Palms Pointe Apartments, a 24-unit multifamily property in the Mar Vista neighborhood of Los Angeles has recently hit the market with an asking price of $11.2 million, or $467,708 per unit. According to a listing from Marcus & Millichap, the property offers buyers the chance to own a multifamily property in the tight West Los Angeles submarket with potential to increase rents through renovations.
The apartment community, located at 11265-11275 Palms Boulevard, was last sold to Gortikov Enterprises in 2019 for approximately $8.5 million, public records show. The property is situated on nearly one acre of land and features a mix of two and three-bedroom units. With no nearby residential neighbors, the community also includes a variety of outdoor amenity spaces, including a private dog park and a park area with landscaping.
According to the offering memorandum, the property’s additional land can also be developed to allow up to 51 units due to the site’s zoning. Existing rental units also can be renovated to increase income, with Marcus & Millichap estimating a 50 percent upside in rental potential. Currently, annual gross income at the property totals $735,889.
“With only 10 of the 24 units renovated, this building presents a tremendous opportunity for a buyer to come in and rehab the remaining 14 units as they turnover,” the offering memorandum states. “The previous owner was able to increase rents on the renovated units by nearly 100 percent after their extensive and high-quality upgrades.”
The property is located just off of the junction of Interstates 405 and 10 and is directly north of Venice Boulevard. Mar Vista Recreation Center, which offers 20 acres of outdoor space along with sports fitness and social amenities, is also adjacent to the property. In addition, its location on the Westside of Los Angeles also provides close access to many popular neighborhoods, like Culver City, Century City, Beverly Hills and Westwood.
The property also sits near Silicon Beach, providing close employment for future tenants. A number of tech and entertainment companies are within close proximity of Palms Pointe Apartments, including Activision, Blizzard, HBO, Snapchat, Google and Riot Games, among several others.
Marcus & Millichap did not respond to a request for comment.
