424 S Broadway | Los Angeles, CA 90013
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- LoopNet Team
424 S Broadway
Los Angeles, CA 90013
$1 Mil Reduction | 6.44% CAP & No LA RSO · Multifamily Property For Sale
·
60 Units
Investment Highlights
- 60-unit market-rate Beaux-Arts complex in the Broadway Theatre District of Downtown Los Angeles (subject to Mills Act property tax savings).
- In 2006, The Judson underwent an $11 million restoration and renovation led by distinguished architectural firm - David Gray Architects.
- Parking rights in the CRA's 24-hour controlled parking structure (333 S. Spring St) - 60 parking spaces at market rent for 50 years w/ 2 extensions.
- The property is NOT subject to local LA rent control, allowing for annual rent increases of 5% + CPI (approx. 8.9%).
- Priced to sell at 6.44% CAP and 9.74 GRM on current rents, and $275,000 per unit.
- Renovation included new electrical, mechanical, and plumbing systems; upgraded seismic retrofitting, air conditioning on all floors, and so much more.
Property Facts
| No. Units | 60 | Building Size | 74,624 SF |
| Property Type | Multifamily | Average Occupancy | 93% |
| Property Subtype | Apartment | No. Stories | 10 |
| Apartment Style | Mid-Rise | Year Built | 2006 |
| Building Class | B | Parking Ratio | 0.8/1,000 SF |
| Lot Size | 0.21 AC | ||
| Zoning | LAC4 - Heavy Commercial | ||
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 74,624 SF |
| Average Occupancy | 93% |
| No. Stories | 10 |
| Year Built | 2006 |
| Parking Ratio | 0.8/1,000 SF |
| Zoning | LAC4 - Heavy Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Views
- Double Pane Windows
- Freezer
- Island Kitchen
- Patio
- Large Bedrooms
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Spa
- Gameroom
- Vintage Building
- Roof Terrace
- Storage Space
- Elevator
- Lounge
- Multi Use Room
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $4,464 | - |
| 2+2 | 4 | $2,666 | - |
| 2+1.5 | 7 | $2,532 | - |
| 1+2 | 1 | $2,900 | - |
| 1+1 | 21 | $2,070 | - |
| Studios | 26 | $1,743 | - |
Property Taxes
| Parcel Number | 5149-024-009 | Improvements Assessment | $7,962,967 |
| Land Assessment | $2,897,469 | Total Assessment | $10,860,436 |
Property Taxes
Parcel Number
5149-024-009
Land Assessment
$2,897,469
Improvements Assessment
$7,962,967
Total Assessment
$10,860,436
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