13605 Cerise Ave

13605 Cerise Avenue is a beautiful 3-story, 15-unit apartment building built in 1986. This is the first time the property has been on the market, originally developed by the seller. The owner recently installed a brand-new roof and painted the entire building. The units are huge (averaging 858 sq. ft.) and very well laid out. The unit mix consists of (1) 3bd/2ba townhouse unit, (1) 2bd/1ba unit, (1) 2bd/2ba unit, and (12) large 1bd/1ba units. The units have expansive city views. There is abundant parking at the property, with one enclosed garage spot, 21 tuck under spaces and 5 car port parking spaces at the rear of the property. Due to the ample parking, a buyer should be able to explore the possibility of converting the car port and building 1 or 2 ADUs.
The front townhouse unit has a nice, fenced yard and will be delivered vacant. There is a large laundry room on the ground floor. The parking lot is secured with a remote opener for the convenience of the tenants.
The area surrounding the property consists of single-family homes and small to midsized apartment buildings. The property is located approximately 2 miles from both the 105 and 405 Freeways, which provide quick access to major employment centers throughout the area, including LAX, Inglewood, Gardena, the Beach Cities, the Westside and Downtown LA. The subject property also benefits from its close proximity to the SpaceX Research and Development Center.
The property is listed at $3,995,000, which is well below replacement cost at $310.07 per sq. ft. and $266,333 per unit. The property is listed just under a 5% cap rate and should deliver a solid cash flow with rent upside.