Property Details
Executive Summary
6121 Crenshaw Boulevard is a 17-unit investment opportunity located in Los Angeles’ up and coming Park Mesa Heights neighborhood of Hyde Park, just between Slauson Avenue and Florence Avenue, a location that will be just blocks away from the new metro station at Hyde Park opening in 2020
The subject property features a two-story building consisting of all one-bedroom units; built in 1964, the property is separately metered for gas and electricity
Located on a 10,800 square foot lot, current zoning is C2- 2D-SP; 16 total parking spaces
Current rents are significantly below market with an upside of over 22% in rents when units turn; pro-forma CAP rate of 7.07%
The subject property has a secure, gated entrance and will be just 0.5 miles to the Hyde Park Metro stop on Crenshaw Blvd & Slauson Ave, allowing tenants an easy commute from LAX to Downtown Los Angeles and anywhere in between
The subject property has a great walk score of 73 with close proximity to both restaurant and retail destinations; new retail developments just down Crenshaw Blvd signifies the resurgence of the neighborhood and should assist the growth of the apartment rental market for years to come
