Kidder Mathews is pleased to present to market, 4808 + 4816 August Street, a 16-unit apartment building located in Baldwin Village, a rapidly developing neighborhood in Los Angeles. Originally constructed in 1957, the Property is a well-maintained, two-story structure with controlled access. The Property features extremely spacious units with a strong unit mix of 6 - one bedroom, one bath, 8 - two bedroom, two bath and 2 - three bedroom, two bath units.
4808 + 4816 August Street presents the unique opportunity for an investor to enter an up and coming market with the potential to add significant value through additional renovations. Five out of the sixteen units have been extensively renovated with high-end finishes which include new stainless-steel appliances, laminate and tile flooring, new kitchen cabinets and tile backsplashes, new fixtures, new paint, new base moldings, and energy efficient LED lighting. The renovated units also include new copper wiring and plumbing upgrades. One unit will be delivered vacant before the close of escrow, providing the opportunity for an investor to immediately upgrade the unit and capture market rent.
Exterior and building upgrades include new paint, new drought resistant landscaping, a new intercom, new exterior light fixtures and new unit numbers. The property is separately metered for electricity and gas, and tenants have on-site laundry and parking spaces. Ownership has already completed the mandatory soft-story retrofit work, so a buyer will not be responsible for this expense. This offering is attractive for an investor looking to take advantage of today’s low interest rates and to acquire a property with immediate rental upside.
4808 + 4816 August Street is situated amongst numerous amenities including restaurants, schools, the Kenneth Hanh State Regional Park, and the new Kaiser Permanente. Additionally, the Property is near the new Baldwin Hills Crenshaw Plaza, a $700 million redevelopment project situated on 43 acres of land, which will feature new apartments, condominiums, a hotel, restaurants, retail and office space. Tenants are in close proximity to public transit, and the Metro’s LAX/Crenshaw Line is scheduled to open in mid-2020, connecting neighborhoods of Crenshaw, Baldwin Hills, and Leimert Park to the city of Inglewood and the Los Angeles International Airport (LAX). Additionally, tenants have convenient access to major employment centers including Century City, Culver City, and Downtown Los Angeles. With tremendous rental upside, 4808 + 4816 August Street appeals to investors looking for a value-add opportunity in a rapidly developing neighborhood.
