1840 North Berendo Street, Los Angeles, CA
Multi-family for Sale - $4,780,000 - 12,870 Sq. Ft. on 0.16 acres
Property Info
| CIMLS# | 860589 |
| Location 1840 North Berendo Street Los Angeles CA 90027 | |
| Updated | April 29th, 2016 |
| Type | Multi-family |
| Price | $4,780,000 |
| Building | 12,870 Sq. Ft. |
| Land | 0.16 acres |
Property Description
The Northmere Apartments, designed in1929 by prominent architect Maxwell Maltzman features 18 restored and architecturally significant apartment homes in Los Feliz, one of Los Angeles's premier residential neighborhoods.
This trophy quality asset entails an exceptional style and grace found in very few apartment communities then and since, thus making this offering a once in a lifetime opportunity to acquire an architecturally significant apartment community with strong current and future income metrics in a world-class location.
About the architect: Maxwell Maltzman rose to prominence as the visionary architect of many grand, high-style apartment communities exemplified by The Ravenswood (built 1928) located at 570 North Rossmore Avenue and long time residence of film legend Mae West, 410 North Rossmore Avenue, built 1930 in the French Normandy style, 456 North Rossmore Avenue built 1930 designed in the Beaux Arts style and The Vogue Apartments built in 1930 designed in the Art Nouveau style among many other notable projects.
Location Description:
Exceptional Los Feliz neighborhood located just south of iconic Franklin Avenue and just two blocks west of Vermont Avenue cafe's and retail venues
Highlights:
>> 18 Architecturally Significant Apartment Homes Built in the Italian Renaissance Revival Style
>> Designed by Prominent Architect Maxwell Maltzman famous for The Ravenswood Apartments, The Chateau Apartments, The Chateau Lamartine and The Lindbook Manor
>> Interior Apartment Homes feature Restored, yet Original 1929 Style featuring Original Hardwood Floors and Wooden Beams in each Unit
>> Upper Apartment Homes are Highlighted by City, Griffith Park and the Hollywood Sign Views
>> Professionally Managed Asset with Strong Current Income and Significant Future Income Potential
>> Common Areas feature Decorative Passageways, Beautiful Landscaping, Garden Retreat, Onsite Laundry Facilities and Plenty of Street Parking
>> Significant Improvements Include NEW Roof with Energy Efficient Coating, NEW Dual Pane Windows, NEW Exterior Finishes, NEW 10 Camera Monitoring System, NEW Central Water Heater and Foundation Retrofit
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Financials
Sales Info:
>> Cap rate: 3.3%
>> NOI: $166031
