14024 Kornblum Ave, Hawthorne, CA 90250
8 Unit Apartment Building | $2,325,000 ($290,625/Unit) | 5.35% Cap Rate | Hawthorne, CA 90250
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $2,325,000
- Property Type
-
Multifamily
- Square Feet
- 7,419 SF
Listing Contacts
Jonathan Nikfarjam
Verified Profile
Allen Gholian
Verified Profile
- Property Info
Property Overview
ASSET
8 single-story units on a massive 23,835-SF lot.
The property contains a unit mix of all 2-bedroom/1-bathroom units.
The expansive lot presents outstanding future development potential or the opportunity to add ADUs (Accessory Dwelling Units). The property can be redeveloped to a 16-unit apartment or 2 ADUs can be added to the current property.
The property has been recently painted and features upgraded electrical subpanels, new water-efficient landscaping, outdoor space for tenants and ample garage parking.
No local rent control – AB 1482 only.
LOCATION
The property is located approximately 1 mile from SpaceX and the Tesla Design Center, and 3 miles from SoFi Stadium and the upcoming Intuit Dome (NBA Clippers Arena). Also in short distances are many neighboring employment centers such as Northrop Grumman, Los Angeles Times, Hollywood Park Tomorrow, Raytheon, Boeing, and the LAX airport.
FINANCIALS
This 7,419-SF apartment presents tremendous upside with rents that are +/-37% below market. Priced at a pro-forma cap rate of 8.13% and pro-forma GRM of 9.33, the asset provides spectacular upside potential in an incredibly strong location. The property also contains stable in-place rents with a 5.35% current cap rate and 12.74 current GRM. Furthermore, there is also an assumable loan of approximately $1,039,600 remaining which is fixed at a 3.60% interest rate until July of 2026.
*Buyer to investigate and verify. Buyer to conduct their own due diligence and investigation.Assumable loan amount of approximately $1,039,600 at 3.60% ?xed interest rate with 2 years remaining on 5-year ?xed period. Loan amount and terms are assumable note are subject to change. Lender can elect to reduce loan amount.
8 single-story units on a massive 23,835-SF lot.
The property contains a unit mix of all 2-bedroom/1-bathroom units.
The expansive lot presents outstanding future development potential or the opportunity to add ADUs (Accessory Dwelling Units). The property can be redeveloped to a 16-unit apartment or 2 ADUs can be added to the current property.
The property has been recently painted and features upgraded electrical subpanels, new water-efficient landscaping, outdoor space for tenants and ample garage parking.
No local rent control – AB 1482 only.
LOCATION
The property is located approximately 1 mile from SpaceX and the Tesla Design Center, and 3 miles from SoFi Stadium and the upcoming Intuit Dome (NBA Clippers Arena). Also in short distances are many neighboring employment centers such as Northrop Grumman, Los Angeles Times, Hollywood Park Tomorrow, Raytheon, Boeing, and the LAX airport.
FINANCIALS
This 7,419-SF apartment presents tremendous upside with rents that are +/-37% below market. Priced at a pro-forma cap rate of 8.13% and pro-forma GRM of 9.33, the asset provides spectacular upside potential in an incredibly strong location. The property also contains stable in-place rents with a 5.35% current cap rate and 12.74 current GRM. Furthermore, there is also an assumable loan of approximately $1,039,600 remaining which is fixed at a 3.60% interest rate until July of 2026.
*Buyer to investigate and verify. Buyer to conduct their own due diligence and investigation.Assumable loan amount of approximately $1,039,600 at 3.60% ?xed interest rate with 2 years remaining on 5-year ?xed period. Loan amount and terms are assumable note are subject to change. Lender can elect to reduce loan amount.
Property Details
- Class
- C
- Year Built
- 1930
- Stories
- 1
- Lot Size (sq. ft)
- 23,958 SF
- Units
- 8
Highlights
- 8 Single-Story Units on Massive 23,835-SF Lot | Outstanding Opportunity to Add 2 ADUs or Redevelop Property to a 16-Unit Apartment
- 5.35% Current Cap Rate & 12.74 Current GRM | 8.13% Pro-Forma Cap Rate & 9.33 Pro-Forma GRM
- All 2-Bedroom/1-Bathroom Units | Upgraded Electrical Subpanels | Assumable Loan of Approximately $1,039,600 at 3.60% Fixed Until July of 2026
- No Local Rent Control – Defaults to AB 1482 | Recently Painted Property with New Water-Efficient Landscaping
- Ample Outdoor Space & Garage Parking for Tenants | Strong Neighboring Employment: Aerospace Defense Companies
- Located Approximately 1 Mile from SpaceX & Tesla Design Center and 3 Miles from SoFi Stadium & Intuit Dome (NBA Clippers Arena)
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