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925 W 84th St
Los Angeles, CA 90044
Multifamily Property For Sale
·
7 Units
INVESTMENT HIGHLIGHTS
- 7-Unit Apartment on a Large 9,066-SF Lot | 8.17% Current Cap Rate & 8.59 Current GRM
- Rare LAR3 TOC Tier 3 Zoning – Build Up to 20 Units* | High Density Bonus Allowance w/ No Subterranean Parking Required & Only 0.5 Parking Spaces/Unit
- Offered at $157,143 Per Unit & $238 Per SF | Total of 7 Parking Spaces
- 10.95% Pro-Forma Cap Rate & 6.89 Pro-Forma GRM | Unit Mix of (One) 3-Bedroom/1-Bathroom House and (Six) 1-Bedroom/1-Bathroom Units
- Located 3 Miles from SoFi Stadium, Youtube Theatre, The Forum & Intuit Dome | Tremendous Value-Add Opportunity | Approximately 25% in Rental Upside
- Located in the Rapidly Gentrifying & Revitalized Neighborhood of Los Angeles
EXECUTIVE SUMMARY
ASSET
7-unit apartment located in Los Angeles. The property is comprised of (one) 3-bedroom/1-bathroom house and (six) 1-bedroom/1-bathroom units. Situated on a large 9,066-SF lot, the property is zoned LAR3 with a Tier 3 TOC (Transit Orient Communities), which allows for the development of up to 20 units*. Given the TO3 Tier 3 allowance, subterranean parking is not required, and a developer is only responsible for 0.5 parking spaces per unit. The large lot presents an outstanding opportunity to develop up to 20 units* or to add ADUs in a dense rental market of Los Angeles.
LOCATION
This 4,620-SF apartment is located approximately 3 miles from SoFi Stadium, The Forum, Youtube Theatre and the Intuit Dome (NBA Clippers Arena). The asset is located just a few blocks from Vermont Avenue and Manchester Boulevard, which provides tenants with an abundance of retail shops, restaurants, entertainment, and grocery stores.
FINANCIALS
The asset contains strong in-place rents with a current cap rate of 8.17% and current GRM of 8.59. Offered at a 10.95% pro-forma cap rate and 6.89 pro-forma GRM, 925 W. 84th Street has rents which are +/- 25% below market. The property is being offered at $157,143 per unit and $238 per square foot.
*Please do not disturb tenants. Buyer is encouraged to independently verify the accuracy of any information through inspection(s), due diligence, and professionals. Broker and Agent do not guarantee the accuracy of any information concerning the size, condition, financials, or features of said property. Buyer to conduct their own due diligence and investigation of the property.
7-unit apartment located in Los Angeles. The property is comprised of (one) 3-bedroom/1-bathroom house and (six) 1-bedroom/1-bathroom units. Situated on a large 9,066-SF lot, the property is zoned LAR3 with a Tier 3 TOC (Transit Orient Communities), which allows for the development of up to 20 units*. Given the TO3 Tier 3 allowance, subterranean parking is not required, and a developer is only responsible for 0.5 parking spaces per unit. The large lot presents an outstanding opportunity to develop up to 20 units* or to add ADUs in a dense rental market of Los Angeles.
LOCATION
This 4,620-SF apartment is located approximately 3 miles from SoFi Stadium, The Forum, Youtube Theatre and the Intuit Dome (NBA Clippers Arena). The asset is located just a few blocks from Vermont Avenue and Manchester Boulevard, which provides tenants with an abundance of retail shops, restaurants, entertainment, and grocery stores.
FINANCIALS
The asset contains strong in-place rents with a current cap rate of 8.17% and current GRM of 8.59. Offered at a 10.95% pro-forma cap rate and 6.89 pro-forma GRM, 925 W. 84th Street has rents which are +/- 25% below market. The property is being offered at $157,143 per unit and $238 per square foot.
*Please do not disturb tenants. Buyer is encouraged to independently verify the accuracy of any information through inspection(s), due diligence, and professionals. Broker and Agent do not guarantee the accuracy of any information concerning the size, condition, financials, or features of said property. Buyer to conduct their own due diligence and investigation of the property.
PROPERTY FACTS
| Price Per Unit | $157,143 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 8.17% | Building Size | 4,620 SF |
| Gross Rent Multiplier | 8.59 | Average Occupancy | 71% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1915 |
| Property Subtype | Apartment | Parking Ratio | 1.52/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | LAR3 - LAR3 - TOC Tier 3 | ||
| Price Per Unit | $157,143 |
| Sale Type | Investment |
| Cap Rate | 8.17% |
| Gross Rent Multiplier | 8.59 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 4,620 SF |
| Average Occupancy | 71% |
| No. Stories | 2 |
| Year Built | 1915 |
| Parking Ratio | 1.52/1,000 SF |
| Zoning | LAR3 - LAR3 - TOC Tier 3 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | $1,383 | - |
| 3+1 | 1 | $2,371 | - |
PROPERTY TAXES
| Parcel Number | 6032-009-016 | Improvements Assessment | $329,967 |
| Land Assessment | $796,478 | Total Assessment | $1,126,445 |
PROPERTY TAXES
Parcel Number
6032-009-016
Land Assessment
$796,478
Improvements Assessment
$329,967
Total Assessment
$1,126,445
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