The MARQ, a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. A turnkey, newer constructed apartment community (built in 1989) and located in what can be considered as one of the best locations in Highland Park. The property offers an investor the rare opportunity to own an excellent piece of real estate in a strong and gentrifying submarket nearby downtown Los Angeles, plus a safe way to fight the raging inflation. Due to its year built, the property is NOT under City of Los Angeles rent control ordinance; it is under Statewide ordinance AB1482 which allows maximum annual rent increase of 5%+CPI. This provides future upside potential for upgraded units and non-upgraded units (2).
The property is strategically located right off York Blvd, providing easy access to dining, retail stores, and shopping along York Blvd. It is within walking distance to Highland Park Metro Station, and Figueroa St retail corridors. It is at the border of Highland Park and South Pasadena and within walking distance to South Pasadena Arroyo Seco Golf Course and South Pasadena Arroyo Seco Park. The property has a high Walk Score of 88 (“Very Walkable”). It has superb access to Downtown Los Angeles via FWY 110, and minutes to FWY 2, FWY 134 and FWY 210.
The property was built in 1989 and has a total of 13,674 SF building size on a 11,307 SF lot. It offers excellent features such as copper plumbing, pitched roof, secured entrance with intercom system, art mural in the entrance area, quiet center courtyard, central HVAC in each unit, drought resistant + water efficient landscaping, gated parking and much more. It has an excellent unit mix of eight (8) 2 bedroom+1bathroom, and sixteen (16) 1 bedroom+1bathroom. It has a total of 39 parking spaces (26 are tandem), and shared laundry room.
All the units (except 2) have been completely upgraded with new flooring, new kitchen with stainless steel appliances with dishwasher, new bathroom, new lighting fixtures, and ceiling fans. Each unit has central HVAC, individual water heater, and all 2nd floor units have vaulted ceiling with private balconies. Each unit is separately metered for electricity and gas. The property has been very well-maintained throughout current ownership with no known deferred maintenance.
Listed by Justin McCardle, GIG Real Estate Inc.,
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Data last updated 8:51 AM UTC, 9/27/22