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2023 Preuss Rd 18 Unit Apartment Building $6,495,000 ($360,833/Unit) Los Angeles, CA 90034
EXECUTIVE SUMMARY
2023-2027 Preuss Rd, Los Angeles, CA 90034
• 18-unit open courtyard-style property featuring newly remodeled, spacious units
• Favorably priced below replacement cost at $388,611 per unit, $392 per square foot, and a 5.60% cap with upside
• Potential for investors to achieve significant upside with the addition of four entitled ADUs, resulting in a 8.26% Pro Forma cap rate
• Recently upgraded building systems including plumbing, electrical, windows, and HVAC
• Desirable amenities including 21 on-site parking spots, controlled access gated entry, and shared outdoor grill and seating area
• Diverse unit mix of (5) one-bedroom and one-bathroom, (11) two-bedroom and two-bathroom, and (2) three-bedroom and two-bathroom units featuring updated kitchens and bathrooms, in-unit laundry, high-speed internet, and secure entry
• 18-unit open courtyard-style property featuring newly remodeled, spacious units
• Favorably priced below replacement cost at $388,611 per unit, $392 per square foot, and a 5.60% cap with upside
• Potential for investors to achieve significant upside with the addition of four entitled ADUs, resulting in a 8.26% Pro Forma cap rate
• Recently upgraded building systems including plumbing, electrical, windows, and HVAC
• Desirable amenities including 21 on-site parking spots, controlled access gated entry, and shared outdoor grill and seating area
• Diverse unit mix of (5) one-bedroom and one-bathroom, (11) two-bedroom and two-bathroom, and (2) three-bedroom and two-bathroom units featuring updated kitchens and bathrooms, in-unit laundry, high-speed internet, and secure entry
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $6,495,000 | Building Class | C |
| Price Per Unit | $360,833 | Lot Size | 0.39 AC |
| Sale Type | Investment | Building Size | 17,841 SF |
| No. Units | 18 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1963 |
| Apartment Style | Low-Rise | Parking Ratio | 1.18/1,000 SF |
| Zoning | LARD1.5 - Small Lot Subdivision Zoning | ||
| Price | $6,495,000 |
| Price Per Unit | $360,833 |
| Sale Type | Investment |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 17,841 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | LARD1.5 - Small Lot Subdivision Zoning |
AMENITIES
UNIT AMENITIES
- Balcony
- Storage Space
SITE AMENITIES
- Gated
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 2+2 | 11 | - | - |
| 3+2 | 2 | - | - |
1 1
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,657,984 | |
| Land Assessment | $2,311,131 | Total Assessment | $3,969,115 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$2,311,131
Improvements Assessment
$1,657,984
Total Assessment
$3,969,115
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2023 Preuss Rd
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