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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$5,790,000

Est. payment - /mo

0.28 Acres Lot

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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR26076578

HOA Y/N No

Year Built 1972

Annual Tax Amount $68,749

Lot Size 0.279 Acres

Property Sub-Type Apartment

Property Description

PRICED BELOW REPLACEMENT COST! 29-Unit Value-Add Opportunity by DODGER STADIUM w/ Panoramic DTLA Views, High-Upside Asset (±76% Rental Upside), 1972's Construction, Seller May Carry 1st Trust Deed.

939 W College St., a 29-unit value-add apartment community by the Dodger Stadium area, within the Solano Canyon neighborhood. This value-add apartment investment was built in 1972 and offers an excellent location just within walking distance to the Dodger Stadium, Elysian Park, and just minutes away to Downtown Los Angeles, Chinatown, Little Tokyo, and all the shopping and lifestyle options in those areas. The property was solidly constructed with steel and concrete construction and offered at a very low price per unit and low price per square foot for it's location and asset quality.

Value-Add Potential The property is primed for aggressive repositioning. With current rents approximately 76% below market and all tenants on month-to-month leases, a new operator can capture the loss-to-lease upon unit turnover (subject to City of Los Angeles RSO). The Pro Forma analysis projects a stabilization Cap Rate of nearly 9.74%, making this a premier hedge against inflation. To facilitate a smooth transaction, the long-term owner (nearly 30 years) may be open for a Seller Carry Financing (1st TD – 3year term - IO) for a qualified buyer with strong financials (40% down payment required).

The property is a podium style 4-story apartment that was built in 1972, has a large 22,677 SF building size, and situated on a ±12,171 SF LA-R4 zoned lot. It is a secured building with gated parking, has a central courtyard, shared laundry area (seller own machines), elevator, and covered garage parking. It offers a SUPERB unit mix of three (3) x 3bedroom + 2bathroom, twenty (20) x 2bedroom + 1bathroom, five (5) x 1bedroom + 1bathroom, and one (1) x Studio units. Approximately five (5) of the units have been updated (buyer to verify). Twenty-four (24) units have private balconies/patio with almost each balcony providing an unparalleled view of Downtown Los Angeles and the city. Each unit is separately metered for electricity and gas. All the units have updated electrical subpanels, and the main panels are waiting to be upgraded (pending permit from city).

The property has a central water heater, shared laundry room (seller own machines), and an elevator. All the tenants are on month-to-month lease. Parking is secured provided by 29 spaces.

Location

State CA

County Los Angeles

Area Chna - Chinatown

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Carpet, Tile, Vinyl, Wood

Fireplaces Type None

Fireplace No

Laundry Common Area

Exterior

Parking Features Assigned

Garage Spaces 29.0

Garage Description 29.0

Fence Wrought Iron

Pool None

Community Features Suburban

View Y/N Yes

View City Lights

Roof Type Flat

Total Parking Spaces 29

Private Pool No

Building

Lot Description 36-40 Units/Acre, Level, Near Public Transit, Rectangular Lot, Street Level

Faces South

Story 4

Entry Level Three Or More

Sewer Public Sewer

Water Public

Architectural Style Contemporary

Level or Stories Three Or More

New Construction No

Others

Senior Community No

Tax ID 5406025028

Energy Description 9704.0

Acceptable Financing Cash, Cash to New Loan, Owner Will Carry, Owner May Carry

Listing Terms Cash, Cash to New Loan, Owner Will Carry, Owner May Carry

Special Listing Condition Standard

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Listed by Handoko Chen Growth Investment Group Pasade han.chen@growthinvestmentgroup.com, DRE #01749321

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939 W College Los Angeles, CA 90012