10340 Bellwood Ave, Los Angeles, CA 90064
The Bellwood Apartments is an 82 unit garden style apartment community built in the 1940’s. The property consists of 8 structures that are two stories each and constructed of wood frame and stucco. The property consists of 4 lots totaling 27,242.9 square feet of land zoned R3-1-O. Unique to this property is that no vacant units have been leased since approximately 2018 and a minimum of 55 units will be delivered vacant, allowing a new owner the opportunity to renovate these units and achieve market lease rates. The certificate of occupancies refers to the property as an apartment house-hotel, providing a new owner with the potential of furnished or unfurnished short term rental opportunities.
The property originally had a unit mix of approximately 60 efficiency units and 22 studio units. All units have private bathrooms and some efficiency units have kitchenettes. The current offering makes the assumption that a new owner will renovate and add kitchenettes where possible to the vacant efficiency units and the offering labels these units as Small Studio/1 Baths on page 17. The Cap Rate Current on page 17 does not include any capital expenditure budget to renovate the vacancies but the Cap Rate Post Rehab includes approximately $1,544,000 of a hypothetical renovation budget and assumes adding kitchenettes to the 37 vacant efficiency units with a budget of approximately $8,000 per kitchenette, a budget of $18,000 per unit for all of 54 vacant units, and $250,000 to upgrade the common areas. This renovation budget is completely hypothetical and for analysis purposes only. Please note that the adjacent parking lot is not included but is also available as a development opportunity. Please contact Brent Sprenkle for information. Buyers are to independently verify the possibility of adding kitchenettes as well as potentially operating short term furnished rentals.