3915 Stevely Ave is an attractive 12-unit apartment community located in Baldwin Village just east of S La Brea Ave. The property consists of ten spacious one-bedrooms and two two-bedrooms with a secure, gated entry. The living rooms are above average in size with large windows and there are thoughtful kitchen and bathroom layouts. The subject property features 15 total gated parking spaces (seven singles and four tandem) and a community laundry room with two washers and two dryers. Additionally, the building is separately metered for gas and electric.
This is an ideal value-add investment opportunity with current rents below market and current loss-to-lease of 25% with a pro forma CAP rate of 6.12%. The property is being offered with attractive assumable financing (current loan must be assumed). The lender is ReadyCap with a 20-year loan at a fixed rate of 3.77% interest until 2024.
The property is in the heart of Los Angeles and within minutes of major entertainment and employment hubs in Culver City, LA World Airport, DTLA and Inglewood. There is a significant affordability gap to home ownership in the 90008 zip code as the median home price in the direct area is approximately $871,913 and a typical monthly mortgage payment is considerably more than the average renovated rents at 3915 S Stevely Ave.
Los Angeles World Airports (LAWA) is in the midst of a $14 billion Capital Improvement Program at Los Angeles International Airport (LAX), projected to last through 2023. The LAX modernization program is considered the largest public works program in the history of the City of Los Angeles. Additionally, Inglewood’s new sports and entertainment complex SOFI Stadium to create 12,000 full- and part-time jobs annually
In 1988, Baldwin Village became a distinct community in the city’s General Plan. It is known by locals because of the tropical trees and foliage such as palms, banana trees and begonias that once thrived among the area’s tropical-style postwar apartment buildings. Baldwin Village sits below the affluent Baldwin Hills, a hillside neighborhood with million dollar homes and stunning views of Los Angeles. Baldwin Hills is also home to the Kenneth Hahn State Recreation Area, a state park unit of California in the Baldwin Hills Mountains of Los Angeles. As one of the largest urban parks and regional open spaces in the Greater Los Angeles Area, many have called it “L.A.’s Central Park”.
Leimert Park is a neighborhood in the South Los Angeles region of Los Angeles, CA. Developed in the 1920s as a mainly residential community, it features Spanish Colonial Revival homes and tree-lined streets. Leimert Park was named the 2016 Neighborhood of the Year by CurbedLA. com. The district’s main street is Leimert Boulevard, which bisects the neighborhood from northeast to southwest. Leimert Park was one of the first planned communities in Southern California designed for low- and middle-income families, and was considered a model of urban planning for its time.