8701 Olin St

8701 Olin St is a pride of ownership 8-unit apartment building located in the Palms neighborhood of Los Angeles, and was built in 1958 with an excellent unit mix of four 1 bedroom + 1 bath units and four 2 Bedroom + 1.5 bath units. There is immediate potential for upside in rents. The building is 5,854 square feet and is situated on a 5,954 square foot lot. It has been well maintained by its existing owners and has recently had plenty of capital improvements made including all new windows, upgraded plumbing, new stairs, deck, and railing. All of the downstairs units have been very tastefully remodeled. There is a private laundry room, and tuck-under parking spaces which have been retrofitted per city requirements.

 

The property is located between the 10 freeway and Venice Blvd, just a short walk to Downtown Culver City which is known for its Farmer’s Market, restaurants, eateries, bars, and stores. Additionally, there are many parks within walking distance from the property. The Palms neighborhood is known to be a very diverse area filled with apartment buildings and homes. There are a lot of entertainment options for people of all ages. Families are also attracted to the wide variety of all-level public as well as private schools. There are many employers in the entertainment and technology industries.

 

Residents enjoy easy access to the 10 and 405 freeways and are within close proximity to Ivy Station, a mixed-use transit-oriented development. The combination of open space, office, hotel, and apartments all tastefully curated with events, and activities, attracts a diverse quality tenant base as well as a solid occupancy rate for the area.

 

An astute investor will benefit from owning a recently upgraded property with plenty of upside in rents left to capture with minimal capital expense. The rising rental rates in the area coupled with standard tenant turnover will provide the next owner with years of growing cashflow and an appreciating asset.