29-Unit Value-Add Opportunity by DODGER STADIUM w/ Panoramic DTLA Views, LOW Price/Unit & PerSF, First Time For Sale Since 2000.
High-Upside Asset (±76% Rental Gap) | 1972’s Construction | Seller Financing Available
INVESTMENT HIGHLIGHTS
Financial & Value-add Opportunity
- Massive Upside Potential: Rare value-add offering with ±76% rental upside and a Pro Forma Cap Rate of ±9.74%.
- Attractive Basis: Priced for immediate sale at just $219k/unit and $280/SF—well below replacement cost for concrete construction.
- Seller May Carry: Owner may carry a 1st Trust Deed for a qualified buyer (approx. 40% down, 3-year term, Interest Only), bypassing tight lending markets.
- 100% of tenants are on Month-to-Month leases (buyer to verify), allowing for implementation of renovation and repositioning strategies upon any turnover.
Asset Quality
- Superior Construction: Built in 1972 with a robust concrete structure (buyer to verify), offering durability rarely found in vintage apartment stock.
- Desirable Unit Mix: heavy on family-sized units, featuring (3) 3-Bed/2-Bath, (20) 2-Bed/1-Bath, (5) 1-Bed/1-Bath, and (1) Studio.
- Long-Term Ownership: First time on the market in nearly 30 years; well-maintained by long-term owners.
Strategic Location
- Prime Solano Canyon/Chinatown: Located in a quiet residential pocket ("Solano Canyon") that borders Elysian Park, yet is just blocks from the Chinatown Metro Station.
- Walkability & Transit: Walk Score of 85. Walking distance to Dodger Stadium, LA State Historic Park, and Union Station. Rapid access to the 110, 101, 5, 10, and 2 Freeways.
PROPERTY FEATURES
- Panoramic Views: 24 of the 29 units feature private balconies, most offering sweeping, unobstructed views of the Downtown Los Angeles skyline.
- Parking & Systems: Secure subterranean garage with 29 parking spaces and automatic fire sprinklers.
- Value-Add Progress: 5 units have already been renovated. All units feature updated electrical subpanels (main panel upgrade pending city permit).
- Amenities: Secured entry, central courtyard, elevator, and on-site laundry facilities (seller-owned machines).
- Utilities: Individually metered for gas and electricity; central hot water system.
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 939 W College St., a 29-unit value-add apartment community by the Dodger Stadium area, within the Solano Canyon neighborhood. This value-add apartment investment was built in 1972 and offers an excellent location just within walking distance to the Dodger Stadium, Elysian Park, and just minutes away to Downtown Los Angeles, Chinatown, Little Tokyo, and all the shopping and lifestyle options in those areas. The property was solidly constructed with steel and concrete construction and offered at a very low price per unit and low price per square foot for it’s location and asset quality.
Value-Add Potential The property is primed for aggressive repositioning. With current rents approximately 76% below market and all tenants on month-to-month leases, a new operator can capture the loss-to-lease upon unit turnover (subject to City of Los Angeles RSO). The Pro Forma analysis projects a stabilization Cap Rate of nearly 9.74%, making this a premier hedge against inflation. To facilitate a smooth transaction, the long-term owner (nearly 30 years) may be open for a Seller Carry Financing (1st TD – 3year term - IO) for a qualified buyer with strong financials (40% down payment required).
The property is a podium style 4-story apartment that was built in 1972, has a large 22,677 SF building size, and situated on a ±12,171 SF LA-R4 zoned lot. It is a secured building with gated parking, has a central courtyard, shared laundry area (seller own machines), elevator, and covered garage parking. It offers a SUPERB unit mix of three (3) x 3bedroom + 2bathroom, twenty (20) x 2bedroom + 1bathroom, five (5) x 1bedroom + 1bathroom, and one (1) x Studio units. Approximately five (5) of the units have been updated (buyer to verify). Twenty-four (24) units have private balconies/patio with almost each balcony providing an unparalleled view of Downtown Los Angeles and the city. Each unit is separately metered for electricity and gas. All the units have updated electrical subpanels, and the main panels are waiting to be upgraded (pending permit from city).
The property has a central water heater, shared laundry room (seller own machines), and an elevator. All the tenants are on month-to-month lease. Parking is secured provided by 29 spaces. The building has an automatic fire sprinkler in the garage area.
Located strategically near Dodger Stadium and Elysian Park, this property is nestled in the heart of Los Angeles' vibrant 90012 zip code, boasting excellent walkability with a Walk Score of 85—meaning residents can ditch the car for most errands, errands that include strolling just a stone's throw (under a mile walk) to iconic Dodger Stadium for game-day thrills and Elysian Park for serene green escapes. This gem sits mere minutes from bustling Chinatown's authentic dining and shopping, with seamless access to Downtown LA (DTLA) just 2 miles south for world-class museums like the Broad and MOCA, trendy eateries, and retail hubs. Proximity to Crypto.com Arena (about 5 miles) ensures easy event access, while USC's campus and Exposition Park museums lie only 6-7 miles away, drawing a steady stream of students, professionals, and tourists to fuel high occupancy and premium rents. Excellent transit (Score 83) via nearby Metro lines and buses amplifies appeal, promising robust cash flow and appreciation in this high-demand neighborhood.
The property is right across the 110 Freeway of the iconic Chinatown of Los Angeles. Chinatown offers great eateries, restaurants, and art exhibits. It is located a short 5-minute walk to Union Station for easy transiting around the Los Angeles area. It has superb access to the FWY 101, FWY 110, FWY 5 and FWY 10. The property is nearby many newly constructed luxury apartment communities such as JIA at Chinatown, La Village Plaza, Orsini, Yale Street Apartment, etc. It is located minutes away to Walt Disney Concert Hall, The Music Center, The Broad, Grand Central Market, Staples Center, and almost all attraction downtown Los Angeles has to offer!