80 Units - All 2 Bedrooms! 50% Upside in Rents!
Urban Gardens was built in 1957 and sprawls along an entire block on the north side of Florence Avenue, between Brynhurst and Victoria, just west of Crenshaw Blvd. with approximately 2/3s of a block depth.
The property consists of 80 Units located in ten (10) separate two-story structures, all eight (8) units with four up and four down. Each unit is 2 Bedroom, 1 Bath and between 600-700sf. One notable interior layout feature is they have good sized kitchens. There are also two laundry rooms and approximately 44 parking spaces on the nearly 76,000sf combined lots, approximately 1 3/4 acres.
The average current rent is approximately $1,033 with a proven market rent of $1,500, which equates to an approx. 50% rental upside. Just under 25% of the units are Section 8 with the balance conventional units.
With 1.75 Acres of LAR3 zoned land there is possible future development. The site has been held by current ownership for more than 10 years making LIHTC another possible opportunity. CONTACT LA2 Matthew Mandel.
North side of Florence Avenue, just west of Crenshaw Boulevard, between the streets of Victoria and Brynhurst.
The property is a short distance from the Crenshaw/LAX transit corridor making it even more accessible for residents.
It is also only 2 miles, five minutes by car, from the Proposed LA Rams City of Champions Stadium!
