Property Details
Executive Summary
6736-6800 West Boulevard is a 24-unit investment opportunity located in Los Angeles’ up and coming Park Mesa Heights neighborhood, just between Hyde Park Boulevard and Florence Avenue, a location that will be just one mile from the new metro station at Hyde Park opening in 2020
The subject property features two, two-story buildings consisting of 20 one-bedroom units and four two-bedroom units; built in 1957, the property is separately metered for gas and electricity
Located on two parcels totaling 20,610 square feet, current zoning is C2-1VL-CPIO; total of 20 parking spaces at the rear of the property with no soft-story retrofit required
Value-add opportunity with a current loss-to-lease of 20%; offered at a 4.42% CAP rate on current income and pro forma CAP rate of 6.19% when market rents are achieved
The subject property has a secure, gated entrance and will be just one mile 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 is in 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
