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Price Adjustment! Low Price/unit and Price/sf 1973-2015 W 22nd St 18 Unit Apartment Building $2,800,000 ($155,556/Unit) 5.12% Cap Rate Los Angeles, CA 90018
INVESTMENT HIGHLIGHTS
- Low cost basis offered at $155,556 per unit and $218 per square foot
- Nearly 70% upside potential
- Ample space on-site provides ADU potential per SB 1211
- 18 units located on two adjacent parcels with a total of 24,239 square feet on land zoned LAR3
- On-site gated parking for 28 vehicles
EXECUTIVE SUMMARY
We are pleased to present 1973-2015 W. 22nd Street, an 18-unit multifamily opportunity located in the heart of West Adams. The offering comprises two adjacent apartment buildings on one large parcel totaling 24,239 sf. The unit mix includes four (2-bedroom, 1-bath) and fourteen (1-bedroom, 1-bath) units. The unique lot offers parking for 28 individual vehicles allowing a new investor the opportunity to build additional units while preserving parking.
This investment is being offered at a very attractive price per unit ($155,556) and price per square foot ($218). With nearly 70% upside in rents, this investment provides both a great basis with the ability to increase the cash flow to double digit returns.
West Adams continues to experience significant growth and revitalization. Ongoing development and planned improvements along West Adams Boulevard enhance the long-term value and stability of this asset, making it a compelling investment in a rapidly evolving submarket.
This investment is being offered at a very attractive price per unit ($155,556) and price per square foot ($218). With nearly 70% upside in rents, this investment provides both a great basis with the ability to increase the cash flow to double digit returns.
West Adams continues to experience significant growth and revitalization. Ongoing development and planned improvements along West Adams Boulevard enhance the long-term value and stability of this asset, making it a compelling investment in a rapidly evolving submarket.
PROPERTY FACTS
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $155,556 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.56 AC |
| Cap Rate | 5.12% | Building Size | 12,816 SF |
| Gross Rent Multiplier | 11.57 | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1964 |
| Property Subtype | Apartment | Parking Ratio | 2.18/1,000 SF |
| Zoning | LAR3 | ||
| Price | $2,800,000 |
| Price Per Unit | $155,556 |
| Sale Type | Investment |
| Cap Rate | 5.12% |
| Gross Rent Multiplier | 11.57 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 12,816 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.18/1,000 SF |
| Zoning | LAR3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | $1,700 | 650 |
| 2+1 | 4 | $2,100 | 850 |
1 1
Walk Score®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | 5058-024-018 | Improvements Assessment | $780,956 |
| Land Assessment | $277,223 | Total Assessment | $1,058,179 |
PROPERTY TAXES
Parcel Number
5058-024-018
Land Assessment
$277,223
Improvements Assessment
$780,956
Total Assessment
$1,058,179
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Price Adjustment! Low Price/unit and Price/sf | 1973-2015 W 22nd St
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