939 W College Los Angeles, CA 90012
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26076578
HOA Y/N No
Year Built 1972
Annual Tax Amount $68,749
Lot Size 0.279 Acres
Property Sub-Type Apartment
Property Description
939 W College St., a 29-unit value-add apartment community by the Dodger Stadium area, within the Solano Canyon neighborhood. This value-add apartment investment was built in 1972 and offers an excellent location just within walking distance to the Dodger Stadium, Elysian Park, and just minutes away to Downtown Los Angeles, Chinatown, Little Tokyo, and all the shopping and lifestyle options in those areas. The property was solidly constructed with steel and concrete construction and offered at a very low price per unit and low price per square foot for it's location and asset quality.
Value-Add Potential The property is primed for aggressive repositioning. With current rents approximately 76% below market and all tenants on month-to-month leases, a new operator can capture the loss-to-lease upon unit turnover (subject to City of Los Angeles RSO). The Pro Forma analysis projects a stabilization Cap Rate of nearly 9.74%, making this a premier hedge against inflation. To facilitate a smooth transaction, the long-term owner (nearly 30 years) may be open for a Seller Carry Financing (1st TD – 3year term - IO) for a qualified buyer with strong financials (40% down payment required).
The property is a podium style 4-story apartment that was built in 1972, has a large 22,677 SF building size, and situated on a ±12,171 SF LA-R4 zoned lot. It is a secured building with gated parking, has a central courtyard, shared laundry area (seller own machines), elevator, and covered garage parking. It offers a SUPERB unit mix of three (3) x 3bedroom + 2bathroom, twenty (20) x 2bedroom + 1bathroom, five (5) x 1bedroom + 1bathroom, and one (1) x Studio units. Approximately five (5) of the units have been updated (buyer to verify). Twenty-four (24) units have private balconies/patio with almost each balcony providing an unparalleled view of Downtown Los Angeles and the city. Each unit is separately metered for electricity and gas. All the units have updated electrical subpanels, and the main panels are waiting to be upgraded (pending permit from city).
The property has a central water heater, shared laundry room (seller own machines), and an elevator. All the tenants are on month-to-month lease. Parking is secured provided by 29 spaces.
Location
State CA
County Los Angeles
Area Chna - Chinatown
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Tile, Vinyl, Wood
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Parking Features Assigned
Garage Spaces 29.0
Garage Description 29.0
Fence Wrought Iron
Pool None
Community Features Suburban
View Y/N Yes
View City Lights
Roof Type Flat
Total Parking Spaces 29
Private Pool No
Building
Lot Description 36-40 Units/Acre, Level, Near Public Transit, Rectangular Lot, Street Level
Faces South
Story 4
Entry Level Three Or More
Sewer Public Sewer
Water Public
Architectural Style Contemporary
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5406025028
Energy Description 9704.0
Acceptable Financing Cash, Cash to New Loan, Owner Will Carry, Owner May Carry
Listing Terms Cash, Cash to New Loan, Owner Will Carry, Owner May Carry
Special Listing Condition Standard
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