1951 W Martin Luther King Jr Blvd
8 Unit Apartment Building $2,595,000 ($324,375/Unit) 5.86% Cap Rate Los Angeles, CA 90062
INVESTMENT HIGHLIGHTS
- Newly Renovated Units Achieving High Rents
- Below Average Expense Profile
- Large Parking Lot
- Strong Cash Flow from Day 1
- Gentrifying Area Allowing for Above Average Appreciation
EXECUTIVE SUMMARY
Located in the Leimert Park neighborhood, the subject property is centrally located offering quick access to premium entertainment such as The LA Memorial Coliseum and The Natural History Museum. The property is located a few miles from USC which provides access to a strong student rental market. The building has a diverse mix of 4 two-bedroom, and four studio units. Seven of the eight units have been completely remodeled with brand new electrical, plumbing, and mechanical. These units are also completely sub-metered for gas, electrical, and water resulting in an extremely low utility expense which is rare in the Los Angeles market. Due to the renovations the expense profile of the property is extremely low, and will allow for strong cash flow immediately.
PROPERTY FACTS
| Price | $2,595,000 |
| Price Per Unit | $324,375 |
| Sale Type | Investment |
| Cap Rate | 5.86% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 4,762 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1923 |
| Parking Ratio | 2.1/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Microwave
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | - | - |
| 2+1 | 4 | - | - |
1 of 1
Walk Score®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 5035-006-011 | Improvements Assessment | $334,654 |
| Land Assessment | $892,413 | Total Assessment | $1,227,067 |
ZONING
| Zoning Code | RD1.5, Los Angeles |
