3600-3624 Country Club Dr
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3600-3624 Country Club Dr
15 Unit Apartment Building $5,500,000 ($366,667/Unit) 3.78% Cap Rate Los Angeles, CA 90019
Investment Highlights
- Spectacular 15 units with Mills Act status located in Country Club Park
- Enormous 23,000 sq. ft. lot spanning the entire block
- Below market rents
- Three separate buildings with separate APN numbers
- Great mix of large spacious units
- Incredible character and details throughout
Executive Summary
This spectacular historic property consisting of three separate buildings with three separate APN numbers was designated with Mills Act status in 2017. It is located in the coveted and historic Preservation Overlay Zone (HBOZ) of Country Club Park. This property known to many as 'the beautiful buildings on the hill', offers expansive city views to its many tenants. It is situated on an enormous 23,000 sq. ft. lot spanning the entire southern side of the block of Country Club Drive between 3rd and 4th Avenue. The buildings were built in 1923 & 1936 by well known architects of that period. The units are large and spacious and total over 17,000 sq. ft. There is an excellent mix of 1,2 & 3 bedroom units, with several being townhouse style. The rents are below market creating a quintessential value-add opportunity for new ownership. The units exude style, character and charm offering a mix of both Mediterranean Revival Style and French Revival Style of architecture. This is an extraordinarily unusual opportunity to purchase this property which has rarely been offered for sale since it was built by its original owner, Edna T. Lux in 1923 and 1936.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $366,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.53 AC |
| Cap Rate | 3.78% | Building Size | 6,922 SF |
| Gross Rent Multiplier | 18.96 | No. Stories | 2 |
| No. Units | 15 | Year Built | 1923 |
| Property Type | Multifamily | Parking Ratio | 2.17/1,000 SF |
| Property Subtype | Apartment |
| Price | $5,500,000 |
| Price Per Unit | $366,667 |
| Sale Type | Investment |
| Cap Rate | 3.78% |
| Gross Rent Multiplier | 18.96 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.53 AC |
| Building Size | 6,922 SF |
| No. Stories | 2 |
| Year Built | 1923 |
| Parking Ratio | 2.17/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | $1,623 | - |
| 2+1 | 3 | $2,342 | - |
| 2+1.5 | 2 | $1,980 | - |
| 3+2 | 1 | $2,629 | - |
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Walk Score ®
Very Walkable (86)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,149,286 (2024) | |
| Land Assessment | $1,149,286 (2024) | Total Assessment | $2,298,572 (2024) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,149,286 (2024)
Improvements Assessment
$1,149,286 (2024)
Total Assessment
$2,298,572 (2024)
zoning
| Zoning Code | R3-1, Los Angeles (Multiple Dwelling R2 Uses, Apartment Houses, Multiple Dwellings, Child Care (20 max)) |
| R3-1, Los Angeles (Multiple Dwelling R2 Uses, Apartment Houses, Multiple Dwellings, Child Care (20 max)) |
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3600-3624 Country Club Dr
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