$ 5,790,000
-
$5,790,000
Price -
6
Bed -
5
Bath -
22,677
SqFt
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About the Listing 31317 - AR45550
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.
Listing Highlights
Status
Active
Days on Site
41
Property Type
Multi-Family
MLS ®
AR26076578
Year Built
1972
Total Square Footage
22,677
Lot/Acreage
0.28
County
Los Angeles
Area
CHNA - Chinatown
Interior Details
- Bedrooms: 6
- Bathrooms: 5 Full
- Appliances:
- Air Cond: Wall/Window Unit(s)
- Heating: Wall Furnace
- Fireplaces:
- Floor: Carpet,Tile,Vinyl,Wood
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: 36-40 Units/Acre,Level,Near Public Transit,Rectangular Lot,Street Level,No Land Lease
- Garage Capacity: 29 car
- Parking Spaces: 29
- Roof: Flat
- Others: 2+ Total Units
- Sewer: Public Sewer
- Parking Features: Assigned
Financial Details
- Tax Amount: $68,749
- Taxes w/Assessments: N/A
- Tax/Property ID: 5406025028
- Tax Year: N/A
Payment Calculator
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Questions About..
939 W College Los Angeles, CA 90012
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