Property Details

Year Built: 1959 & 1964
Units: 16
Price / Unit: $205,938
Price / SqFt: $296
CAP: 4.22%
GRM: 14.18

Executive Summary

The Neema Group of Marcus & Millichap is pleased to present 1846 Cordova St, Los Angeles, CA 90007 & 1962 W 22nd St, Los Angeles, CA 90018. Built in 1959 & 1964, these properties combine to feature 16-units totaling 11,146 SF located in Mid-City. The buildings feature a unit mix of 2 one-bed, 8 two-bed one-bath, and 6 two-bed two-bath apartment units.

This offering presents an investor the unique opportunity to acquire multiple value-add assets with a 41% loss-to-lease and a pro forma CAP rate of 8.49% through renovations when the units turn. The properties are being offered at a 14.18 GRM on current income and a low price per unit of $205,938.

1962 W 22nd features 8 parking spaces and the soft story retrofit work has been completed. Furthermore, there is a common laundry room for the building.

1846 Cordova features ease of management as gas and electric are separately metered. Furthermore, there are 8 parking spaces for the building secured by a gated entrance, no soft story work is required.

Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units in this neighborhood continues to increase year-over-year due to the centralized location with convenient access to the 10 Freeway and transportation options.

The locations allow for residents to easily commute throughout Los Angeles to education and employment opportunities in Downtown Los Angeles, Koreatown, and Hollywood. The subject properties are also located approximately two miles from the University of Southern California, one of the largest private employers in the County of Los Angeles.

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