INVESTMENT & PROPERTY HIGHLIGHTS
- 16-Unit PRIME Value-Add Opportunity
- Priced to sell! Low Price Per Unit!!! ±$162K/Unit & ±$276/SF
- Excellent rental upside of about ±53% and over ±8.52% Proforma CAP Rate and ±8.46x Proforma GRM
- Strong going in Current CAP Rate of about ±4.57% & Low ±12.95 GRM
- STRONG Central Location! Perfectly adjacent to Koreatown, Downtown Los Angeles, Harvard Heights, Mid-City, MacArthur Park, and University Park.
- Nearby major employers: Good Samaritan Hospital, The Ritz Carlton, University of Southern California, Fashion Institiute of Design & Merchandise,Crypto Arena, Los Angeles Convention Center & major employer hub: Los Angeles Financial & Arts District.
- Easy access to 101 & 110 Freeways
- Walk Score of 91 (Walkers Paradise)
- Efficient Unit Mix (16) large studios of about ±500 SQFT each.
- Recent major capital improvements: Earthquake Retrofitting, Mini Aplit A/C Systems for each unit, Full Electrical Upgrade (service + main panel)
- 2-Units have been fully upgraded: Paint, Flooring, Appliances, Cabinets and Countertops. (Buyer to Verify)
- 4-Units have been updated with Paint, Flooring and Appliances. (Buyer to Verify)
- Individually metered for Gas & Electricity.
- Functional two-story layout with spacious and functional unit layout
- Beautiful large common area balcony providing exqusite views of the city.
- Underuitilized rooftop with easy access providing beautiful views of Downtown Los Angeles & Koreatown.
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 ±8.52% and low Proforma GRM of ±8.46x (Buyer to verify)! 2314 W Pico Blvd are 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 spacious and functional layout which includes large full kitchens & bathroom with a large closet space. The building has undergone major capital improvements in the recent years which include: full electrical upgrade (service and main panel - 2019), earthquake retrofitted (2019), and new mini split A/C system for each unit. 2-Units have been fully upgraded: Paint, Flooring, Appliances, Cabinets and Countertops. (Buyer to Verify) and 4-Units have been updated with Paint, Flooring and Appliances. (Buyer to Verify)
LOCATION AMENITIES & ACCESS
Right off Pico Blvd & Magnolia Ave, located within 5-12 Minutes away from Koreatown, Downtown Los Angeles Financial District, University Park, MacArthur Park, Mid-City, Country Club Park, Silver Lake, Echo Park, East Hollywood, and Historic Filipino town. 2314 W Pico Blvd is in perfect adjacency to many of Los Angeles trendiest boutique restaurants, coffee shops and upscale bars in Koreatown, Silver Lake-Echo Park, University Park & Downtown Los Angeles’s LA Live. It’s location provides easy access to many of the city’s largest & strongest employers and major retailers. Some of employers include University of Southern California, Fashion Institiute of Design & Merchandise,Crypto Arena, Koreatown Plaza, Los Angeles Convention Center & major employer hub: Los Angeles Financial & Arts District, Netflix, Paramount Studios, Sunset Gower, LACMA, Los Angeles City College, and American Career College. All of this while providing easy access to the 101 & 110 Freeways.