Listed by Saadia Liberow, Marcus & Millichap,

11265 PALMS Boulevard

Los Angeles, CA, 90066

$9,900,000

$385 per ft²
$9,900,000
$385 per ft²
Sold
Sold
carpenters-square
25,688 ft²
property_type
Multi-family
calendar
Built 1947
We are pleased to present 11265-75 Palms Boulevard, a 24-unit apartment building aptly named Palms Pointe Apartments. The property is located in the highly desirable Mar Vista sub-market on the Westside. 11265-75 Palms Boulevard sits on a nearly full acre of land and features an attractive mix of 2-bedroom and 3-bedroom units. With only ten (10) of the twenty-four (24) units renovated, this building presents a tremendous opportunity for a buyer to come in and rehab the remaining fourteen (14) units as they turnover. The previous owner was able to increase rents on the renovated units by nearly 100% after their extensive and high-quality upgrades. Palms Pointe is located just west of the 405 Freeway and is rather unique in that it is situated on an "island" with no adjacent neighbors, which allows for a level of privacy that tenants enjoy. Additionally, the property boasts a beautiful park-like setting with mature trees and separate private garages; there is even a sizeable dog park for the tenants to use with all of their pets! Furthermore, should you want to take advantage of the sizeable lot and pursue the potential to build even more units in the future. The property is zoned R3 and has the potential to allow up to 51 units (buyer to verify). Situated directly across the street from Mar Vista Recreation Center, the Property affords residents with extremely convenient access to nearly 20 acres of outdoor space along with sports, fitness, gathering, and cultural amenities. This proximity to such amenities certainly lends itself to higher rents, especially when the units have been rehabbed to their full potential. For residents looking for some entertainment, there are a plethora of local shopping and dining options very close by. Venice Boulevard is full of delicious local eateries, vibrant Sawtelle Japantown is just a few minutes away, and the bustling neighborhoods of Culver City, Westwood, Century City, and Beverly Hills are just a short drive from the property. If you are an investor looking for an asset with upside in a core Westside market in Los Angeles, look no further.
MLS® ID:
21111432
Listed:
12/9/21
Updated:
1/31/23
RE/MAX Estate Properties
Bill Ruane

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Heating
Wall Furnace

Exterior/Building Features

Lot Size
0.94 acres lot

Other Property Details

Area Name
C13 - Palms - Mar Vista
Garage
Yes
Garage Spaces
17
Parking
Garage
Parking Total
55.0
View
N
County
Los Angeles
Pool
No
Zoning
LAR3
Buyer Agency Compensation
1.500

Property History

Date
Event
Price
Value
4/26/22
Sold
-
-
4/26/22
Price Change
$9,900,000
-7%
4/11/22
Active Under Contract
-
-
1/31/22
Price Change
$10,700,000
-2%
1/5/22
Price Change
$10,995,000
-2%

Listed by Marcus & Millichap, Saadia Liberow,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 1/31/23. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Data last updated 9:01 AM UTC, 1/31/23

RE/MAX Estate Properties
Bill Ruane
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