HUGE PRICE IMPROVEMENT!!rnOcean Palisades Property is proud to present an exceptional investment opportunity in the heart of West Los Angeles boasting an impressive cap rate of 4.48%. This property offers a rare chance for owner-users to capitalize on its advantageous features, including a separate house within the premises.
Just two square miles in size, Palms may be small as far as cities go, but it has much to offer potential homeowners. It is ideally situated on the popular Westside of Los Angeles, lying northwest of Culver City, west of Mid-City, northeast of Mar Vista and south of Beverlywood. It is also located just northwest of Culver City and all of its many restaurant and shopping options. Palms is also just a quick drive away from Santa Monica and Venice Beach. This city has become popular with Millennials, especially since houses in Palms tend to be priced slightly lower than in neighboring communities like Mar Vista or Santa Monica. Palms was, in fact, included on Neighborhood.com’s “These 5 Los Angeles Neighborhoods are Millennial Magnets.”
Palms also has an interesting history. In the 1800s, residents of Bunker Hill looking to escape the heat of the city would take the Los Angeles and Independence Railroad to Santa Monica, where they could enjoy the cool ocean breeze. At that time, the area known as Palm was a train stop that lay at about the halfway mark along the 16-mile journey.
In 1886, three real estate developers bought up the land near the station to sell to potential homeowners. The developers also lined their streets with 5,000 palm trees — hence the community’s name. To draw buyers from Los Angeles, these entrepreneurs marketed Palms as an agricultural and vacation community and used the slogan, “No cold winters. No hot summers. No saloons at The Palms.” In 1915, Palms was annexed by Los Angeles, making it the oldest neighborhood to be annexed by the city.
Today, Palms once again boasts a train station, this time for the L.A. Metro’s Expo Line. This small city is also just a short drive to the 405 and the I-10 freeways. In addition, Palms has earned high scores from Walk Score for being very walkable and bike-able — one of the chief reasons why this city has become popular with Millennials.
The housing in Palms is an eclectic mix. Some of the original small, under-1,000-square-foot Craftsman bungalows still remain. But many others have been torn down and replaced with large, modern structures that are 5,000 square feet or even larger. Unfortunately for those interested in purchasing a home in Palms, available inventory tends to be low and in high demand. Adding to the housing shortage in Palms? Developers are buying many of the cheaper, older homes so that they can tear them down and build new construction.
