Price Reduced 3232 W Avenue 32 16 Unit Apartment Building $5,985,000 ($374,063/Unit) 6% Cap Rate Los Angeles, CA 90065

THE OPPORTUNITY:
3232 W. Avenue 32 is a Sixteen (16) unit, non-rent-controlled apartment community located in Glassell Park, CA (90065) a densely
populated rental market of Los Angeles and known for excellent rent growth.

AB 1482:
3232 Avenue 32 is not subject to LA City rent control and instead is subject to the highly desired AB 1482 which allows annual rent increases at 5%
plus local consumer price index (CPI) or 10%, whichever is lower. The most recent 2024 rent increases were 8.8%.

STRONG AND STABLE INCOME:
3232 W. AVENUE 32 features strong & stable income with the opportunity to manage rent increases on several below market
rental units.
CURRENT RETURNS:
3232 W. AVENUE 32 has undergone a systematic high-end renovation of most apartment homes thus creating strong current income along
with appreciating income as units turn over.

WELL-LOCATED:
Glassell Park (90065), adjacent to Atwater Village and DTLA and a short 2-mile drive to Silver Lake/ Echo Park, is as diverse as the people living in
it. Thanks to its neighborhood feel, the area is perfect for young people looking for a “next-level” coffee experience and a community vibe. Within blocks you
will find many of L.A.’s newest foodie revolution hot spots.

$35 BILLON LA RIVER MASTER PLAN:
The mammoth LA River revitalization master planned project runs just 1 mile away from the property and is poised to alter the
face of LA and specifically, Glassell Park, for generations to come. A world class landscape / urban design team is led by architect Frank Gehry and OLIN
design.
OPPORTUNITY ZONE BENEFITS:
3232 W. AVENUE 32 is located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts
and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely
invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated
communities.
STRONG EMPLOYMENT:
This eastside location and nearby area represents one of the strongest employment centers in the Los Angeles metropolitan area and
offers access to a diverse set of employers.
LACK OF HOUSING AFFORDABILITY:
There is a significant affordability gap to home ownership in Glassell Park with the median home price of $809,600 with the
average list price/sf of $571. Home values have gone up 11.4% over the past year with predictions that prices will continue to rise +/- 11.5% within the next
year.
NO SEISMIC RETROFIT REQUIRED:
The property is not on the list of buildings that require a seismic retrofit