Overview

Highlights

• Over $100,000 in recent Capital Expenditures
• Upside in rents
• Rare Four Bedroom Apartments

Description

Lee & Associates Apartment Advisors are pleased to present Menlo Avenue Apartments located in the city of Hawthorne. The ±5,484 SF five unit property constructed in 1963 is comprised of one x one bedroom/one bath, two x two bedroom/one and three-quarter bath, and two x four bedroom/ one and three-quarter bath apartments. The four bedroom units have laundry hookups and fireplaces. Recent capital improvements include complete renovation of units B and E in 2023. The central water heater along with the majority of the sewer line were replaced in 2022, totaling in excess of $100,000 in recent capital expenditures. The property has 6 parking spaces, on-site leased laundry, and a community roof deck in the rear above the carport. The property is subject to AB 1482, and there is no local rent control in Hawthorne.

Location

The city of Hawthorne is thriving due to it being the headquarters of SpaceX at nearby Hawthorne Municipal Airport. Other notable companies operating in the city include Tesla, Amazon, and Ring. The property also benefits from easy access to LAX, South Bay beaches and economic centers via I-105 and I-405. Further, it is just a few minute’s drive to the new Hollywood Park commercial development, SoFi Stadium, YouTube Theater and Intuit Dome.

The offering is a unique opportunity for an investor to acquire an apartment property in the South Bay with no local rent control, built in rental upside, in a dense, low vacancy market.

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