2680 S Barrington Avenue, Los Angeles, CA 90064

Property Description

2680 South Barrington Avenue, a 15-unit apartment building in Mar Vista offered for sale for the first time in over 40 years. Built in 1972 and held by the same ownership for more than four decades, the property is fully occupied and has completed its mandatory earthquake soft-story retrofit. At $277 per square foot, it is offered at one of the lowest price points per square foot for comparable buildings in the area. The building has an efficient unit mix of thirteen two-bedroom, two-bath units and two one-bedroom, one-bath units, with 14 parking spaces on a 10,997 SF LAR3 lot. Rents are well below market. Many of the tenancies date back a decade or more, which leaves substantial room to grow income as units turn over and are brought to market. The property is 100% occupied and is offered at a 4.6% current cap rate, with a pro forma cap rate of over 8.0% using conservative market rents at turnover. Few Westside offerings combine generational ownership, full occupancy, and this level of upside.