For the first time in 45 years, Swall Terrace Apartments in Los Angeles has been placed on the market. According to the listing by Matthews Real Estate Investment Services, the 21-unit apartment building has been put on the market with an asking price of $14 million, or approximately $666,666 per unit.
Swall Terrace Apartments is located at 110 S. Swall Drive and was built in 1963. The property, which totals 20,172 square feet, contains 12 two-bedroom and nine one-bedroom units. On average, units are about 986 square feet. The building also provides a locked lobby entrance and gated underground parking for all residents.
Net operating income at the property currently reaches $279,727. However, with more than a 65 percent rental upside and a low vacancy rate, future investors have potential to see income increase to $637,532.
Located between Beverly Hills and West Hollywood, the property is just a short walk to the city’s Four Seasons Hotel and Cedars-Sinai Medical Center. The property is also near a number of retail and dining amenities along Santa Monica Boulevard.
Additionally, the three-mile radius surrounding the property is home to 276,113 people. The area also maintains an average household income of $129,077 per year.
“This area is the premier location for long term rental growth assets. A long-term high-end market, the city of Beverly Hills has become the epicenter for families and professionals in Los Angeles. Investors are flocking to the area as average rents are pushing $4,000 per month and as population growth is projected as steady increases for years to come, this is a seize the moment opportunity for any strong investor looking to secure property in one of Los Angeles best submarkets,” the offering memorandum states.
