Courtesy of: Adam Peterson 01815802 | CB Richard Ellis, Inc.
Purchase Type: Sale
MLS ID: 21743916
Days On Market: 52
Year Build: 1912
Lot size: 0.13
Property Type: Residential Income
New Construction: No
Swimming Pool: No
Address: 1984 Park Grove Avenue
County: Los Angeles
City: Los Angeles
Neighborhood: C42 - Downtown L.a.
BID DATE 7/21/21, TOURS AVAILABLE BY REQUEST. The Lowell Apartments is a 26-unit apartment community in historic St. James Park, adjacent to USC and Downtown Los Angeles. St. James Park is an historically designated neighborhood rich with restored Victorian, craftsman and California bungalow architecture. Located within minutes of DTLA's new Figueroa Corridor, Oceanwide Plaza, Staples Center/LA Live, LA Convention Center and USC Village/Campus. The asset offers a mix of studio and 1-bedroom units, priced at a 4.30% cap on current NOI with over 33% upside. Seller has spent approximately $550k over the past 6 years on capital improvements and unit remodels including new kitchens, baths, flooring, appliances and brick accent walls. Approximately one-half of units are remodeled. RUBS in-place for recent move-ins currently offsetting 10k/yr in utility expenses with potential to recoup nearly 30k/yr as new leasing adds to the program. Seller believes potential to add up to 3 ADUs in basement, no approvals exist and Buyer to verify. Priced at approximately 175k/unit, 12.5 GRM and 6.5% cap at market. Turn-key asset with attention to detail, historically unprecedented financing available. Walk/bike to Metro Expo and Silver Line. Located within University Park HPOZ.
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