Executive Summary

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• The Neema Group of Marcus & Millichap is pleased to present an eight-unit multifamily investment opportunity at 4223 Degnan Blvd in the Leimert Park submarket, located just south of Stocker St and half a mile from the Baldwin Hills Crenshaw Mall
• Built-in 1939, the subject property features a unit mix consisting of two bachelors, two singles, and four one-bedrooms; one of the one-bedroom units will be delivered vacant at the close of escrow; there are six parking garages at the rear of the property
• Offered at a low $162,500 per unit and $270 PSF at the asking price, the majority of the units are leased at below-market rents, offering an investor the opportunity to achieve market rents over time as units turn and capture over 41% rental upside
• First time the property has been available for sale since 1965; the asset’s systems, exterior, and interiors have been well-maintained throughout the years; the property has a gated entrance in the front and small grass common area at the rear of the property between the building and parking garages
• 4223 Degnan Blvd is extremely walkable, located just down the street from Leimert Park Plaza and an abundance of retail on Crenshaw Blvd; the property has a walk score of 92 with access to numerous Metro Local Lines as well as the Martin Luther King Jr stop along the K Line that serves the communities of West Adams, Jefferson Park, Baldwin Hills, Leimert Park, Hyde Park, Inglewood, and Westchester
• Ideal rental submarket evidenced by the plethora of new developments in the area such as Leimert Park Village at 3450 43rd St, 4242 Crenshaw Blvd, and 5144 Crenshaw Blvd, all projects currently under construction
• Central location with an easy commute throughout Los Angeles to destinations such as LAX, Inglewood, Downtown Los Angeles, Culver City, and Mid-City

Area Overview

Arlington Boulevard is one of Los Angeles’ most heavily trafficked thoroughfares, west of the 110 Freeway and spanning north and south of the 10 Freeway. The convenience, accessibility, and visibility of the subject property’s location at Arlington Blvd and Obama Blvd in Leimert Park is only one and a half miles from USC.

Leimert Park has been regarded as one of Los Angeles’ most vibrant and historic neighborhoods. The neighborhood is widely regarded as the cultural hub for African Americans in L.A. Leimert Park was the brainchild of developer Walter H. Leimert, who began the subdivision business center project in 1928. One of the first planned communities in Southern California designed for upper- and middle-class families, Leimert Park was considered a model of urban planning – car traffic near schools and churches was minimized, utility wires were buried or hidden from view, and trees lined the streets. Leimert Plaza Park is at the district’s center park, adjoined by retail shops and the historic Vision Theatre. It is a popular place for live performances and neighborhood gatherings. The cascading fountain has been given landmark status.

Potential homeowners were attracted by the community’s state-of-the-art design features and meticulously manicured lots. Over the following decades, the 230-acre plot of land has grown more diverse and became known for its hip-hop scene, poetry jam nights, and authentic Afro-Caribbean cuisine.

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