17 Units Value-Add in Los Angeles | 207 N Savannah St
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17 Units Value-Add in Los Angeles 207 N Savannah St
17 Unit Apartment Building $2,300,000 ($135,294/Unit) 4.55% Cap Rate Los Angeles, CA 90033
Investment Highlights
- Current Ownership has Recently Replaced Old Sub Panels for All 17 Units (Buyer to Verify)
- There is 114 Percent Remaining Rental Upside that can be Captured Through Turnover & Tactful Renovations
- Low Basis, Priced at $135,294 per Unit
- The Government Required Seismic Retrofit Work has Already Been Completed, Which Saves a New Investor Substantially in Capital and Time
- Current Ownership has Applied for Capital Expenditure Reimbursements for the Recent Electrical Upgrades Through the City of Los Angeles
- Majority Two-Bedroom/One-Bath Units, Which Drives Rental Growth
Executive Summary
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale a unique valueadd
opportunity located at 207 North Savannah Street. The 17-unit building is comprised of three studio units, two
one-bedroom/one-bath units, and twelve two-bedroom/one-bath units. This property is located in the Boyle Heights
neighborhood, which is minutes east of Downtown Los Angeles and The Arts District.
This property sits on North Savannah Street, between Cesar Chavez Avenue and 1st Street, just west of Evergreen Avenue.
Tenants of the building benefit from immediate access to the 10-freeway, and less than a 14-minute bike ride to the Art’s
District of Downtown Los Angeles. Additionally, the Gold Line Station at Soto Street is only a 10-minute walk and gives
access to employment hubs throughout Los Angeles MSA. The Sixth Street Viaduct opened to the public in July 2022 and
adds another thoroughfare into the Arts District. The $588 million-dollar project crosses over a new public park. The much discussed
effort to restore the Los Angeles River continues to drive new development in the surrounding neighborhoods as
eight firms compete to restore the section of the river that runs between Downtown Los Angeles and Boyle Heights.
This property offers an investor the rare opportunity to acquire a mid-century constructed asset at an extremely favorable
basis of $135,294 per Unit for mostly two-bedroom units, with on-site parking.
DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT LISTING TEAM FOR PROPERTY SHOWING INSTRUCTIONS.
opportunity located at 207 North Savannah Street. The 17-unit building is comprised of three studio units, two
one-bedroom/one-bath units, and twelve two-bedroom/one-bath units. This property is located in the Boyle Heights
neighborhood, which is minutes east of Downtown Los Angeles and The Arts District.
This property sits on North Savannah Street, between Cesar Chavez Avenue and 1st Street, just west of Evergreen Avenue.
Tenants of the building benefit from immediate access to the 10-freeway, and less than a 14-minute bike ride to the Art’s
District of Downtown Los Angeles. Additionally, the Gold Line Station at Soto Street is only a 10-minute walk and gives
access to employment hubs throughout Los Angeles MSA. The Sixth Street Viaduct opened to the public in July 2022 and
adds another thoroughfare into the Arts District. The $588 million-dollar project crosses over a new public park. The much discussed
effort to restore the Los Angeles River continues to drive new development in the surrounding neighborhoods as
eight firms compete to restore the section of the river that runs between Downtown Los Angeles and Boyle Heights.
This property offers an investor the rare opportunity to acquire a mid-century constructed asset at an extremely favorable
basis of $135,294 per Unit for mostly two-bedroom units, with on-site parking.
DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT LISTING TEAM FOR PROPERTY SHOWING INSTRUCTIONS.
Property Facts Under Contract
| Price | $2,300,000 | Apartment Style | Low Rise |
| Price Per Unit | $135,294 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.55% | Building Size | 11,170 SF |
| Gross Rent Multiplier | 10.98 | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1932/1963 |
| Property Subtype | Apartment | Parking Ratio | 1.52/1,000 SF |
| Price | $2,300,000 |
| Price Per Unit | $135,294 |
| Sale Type | Investment |
| Cap Rate | 4.55% |
| Gross Rent Multiplier | 10.98 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 11,170 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1932/1963 |
| Parking Ratio | 1.52/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 3 | - | 350 |
| 1+1 | 2 | - | 575 |
| 2+1 | 12 | - | 700 |
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 5180-015-028 | Improvements Assessment | $1,313,445 |
| Land Assessment | $1,608,302 | Total Assessment | $2,921,747 |
PROPERTY TAXES
Parcel Number
5180-015-028
Land Assessment
$1,608,302
Improvements Assessment
$1,313,445
Total Assessment
$2,921,747
zoning
| Zoning Code | LAR2 |
| LAR2 |
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17 Units Value-Add in Los Angeles | 207 N Savannah St
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