7758 W 91st St 6 Unit Apartment Building $5,196,442 CAD ($866,074 CAD/Unit) 3.90% Cap Rate Playa del Rey, CA 90293

The West 91st Street Apartments is a 6-unit apartment building located at 7758 W 91st Street in the coveted Playa del Rey neighborhood of Los Angeles. The building is 7,603 square feet and sits on a 7,896-square-foot corner lot just north of Saint Bernard High School. The structure is two residential stories with tuck under parking in the rear (seismic retro?tting completed in 2019). Built in 1964 and situated in the City of Los Angeles the property is subject to the City of Los Angeles Rent Control Ordinance.
The subject property is a prime example of modern, mid-century architecture popular in Playa del Rey in the early 1960s. The curb appeal has been smartly updated with a modern two-tone paint scheme, stone accent walls and clean landscaping. The subject property consists of (1) one-bedroom with one-bath unit, (3) two-bedroom with one and three-quarter bathroom units, (1) three-bedroom with one and three-quarter bath unit and (1) three-bedroom plus den with two and three-quarter bath unit. The units are large with ample natural light and gas ?replaces. Additionally, both three-bedroom units feature in-unit laundry (building-owned). The size and design of the subject property and the units resemble luxury condos in the immediate vicinity, allowing investors to institute condo-quality renovations upon turnover and maximize market rents.
The building is all-electric and is separately metered for electricity. Units feature electric radiant wall heat. Gas is master-metered for the central water heater, ?replaces, and tenant laundry. A laundry room on the 2nd floor features one washer and one dryer (leased). There is controlled access to the building for added security to the residents. Parking consists of a total of 6 assigned spaces.