Glenville Triplex

Highlights:

• LAR3 ZONING | FUTURE DEVELOPMENT POTENTIAL
• The ±6,077 SF parcel is zoned LAR3, providing future multifamily redevelopment potential. Based on the reported lot area and underlying R3 density standard, the property may accommodate up to seven residential units, compared with the three existing units, subject to applicable zoning, development standards, entitlements and City approval.
• PREMIER BEVERLY HILLS / CENTURY CITY-ADJACENT LOCATION
• Rare opportunity to acquire a multifamily property in a highly desirable West Los Angeles infill location, positioned immediately adjacent to Beverly Hills and minutes from Century City, Rodeo Drive and Wilshire Boulevard.
• APPROXIMATELY 24% POTENTIAL RENTAL UPSIDE
• Current rents total approximately $10,880 per month, compared with projected market rents of approximately $13,500 per month, providing approximately 24% potential rental upside based on current underwriting.
• OVERSIZED TOWNHOME-STYLE RESIDENCES
• Three spacious 2-bedroom / 1.5-bath townhome-style residences, each offering approximately 1,343 SF and approximately 4,029 SF in total. The two-story layouts feature generous living and dining areas, abundant natural light, substantial storage and private outdoor space.
• COMPELLING VALUE-ADD OR REDEVELOPMENT OPTIONALITY
• Investors have the opportunity to continue operating the existing income-producing triplex while pursuing rental growth over time or evaluate a future redevelopment strategy to capitalize on the property's LAR3 zoning and underlying land value.
• STRONG SURROUNDING RENT COMPARABLES
• Nearby two-bedroom rental comparables range from approximately $3,295 to $4,900 per month, including nearby Glenville Drive comparables at $4,395 and $4,650 per month, supporting the property's long-term rental upside.
• AFFLUENT, HIGH-BARRIER-TO-ENTRY WESTSIDE MARKET
• The surrounding one-mile area features an average household income of approximately $160,555 and an average home value of approximately $1.81 million. Approximately 312,753 residents live within three miles of the property.

Description:

Prime Net Lease is pleased to exclusively offer for sale 1123 Glenville Drive, a distinctive three-unit multifamily property located in the highly desirable Beverlywood area of Los Angeles, immediately adjacent to Beverly Hills and minutes from Century City.
The property features three oversized two-bedroom, one-and-a-half-bath townhome-style residences, each comprising approximately 1,343 square feet, for approximately 4,029 square feet of total residential space. The spacious two-story layouts provide a residential feel rarely found in traditional apartment properties, with generous living areas, formal dining spaces, abundant natural light and substantial storage throughout.
The residences have been thoughtfully updated while retaining the property's original character and charm. Features found throughout the property include hardwood flooring, updated kitchens, stainless-steel appliances, built-in cabinetry, generous closet space, in-unit laundry or washer/dryer accommodations, private outdoor areas and garage parking. Select residences feature additional amenities including central air conditioning and heating, Nest thermostats, private patios, bedroom balconies and updated bathrooms.
Beyond the individual residences, the gated property features landscaped common outdoor areas accented by mature landscaping, bougainvillea, roses and a decorative fountain, creating an attractive residential setting with enhanced privacy.
The investment also offers meaningful value-add potential, with current rents totaling approximately $10,880 per month compared with estimated market rents of approximately $14,100 per month, representing approximately 29% potential rental upside based on current underwriting.
Additionally, the property's ±6,077-square-foot LAR3-zoned parcel provides a compelling long-term redevelopment component. Based on the underlying R3 density standard, the site may accommodate up to seven residential units, compared with the three existing residences, subject to applicable zoning regulations, development standards and City approval.
With its combination of oversized townhome-style residences, private outdoor space, garage parking, gated grounds, rental upside, LAR3 zoning and premier West Los Angeles location, 1123 Glenville Drive offers investors multiple avenues for long-term value creation.

TBD

---

Report Listing This listing was syndicated through:

Documents: