$22,700,000 Price Analysis   ♡   Los Angeles, CA 90066 84 bed 84 bath 41,944 SqFt ($541/SqFt) 0.77 acre lot. Built 1989 Listed 2024-06-04, Taxes $104,006 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
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 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 s 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 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, Hul u, 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, desirable multifamily community with immediate upside.
Presented by Nancy Bush at
Lyon Stahl Investment Re, Inc.
Property MLS #SB24112650 from CRMLS
Quartz Counters
Flooring: Carpet, Laminate, Tile
Window Features: Screens
Appliances YN: Yes
Laundry Features: Community
Fireplace Features: Living Room, Gas
Heating Features: Central
Heating: Yes
Lot Size Acres: 0.7714
Lot Size Source: Assessor
Lot Size Square Feet: 33602
Parking Features: Parking YN: Yes, Parking Features: Assigned, Controlled Entrance, Covered, Concrete, On Site
Parking Total: 84
Bedrooms in Unit-1: 2
Total Bathrooms in Unit-1: 2
Unit-1 Garage Spaces: 84
Gardener Expense: 3600.00
Maintenance Expense: 43800.00
County: Los Angeles
Other Expense: 61512.00
Source Property Type: Residential Income
Exclusions: Tenant owned refrigerators
Inclusions: Stoves, Microwaves, Dishwashers, 5-Washers 5-Dryers
Insurance Expense: 22750.00
Area: C13 - Palms - Mar Vista
Source Neighborhood: C13 - Palms - Mar Vista
New Taxes Expense: 272263.00
Number of Separate Electric Meters: 43
Number of Separate Gas Meters: 43
Number of Separate Water Meters: 43
Parcel Number: 4245018039
Professional Management Expense: 106380.00
Walk Score: 88
Zoning: LAR3
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $4,759,206 + $3,739,372 $8,498,578 | $104,006 |
| 2021 | $4,665,889 + $3,666,051 $8,331,940 | $102,551 |
| 2020 | $4,618,047 + $3,628,461 $8,246,508 | $103,565 |
| 2019 | $4,527,498 + $3,557,315 $8,084,813 | $99,534 |
| 2018 | $4,438,724 + $3,487,564 $7,926,288 | $98,920 |
| 2017 | $4,351,691 + $3,419,181 $7,770,872 | $96,762 |
| 2016 | $4,266,364 + $3,352,139 $7,618,503 | $94,221 |
| 2015 | $4,202,280 + $3,301,787 $7,504,067 | $92,831 |
| 2014 | $4,119,964 + $3,237,110 $7,357,074 | $93,374 |
| 2013 | $4,101,344 + $3,222,480 $7,323,824 | $93,280 |
| 2012 | $4,020,926 + $3,159,295 $7,180,221 | $94,285 |
| 2010 | $3,942,085 + $3,097,349 $7,039,434 | $92,836 |
| 2009 | $3,921,918 + $3,081,505 $7,003,423 | $89,458 |
| 2009 | $3,912,623 + $3,074,201 $6,986,824 | $89,458 |
| 2008 | $3,845,018 + $3,021,084 $6,866,102 | $85,682 |
| 2007 | $3,769,626 + $2,961,848 $6,731,474 | $82,782 |
$22,700,000
CRMLS
Listing removed 2020-09-07
$0
AppfolioUnits
Listed for rent 2020-08-08
$2,400
AppfolioUnits
Listing removed 2014-05-03
$1,700
WestsideRentals
Price Changed for rent 2014-04-23
$1,700
WestsideRentals
Listed for rent 2014-04-09
$1,680
WestsideRentals
Listing removed 2014-01-20
$1,610
WestsideRentals
Listed for rent 2014-01-15
$1,610
WestsideRentals
Sold 1990-07-10
$5,000,000
Public Record
Year Built: 1989
Building Features: 1
Common Walls: 2+ Common Walls
Construction Materials: Stucco
Entry Level: 1
Entry Location: 1
Property Age: 35
Property Attached: Yes
Property Condition: Turnkey
Levels or Stories: Three Or More
Building Total Stories: 3
Structure Type: Apartment
House Style: Spanish
Year Built Source: Appraiser
Elevator: Yes
Sewer: Sewer: Public Sewer, Water Sewer Expense: 0.00
Electricity Connected
Natural Gas Connected
Sewer Connected
Water Connected
Water Source: Public
Ramp - Main Level
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.