1520 Menlo Ave is a privately gated Bungalow style 10-unit apartment building consisting one-bed/one-bath units. This five-building property was built in 1924 and upgraded in 2020 to accentuate its original character and charm. In addition to the common area updates, 5 of the 10 ten units have received upgrades, leaving 5 units with significant value-add upside as they are brought to market rents. Located in Pico-Union, a distinctive, Los Angeles neighborhood nestled between the ever-growing Downtown market and bustling Koreatown. This area is the premier location for long-term rental growth assets. The Pico-Union area has become the epicenter for families and professionals in Los Angeles in a long-term blue-collar market. Investors are flocking to Pico-Union as average rents are pushing $2,000/month for a one-bedroom and as population growth is projected as steady increases for years to come.
Current / Proforma CAP Rate = 4.8% / 7.7 %
Current / Proforma GRM = 12.5 / 9.1
