Arthur Arejian of Vanguard Investments Inc., as exclusive listing agent, is pleased to present an opportunity to purchase a 34-unit apartment building located at 2330 S Corning St, in the City of Los Angeles, California, 90034. This prime West Los Angeles property consists of an excellent unit mix of incredibly spacious 20 one bedroom-one bathroom units and 14 two bedroom-two bathroom units. The project was constructed in 1964 and sits on 29,999 SF of land.
THE PROPERTY
This property is a 3-story building located in West Los Angeles with ample parking. There are 41 total parking spaces. 20 Tuck under parking spots, 19 Carports, and 2 open parking spaces. 2330S Corning St is a very charming apartment building situated in West Los Angeles. This property, built in 1964, with wood frame and stucco construction, is separately metered for gas & electricity and is comprised of 34.471 SQ FT of improvements sitting on a 29,999 SQ FT lot. This property is located near the corner of Corning St and Cadillac Ave.
This asset offers an investor the rare opportunity to purchase a well-maintained, well-located asset with exceptional value to add and upside potential. For an investor focused on appreciation, this is an ideal investment. The average square feet of each unit is approximately 1,014 SF. The current average rent is only $1,266 dollars, and market rents at $2,412 on an average basis based on the rent roll we have. This is a very rare opportunity and this asset is perfect for a long term astute investor who has longevity in mind with respect to an investment timeline. A new investor can capitalize on the tight rental market and high rents in this neighborhood by implementing a strategic unit interior renovation plan, which will upgrade the Units and allow the buyer to command top of the market rents.
The subject property is priced at the lowest Cost Per Unit and Lowest Cost Per SF in the Submarket. The building is 100% Legacy Tenants. No Tenant Buyouts have ever been implemented in the building. This is the perfect value add opportunity. The property needs capital improvements and is ready for repositioning. The 3rd Floor rooftop deck is not being utilized. The Units are very large and has ample room for washer & dryer hookups. 12 Units have balconies & patios. 1st time on market!
