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$4,850,000

Est. payment - /mo

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19 Beds

21 Baths

15,477 SqFt

Active

3189 Cheviot Vista PL Los Angeles, CA 90034

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Patrick Fossati

patrick@fossatigrp.com +1(805) 910-0463

UPDATED:

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 15,477 sqft

Price per Sqft $313

MLS Listing ID 25532523

Bedrooms 19

Construction Status Fixer

HOA Y/N No

Year Built 1973

Lot Size 0.274 Acres

Property Description

We are pleased to present for sale 3189 Cheviot Vista Pl. in Palms Mar Vista of Los Angeles, CA. The offering consists of a 1973 built (LARSO) 21 unit value-add apartment building, not subject to the Measure ULA "Mansion Tax". The property has benefitted from a local family of conscientious operators and their portfolio is professionally managed by Lilly Property Management Co. A brand new $70,000 roof was installed last year. The mix of Studios (4), 1BR/1BA (16) and 2BR/1BA (1) units (ranging from 700 to 800 SF) cater towards a broad rental market. The Studios and 1BR's, which account for 95% of all units, may assist in keeping rents paced with the market during turnover. There is an on-site manager in Unit 104. The building is offered at a reasonable 5.50 CAP / 10.80 X. With approximately 40% rental upside, new ownership may be afforded a path towards a considerable 8.70 CAP / 7.85 X. Tenants will have access to an on-site laundry room, AC wall units, heating units, private patio, and 20 gated parking spaces + 1 uncovered space. Within close proximity is the E Station of the Metro Line in addition to the 10 Freeway National Blvd. off ramp directly next to the property. Also within close proximity is Downtown Culver City, Hayden Tract and Sony Pictures Studios. According to LA County Planning 2023, Palms Mar Vista had a total population of 112,000 people with an average household income of $105,000. 65% of the population were renters. The offering presents an ideal value-add opportunity of operational stability with consistent cash flow and predictable long term appreciation. Furthermore, offering potential ADU avenues for the new owner to explore (buyer to verify). The property will make a strong addition to any investor's portfolio whether they're in acquisition mode or simply looking for an immediate 1031 solution. Property is subject to LARSO. As of May 8, 2025 there are two (2) 1BR/1BA vacancies. No other units will be delivered vacant by Seller upon close of escrow, except those occurring naturally. Property to be sold in as-is condition. Please DO NOT walk the property or disturb the tenants. Text/email LA for OM. Showing upon an accepted offer. Please submit proof of funds and pre-approval with offer.

Location

State CA

County Los Angeles

Area C13 - Palms - Mar Vista

Zoning LAR4

Interior

Interior Features Ceiling Fan(s)

Heating Wall Furnace

Fireplace No

Appliance Dishwasher, Disposal, Refrigerator, Vented Exhaust Fan

Laundry Common Area, In Garage, Laundry Room

Exterior

Parking Features Assigned, Controlled Entrance, Covered, Gated, Side By Side, Uncovered

Pool None

Community Features Gated

View Y/N No

View None

Total Parking Spaces 21

Private Pool No

Building

Faces South

Story 2

Entry Level Three Or More

Level or Stories Three Or More

New Construction No

Construction Status Fixer

Others

Senior Community No

Tax ID 4314026056

Security Features Gated Community

Special Listing Condition Standard

Listed by Matthew Lee • Lilly Enterprises, Inc.

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Patrick Fossati

Broker Associate | License ID: 01907255

+1(805) 910-0463

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3189 Cheviot Vista PL Los Angeles, CA 90034

Patrick Fossati

Key Details

Location

Interior

Exterior

Building

Others

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3189 Cheviot Vista PL