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Listing Details

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School Ratings & Info

Description

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 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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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-20T00:25:39.083. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brandon Hobbs Group | Compass. Licensed in the State of California, USA.
www.searchwithcompass.com/homes/117847091
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1984 Park Grove Avenue Los Angeles (City), CA 90007

  • Price: $4,600,000
  • Status: Active
  • Updated: 79 min ago
  • ID#: 21743916
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Beds
0
Baths
0
½ Baths
0.13
Acres
1912
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
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 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.
Exterior Features

Construction Materials Brick Direction Faces West Entry Location Ground Level W/Steps Parking Features None View City Lights View YN Yes

Interior Features

Appliances Gas CooktopGas OvenRefrigerator Flooring LaminateWood Interior Features Ceiling Fan(S)

Property Features

Additional Parcels YN No Buyer Financing Cash Community Features Gated Disclosures Rent Control Gross Income 387001 Laundry Features Laundry Room Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 199602 Rent Control YN Yes Security Features Fire Sprinkler SystemGated CommunityKey Card Entry Senior Community YN No Sewer Other Special Listing Conditions Standard Zoning Lard1.5

Listing provided courtesy of Adam Peterson of Cb Richard Ellis, Inc.


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-20T00:25:39.083. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brandon Hobbs Group | Compass. Licensed in the State of California, USA.
 
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Brandon Hobbs Group | Compass
341 Bayside Drive
Newport Beach CA, 92660