3806 Broadway St, Los Angeles, CA 90037
16 Unit Apartment Building | $2,650,000 ($165,625/Unit) | 8% Cap Rate | Los Angeles, CA 90037
For Sale
Active
Asking Price $2,650,000
- Property Type
-
Multifamily
- Square Feet
- 10,200 SF
Listing Contacts
Darin Spillman
Property Overview
Darin Spillman at Kidder Mathews is pleased to present 3806 S. Broadway, a 16 unit apartment building located 4 blocks from Exposition Park and a half mile from the USC Campus. With 4 vacancies, there is immediate potential to add value and cash flow.
The building has undergone extensive upgrades to its infrastructure, including 100% copper plumbing, ABS plastic drain pipes, newer stucco, newer windows, a new roof in 2018, and electrical upgrades including Romex wiring.
The building consists of eight 2-bedroom 1 bath and eight 1 bedroom 1 bath units. There are three vacant 2-bedroom 1 bath units and one vacant 1 bedroom 1 bath unit. Units feature hardwood floors and individual water heaters.
3806 S Broadway is conveniently located just east of Exposition Park and USC, with immediate access to a plethora of employment centers in the neighborhood and in adjacent Downtown L.A. The asset is located in a qualified Opportunity Zone, presenting significant tax advantages for ownership over 7 and 10 years.
The property’s location is considered one of the densest infill residential neighborhoods in Los Angeles. Offered at a 8% cap rate and 8.6 times gross, 3806 S Broadway offers an investor the opportunity to acquire a significantly renovated apartment building, with immediate potential to add value.
The building's 4 vacancies provide an investor the opportunity to achieve much higher rents via Section 8 housing; at this time, the Section 8 Department Voucher Payment Standard is $3,052 for a 2 bedroom unit and $2,407 for a 1 bedroom.
The building has undergone extensive upgrades to its infrastructure, including 100% copper plumbing, ABS plastic drain pipes, newer stucco, newer windows, a new roof in 2018, and electrical upgrades including Romex wiring.
The building consists of eight 2-bedroom 1 bath and eight 1 bedroom 1 bath units. There are three vacant 2-bedroom 1 bath units and one vacant 1 bedroom 1 bath unit. Units feature hardwood floors and individual water heaters.
3806 S Broadway is conveniently located just east of Exposition Park and USC, with immediate access to a plethora of employment centers in the neighborhood and in adjacent Downtown L.A. The asset is located in a qualified Opportunity Zone, presenting significant tax advantages for ownership over 7 and 10 years.
The property’s location is considered one of the densest infill residential neighborhoods in Los Angeles. Offered at a 8% cap rate and 8.6 times gross, 3806 S Broadway offers an investor the opportunity to acquire a significantly renovated apartment building, with immediate potential to add value.
The building's 4 vacancies provide an investor the opportunity to achieve much higher rents via Section 8 housing; at this time, the Section 8 Department Voucher Payment Standard is $3,052 for a 2 bedroom unit and $2,407 for a 1 bedroom.
Property Details
- Class
- C
- Year Built
- 1916
- Stories
- 2
- Lot Size (sq. ft)
- 8,276 SF
- Units
- 16
Highlights
- Extensive infrastructure upgrades to roof, windows, electrical, and plumbing
- Located in a qualified Opportunity Zone
- Offered at 8.6 GRM, 8% cap rate (based on Section 8 rents in vacant units)
- Close to major light manufacturing & distribution employment centers
- 4 vacant units
- Unique opportunity to transition to Section 8 housing
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