Non Rent Controlled 2024 Luxury 6 Unit | QOZ 3438 Potomac Ave

6 Unit Apartment Building $4,495,000 ($749,167/Unit) 5.38% Cap Rate Los Angeles, CA 90016

INVESTMENT HIGHLIGHTS

  • OPPORTUNITY ZONE! Major tax benefit (consult CPA).
  • Outstanding projected cap rate of 5.38%! Cash cow.
  • IDEAL parking! 2 spots per unit! Total of 12.
  • Located in ultra trendy and highly sought after West Adams- A major draw for A+ tenants!
  • MASSIVE units (9,144 livable square feet) with premium floorplans.
  • Outstanding unit mix consisting of two 4 bedrooms and four 3 bedrooms!

EXECUTIVE SUMMARY

3438 Potomac Ave is a massive OPPORTUNITY ZONE brand new construction 6-unit on an enormous lot (OVER 9,000 SF0 located in trendy West Adams, just walking distance to countless high-end shops, galleries & notable eateries such as Highly Likely Cafe, Thinkspace Gallery and The Bar at Johnny's! This luxury 6-unit boasts an excellent projected 5.38% cap rate & $321,600 in yearly gross rent!
Made up of an ideal unit mix (2x 4b/4b, 2x 3b/4b, 2x 3b/3.5b) with large open floor plans, ultra-trendy design, huge balconies, upgraded finishes and TONS of PARKING (2 SPOTS PER UNIT)! Thanks to its A++ location, this will be an extremely easy to manage, high cash flow property for years to come! This one-of-a-kind opportunity will not last long!
www.myunits.com/buy/3438potomac

FINANCIAL SUMMARY (PRO FORMA - 2024)

ANNUAL ANNUAL PER SF
Gross Rental Income $321,600 $35.17
Other Income - -
Vacancy Loss $12,864 $1.41
Effective Gross Income $308,736 $33.76
Taxes $53,913 $5.90
Operating Expenses $12,830 $1.40
Total Expenses $66,743 $7.30
Net Operating Income $241,993 $26.46

PROPERTY FACTS

Price $4,495,000
Price Per Unit $749,167
Sale Type Investment
Cap Rate 5.38%
Gross Rent Multiplier 13.98
No. Units 6
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class B
Lot Size 0.21 AC
Building Size 9,144 SF
Average Occupancy 0%
No. Stories 3
Year Built 2024
Parking Ratio 1.31/1,000 SF
Opportunity Zone Yes

UNIT AMENITIES

  • Air Conditioning
  • Balcony
  • Dishwasher
  • Microwave
  • Washer/Dryer
  • Washer/Dryer Hookup
  • Heating
  • Eat-in Kitchen
  • Kitchen
  • Refrigerator
  • Range
  • Tub/Shower
  • Views
  • Double Pane Windows
  • Freezer
  • Handrails
  • Vinyl Flooring

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
3+3.5 2 $4,250 1,242
3+4 2 $4,350 1,472
4+4 2 $4,800 1,858
Walk Score®
Very Walkable (81)
Bike Score®
Very Bikeable (75)

ZONING

Zoning Code RD1.5-1 (Brand New - 3 Duplex Buildings)
  • Listing ID: 32440937

  • Date on Market: 7/12/2024

  • Last Updated:

  • Address: 3438 Potomac Ave, Los Angeles, CA 90016