4000 Nicolet Avenue

About This Property

Pleased to present the opportunity to acquire The Lanai, a 30-unit multifamily community located in Baldwin Village, CA in the Mid-City Los Angeles submarket. The Lanai is comprised of one two-story building totaling 24,460 gross square feet on a 0.54-acre LAR3 parcel. The asset features a pool courtyard, mature landscaping, on-site laundry, gated entry with a call box and 20 tuck-under parking spaces. The property is comprised of a favorable unit mix consisting of predominantly spacious one-bedroom units (twenty-eight (28) 1+1's and two (2) 2+2's), averaging 811 square feet per unit. This offering presents the opportunity to acquire an asset in a dense infill submarket of Los Angeles County with significant value-add potential (37% projected upside) via a strategic renovation program. Currently, there are twenty-six non-renovated units that can be upgraded with plank flooring and quartz countertops, while an investor may also expand the scope on all 30 units to include additional upgrades such as stainless steel appliances, modern cabinet faces and tile backsplashes. Located in a central location within the dynamic neighborhood of Baldwin Village, The Lanai benefits from excellent submarket fundamentals. The Lanai also benefits from its close proximity to the $1 billion 5035 Coliseum development 800 apartments above a ground-floor Costco, the first project of its kind in the United States paired with approximately $2.83B of committed capital from the private and public sectors across nine significant development projects within a two-mile radius; the Lanai is poised to benefit from game-changing local fundamentals.

Neighborhood

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Listing courtesy of Marcus & Millichap

Listing data from CRMLS. Deemed reliable but not guaranteed.