Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

32

Building size

28,473 sqft

Lot size

12,810 sqft

Year built

2023

Stories

4

Heating

Central

Cooling

Central Air

Status

Active

Days on market

159

MLS #

249050263

About this property

REDUCED! Fully Rented! We are proud to present for sale The Peake, a 32 Unit Apartment Community in vibrant West Adams. The property is located at 3518 Chesapeake Ave. (a quiet, residential tree-lined street), in a neighborhood quickly undergoing a transformation, full of new construction! With a Certificate of Occupancy from 2023, the building features all the modern systems and conveniences your future tenants have come to expect, from spacious units with new appliances to manicured common areas and a comfortable gym, to the tremendous convenience of being just a hop and a skip to the Farmdale Metro Expo (E) Station, just one block away! Featuring controlled access, in-unit laundry, sleek designs, some apartments with balconies, bicycle parking and 19 vehicle parking spaces, the property backs up to a vast single family-zoned area, with low-rise homes, unobstructed views and easier street parking. The property offers additional income, such as parking and storage fees charged independently of rents, along with EV Charging, TV and Internet service, which is billed directly to tenants along with RUBS. The property boasts fifteen 2 bed + 2 bath, eight 1 bed + 1 bath and nine studio units, ranging from 475 to 966 SF. There are three restricted units reserved for affordable housing. The area has undergone a major economic renaissance during the past decade, with development as the driving force. The new apartment and mixed-use developments in the immediate area have provided an overwhelming increase in the demand for high end rental units and retail. The building is a stone's throw to the Rancho Cienega Recreation Center and Dorsey Senior High School. Take the Metro to USC or Culver City, continue on to Downtown LA or Santa Monica! The area features tons of new restaurants, cafes, markets and much more! It is hard to keep track of what has opened and what is in the planning to open in the near future! A Brand New 36 Unit Apartment Building on the southern corner of the block is also available and may be purchased together with this property!

Location

3518 Chesapeake Avenue

Los Angeles, Los Angeles, CA, 90016