4123 Ocean View Blvd

Highlights:

• Built in 1948
• Unincorporated LA County
• Value Add | ~20% Upside
• All 1 Bed / 1 Bath Units
• Great Parking | 6 Garages
• Recent Electrical Upgrade
• Rare Montrose Offering
• Hasn't Sold in Almost 30 Years

Description:

The LAAA Team of Marcus & Millichap is pleased to present 4123 Ocean View Boulevard, a six-unit multifamily property located in the Montrose community of unincorporated Los Angeles County within the La Crescenta–Montrose area. The asset sits in a mature, supply-constrained residential pocket defined by long-term ownership, low transaction volume, and limited new multifamily development due to geography, zoning, and established neighborhood character.

Constructed in 1948, the property consists of two wood-frame buildings totaling approximately 3,988 square feet on a 5,286 square foot infill parcel. The unit mix is clean and efficient, with all six units configured as one-bedroom, one-bathroom apartments averaging approximately 665 square feet, a layout that aligns well with Montrose renter demand and supports operational simplicity.

The property has been held by the same ownership for nearly 30 years and represents a rare opportunity to acquire a small-scale Montrose asset that seldom comes to market. In-place rents are estimated to be approximately 20 percent below current market levels, providing clear organic upside within the existing regulatory framework under Los Angeles County RSTPO and AB 1482. Two units are intentionally vacant, offering a buyer immediate control over lease-up timing, renovation scope, and post-closing execution rather than inheriting below-market leases.

The asset includes six total garages, with five accessed from the rear alley and one private garage directly connected to the front unit. One garage per unit is uncommon for small multifamily properties in this submarket, and the attached garage enhances livability, tenant retention, and rent durability.

Ownership recently completed an insurance-driven electrical upgrade in January 2026, materially improving insurability and reducing near-term capital exposure.

Physically constrained by the San Gabriel Mountains and surrounding incorporated cities, Montrose and the greater Crescenta Valley remain highly insulated from new supply. This barrier-to-entry dynamic has historically supported stable occupancy and durable rental demand, contributing to infrequent turnover and long-term value preservation.

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