1901-1913 W. 3rd Street

03-09-2023
03-19-2023

1901 W 3rd St, Los Angeles, CA 90057

  • High Demand Rental Market
  • Pride of Ownership Property - Significant Rental Upside - 27% +/-
  • Transit Score of 79, Excellent Transit
  • Corner Lot Zoned LAC2
  • Centrally Located 
  • Walk Score of 96, Walkers Paradise

 

Property Description

Marcus and Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1901 - 1913 West 3rd Street, a turnkey 41-unit apartment community located less than one mile west from Downtown Los Angeles. The property is located in one of the fastest growing pockets of Los Angeles between Downtown and Koreatown. The property’s transit-oriented and highly walkable location offers residents access to the top
job centers in Los Angeles, an emerging dining and nightlife scene, and plentiful recreational and cultural amenities.

The property is located on the northwest corner of West 3rd Street and Bonnie Brae Street; and consists of two parcels, totally 20,282 square feet of land, zoned C2. There are 41 total units, including a 34-unit apartment building at 1901 West 3rd Street and two structures located at 1913 West
Third Street; a stand-alone back house and a 3,400 square-foot Victorian house that has been converted into a 6-unit apartment building. The property is gated with 22 parking spaces and is separately metered for gas and electric.

This pride of ownership property has had 70% +/- of the units renovated, with approximately 27% rental upside. While the exorbitant costs of home ownership and high barriers to entry for new rental developments continue to fuel strong submarket fundamentals, 1901 – 1913 West 3rd Street is well positioned to provide consistent returns for investors.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Mid-Rise
Price
$ 6,800,000
No. of Units
41
Cap Rate
5.27%
GRM / GIM
11.57
Year Built
1923
Building Size
21,692 Sq ft
Lot Size
20,282.00 sq ft
No. of Stories
2
APN
5154-020-025, 5154-020-026
Zoning Code
LAC2
No. of Parking Spots
24
Opportunity Zone
Yes
Buy Side Fee
1.75%
Price per unit
$ 165,854

Financial Details

Income/Expense Info
Actual
Financial Year
2022
Gross Income
$ 587,580
Effective Gross Income
$ 582,410
Operating Expenses
$ 223,830
Net Operating Income
$ 358,580
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