Exclusive Listings

16-Unit PRIME Value-Add, 2 Vacancies, Centrally located to DTLA, University Park, & Koreatown.

Address:
2314 W Pico Blvd
Los Angeles, CA 90006
Price:
$2,600,000
Status:
Available
Type:
Apartment
# Units:
16
Year Built:
1922
Building Size:
9,408
Lot Size:
7,003
CAP Rate:
4.80%
GRM:
12.99x
Price/Unit:
$162,500
Price/SqFt:
$276

Investment Highlights

  • 16-Unit PRIME Value-Add Opportunity
  • Priced to sell! Low Price Per Unit!!! ±$162K/Unit & ±$276/SF
  • Excellent rental upside of about ±64% and over ±9% Proforma CAP Rate and ±8.15x Proforma GRM
  • Strong going in Current CAP Rate of about ±4.8% & Low ±12 GRM  
  • Can be delivered with 2 Vacancies for immediate turnover!
  • STRONG Central Location! Perfectly adjacent to Downtown Los Angeles, Harvard Heights, Mid-City, MacArthur Park, University Park, and Koreatown.
  • Nearby major employers: Good Samaritan Hospital, The Ritz Carlton, University of Southern California, Fashion Institute of Design & Merchandise, Crypto Arena, Los Angeles Convention Center & major employer hub: Los Angeles Financial & Arts District.
  • Easy access to 101 & 110 Freeways.

Property Highlights

  • Walk Score of 91 (Walkers Paradise)
  • Efficient Unit Mix (16) large studios of about ±500 SQFT each.
  • Recent major capital improvements: earthquake retrofitted, new mini split A/C systems for each unit, full electrical upgrade (service + main panel)
  • A new laundry room is underway to provide additional income!!! (Buyer to Verify & Conduct Due Diligence).
  • Functional two-story layout with spacious and functional unit layout
  • Beautiful large common area balcony providing exquisite views of the city.
  • Underutilized rooftop with easy access providing beautiful views of Downtown Los Angeles & Koreatown. Could possibly be converted into a Tenant Common Area (Buyer to Verify & Conduct Due Diligence).


Executive Summary

Growth Investment Group is proud to present the sale of 2314 W Pico Blvd. A Prime Value-Add Opportunity at the heart of the Pico-Union Neighborhood. This submarket has been on the rise for years as more and more luxury developments pour into the area pushing a high occupancy rate in the last decade. The offering consists of 16 units with a low price per SQFT ±$276 which offers a whopping Proforma CAP Rate of over ±9% and a low Proforma GRM of ±8.15x (Buyer to verify)! 2314 W Pico Blvd is perfectly adjacent to Downtown Los Angeles, Harvard Heights, Mid-City, MacArthur Park, University Park, and Koreatown.

Built-in 1922, this building consists of 16 exceptional units totaling ±9,408 SF of square footage on a sizeable ±7,003 SF lot. The property is an easily maintained two-story building, with a efficient unit mix of (16) large studios averaging ±500 SQFT each. Each unit offers a spacious and functional layout which includes large full kitchens & bathrooms with large closet space. The building has undergone major capital improvements in recent years which include: a full electrical upgrade (service and main panel - 2019), earthquake retrofitted (2019), and a new mini split A/C system for each unit. In addition to all of this, the property has a large laundry room underway to provide additional income, boosting the cash flow of the property. (Buyer to verify & conduct due diligence).

With an underutilized roof-top buyers can possibly convert it into a prime Tenant Common Area with added amenities & stunning views of Downtown Los Angeles and Koreatown. 


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Marc Schwartz
Direct: 213.362.8500
marc.schwartz@growthinvestmentgroup.com

Abel Benitez
Direct: 626.898.9740
abel@growthinvestmentgroup.com


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Copyright © 2022 GIG Real Estate, Inc. dba. Growth Investment Group - Corp. ID 02021933
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