Culver City, Mar Vista and Westchester are three amazing neighborhoods for multifamily income property investors to acquire duplex, triplex or fourplex properties. Located perfectly centralized on the westside, the tenant base is massive and asking prices and Gross Rent Multipliers are a little bit more reasonable than the neighboring areas of Marina Del Rey, California, Venice and Santa Monica. Be sure to see the hottest and newest multifamily listings available at www.MultiFamilyOWL.com
Westchester, California is typically the most reasonably priced area of the three when looking at multifamily income properties. Currently there is a duplex on Reading Avenue producing $36,000 gross operating income with a recently reduced asking price of $639,995 and a fourplex on Glasgow Avenue producing $52,464 gross operating income with an asking price of $775,000. At the time of this blog post, both properties had been active on the MLS just under 2 months.
The Culver City, California and Mar Vista neighborhoods are also very tight inventories when looking at multifamily income properties. Currently per the MLS, there are eight duplex, triplex and fourplex properties in escrow, with only seven duplex and triplex properties available for sale. The average price of the seven available duplex and triplex properties is right around 1 million, with the high being just under 1.5 million and the low being just above 1/2 million. Searching www.LoopNet.com we also located a duplex on Sawtelle Blvd listed at $925,000 this duplex offers to large 3 bedroom apartments and might be worth a closer look.