1168 Bellevue Avenue
Los Angeles, CA 90012 ·
55 Units · Multifamily For Sale
|No. Units||55||Cap Rate||4.92%|
|Building Size||53,929 SF||Occupancy||96%|
|Property Type||Multifamily||Lot Size||36,252 SF|
|Property Sub-type||Garden/Low-Rise||APN / Parcel ID||5405-030-002 & 5405-030-003|
|Property Use Type||Investment|
|Listing ID: 18008630||Date Created: 02/01/2013||Last Updated: 05/02/2013|
The Bellevue Lofts is an impeccably renovated adaptive reuse property that was originally constructed in 1927 as an 84-unit apartment building. In 2009 a major renovation effort commenced with the goal of converting the 53,929 square foot property into 55 luxury condominiums. The property has 56 legal units, but one of the permited units was converted into a lounge. By 2012, the Bellevue had undergone $10 million in renovations and was granted a certificate of completion. The lofts are now being leased as high-end apartments with rents that range from $1,250 to $2,850.
The Bellevue Lofts offers an impressive amenity package including a white marbled lobby, separate leasing lounge, landscaped walkways, a garden with picnic tables and BBQ' s, a fitness center with flat screen TVs, multiple elevators, and gated entrances with controlled access. The property also features a newly constructed two story, 63-car gated garage. The Bellevue Lofts is perched on a hill and many of the units have sweeping views of the city skyline.
Situated in Echo Park and just five blocks of Downtown Los Angeles: The population of Echo Park increased by 12% since 2000. This was 3 times Los Angeles' population growth rate, and it is expected to grow by another 5.3% over the next five years.
Excellent Multifamily Fundamentals: REIS projects that rents in Echo Park will increase 19% by the year 2016. Year to date submarket rental growth for 2012 was 1.1% compared to Los Angeles at 0.9%, or the nation at 0.8%. The Q3 2012 occupancy rate for the submarket was 97.2% compared to the West at 96.1% or the nation at 95.4% (Source: REIS).
Over $32 Billion in New Area Developments: Downtown Los Angeles, which borders Echo Park, has undergone a major redevelopment effort since 1999 with exciting new commercial, cultural, and multifamily developments that have transformed it into one of Southern California' s most desirable residential neighborhoods. There is another of $2.7 billion in new projects currently in the pipeline including the Eli Broad Museum, the Macy' s Plaza Redevelopment, and the much anticipated Farmers Field NFL Stadium.
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