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218 S Occidental Blvd , #4

Los Angeles, CA 90057
  • $23,000,000
  • STATUS: Active
  • ON SITE: 11 Days
  • MLS #: 22-153293
UPDATED: 7 min ago
$23,000,000
  • 0
    BEDS
  • 0.34
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 56,266
    SQFT
  • $409
    $/SQFT
Neighborhood:
Type:
Multi-Family
County:

School Ratings & Info

Description

Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in mid-2022 and the property will be delivered 100% vacant at the close of escrow.Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents' enjoyment.The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-18T21:42:57.743. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchdesertrealestate.com/homes/128440610
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218 S Occidental Blvd , #4 Los Angeles, CA 90057

  • Price: $23,000,000
  • Status: Active
  • On Site: 11 Days
  • Updated: 7 min ago
  • MLS #: 22-153293
0
Beds
0
Baths
0
½ Baths
0.34
Acres
56,266
SQFT
$409
$/SQFT
Neighborhood:
Downtown L.A.
County:
Los Angeles
Area:
Downtown L.A.
Property Description
Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in mid-2022 and the property will be delivered 100% vacant at the close of escrow.Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents' enjoyment.The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.
Exterior Features

Lot Size Area 15004 Other Structures None Parking Garage Gated Underground Total Parking 47

Interior Features

Baths Total 0.00 Cooling Air Conditioning Equipment DishwasherDryerGarbage DisposalHood FanIce MakerMicrowaveNetwork WireRange/OvenRefrigeratorStackable W/D HookupVented Exhaust FanWasher Flooring Laminate Heating Natural Gas

Property Features

Assessed Total Value 4431540 Gross Income 1438200 Gross Operating Income 897632 Like Units1 33 Like Units2 6 Net Operating Income 830942.00 Number Of Buildings 1 Number Of Units 39 Sale Type Standard Source Living Area Developer Source Lot Size Area Vendor Enhanced Total Annual Expense 468658 Type Of Units Apartments Zoning Lar4

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-18T21:42:57.743. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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The John Jay Group - Bennion Deville Homes
74996 Highway 111
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