417 S Rampart Blvd

03-11-2022
06-06-2022

417 S Rampart Blvd, Los Angeles, CA 90057

  • 30 Units | Just 2 Blocks to Wilshire Blvd. | Value-Add Apartment Community
  • Upper Units with Tree-Top Views | Center Hall Design | Onsite Laundry
  • Ideal RUBS Candidate Upon Unit Attrition
  • Large Units - 30 Singles | Ideal Composition for Trending Demographics & Larger Units Relative to Competing Units in the Area
  • 4% Rent Increases due to Separately Metered Electrical Utilities and Master Metered Gas Utilities
  • Hardwood Flooring & Many Historic Details | Center Hall Design | Onsite Laundry

Property Description

Built in 1924, this 3-story wood frame constructed apartment community encompasses 14,583 SF of improvements and features a favorable unit composition of Thirty (30) Large Single | One Bath apartment units. These apartment units are larger in size relative to competing units in the area and are estimated between +\- 400-430 SF depending on the orientation within the building. The asset offers residents the ability to live and work in one of the most engaging and diverse neighborhoods in LA. As a result of this very high demand locale, the current management experiences vacancies that fill rapidly and rents that have increased at premium above neighboring apartment stock. The property provides approx. 20% rental upside potential making this an ideal investment for the astute investor looking for long term rent appreciation and consistent cash flow.

In recent years, current ownership has updated Sixteen (16) of the Thirty (30) apartment units with a variation of renovation and updating. Most units come with their own refrigerator and stove and an upgraded kitchen. Flooring varies by unit with hardwood, Saltillo, or tile. Bathrooms feature tile flooring and shower/bath enclosures. Apartment residences located on upper levels enjoy tree-top views of the surrounding cityscape from the Century City to DTLA.

The asset offers the astute investor a significant value-add opportunity to increase income drivers through additional unit upgrades as units turn through natural attrition. Additionally, common area enhancements/renovations within the lobby, hallways, elevator and stairwells will provide additional steps toward higher rental rates and/or resident retention. Lastly, the offering is an ideal candidate for a RUBS (Ratio Utility Billing System) platform allowing utility expenses to be passed on to residents. Additional amenities include onsite laundry for tenants. Electricity is separately metered and gas utilities are master metered allowing for a potential 4% annual rent increase (post COVID restrictions, if any).

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 5,450,000
No. of Units
30
GRM / GIM
13.9
Year Built
1924
Building Size
14,583 Sq ft
Lot Size
8410 sq ft
No. of Stories
3
Opportunity Zone
No
Price per unit
$ 181,667
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34.064637, -118.280458

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