looking for an asset with upside in a core Westside market in Los Angeles, look no further.
Exterior Features

Lot Size Area 40820 Other Structures None Parking Garage Garage Total Parking 55

Interior Features

Baths Total 24.00 Cooling Wall Unit(S) Equipment None Heating Wall

Property Features

Assessed Total Value 8759820 Gross Income 735889 Gross Operating Income 715555 Like Units1 1 Like Units2 7 Like Units3 1 Like Units4 7 Like Units5 8 Net Operating Income 402312.00 Number Of Buildings 2 Number Of Units 24 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 313243 Type Of Units Standard Year Built Source Vendor Enhanced Zoning Lar3

Listing provided courtesy of Saadia 'Sam' Liberow DRE#01933858 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-21T06:43:21.843. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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