Description
A turnkey 12-unit multifamily asset, 4309 W Adams Blvd is an ideal 1031 exchange upleg. The headache-free investment offers robust market rents and a fully renovated property. The new owner will generate strong rents at a healthy $2.65/SF from day one as well as benefit from long-term appreciation in a rapidly elevating neighborhood. Add up to an additional +/-3,000 SF by building four ADUs in the rear of the generously sized lot. From James Beard-nominated Chef Keith Corbin of Alta Adams, the always buzzy Tartine and Mizlala restaurants, to CIM’s numerous residential, commercial, and office developments, the neighborhood’s energy is positive and electric. There is demonstrated demand for newly renovated dual-entrance units in smaller secure buildings with dedicated parking. Centrally located between Culver City and Downtown LA, the subject property offers financial and development incentives to the savvy investor, whether tax deferment within an Opportunity Zone or 7-floor by-right development potential as a TOD Tier 4 site in the Crenshaw Corridor Specific Plan.
Property Features:
- List Price: $4,350,000
- Building Sq.Ft: ±8,850 SF
- Lot Size Sq.Ft.: ±10,681 SF
- APN: 5059-005-005
- Zoning: LAC2-1-SP TOC Tier 4
- Los Angeles State Enterprise Zone: Yes
- Specific Plan Area: Crenshaw Corridor
- Number of Units: 12
- Unit Mix: 12 x 1 Bed/1 Bath
- Year Built/Renovated: 1954/2018
- Parking: 8 Spaces
- Coin Laundry: Yes
- NOI: $186,016
- Cap Rate: 4.28%
- GRM: 15.20
- Price Per Unit: $362,500
- Price Per Sq.Ft.: $491.53
- Current Rent Per Sq.Ft.: $2.65
