2340 Crenshaw Blvd Los Angeles, CA 90016

This exceptional 20-unit apartment building, located at 2340-2342 Crenshaw Blvd in Los Angeles, CA 90016, presents a compelling investment opportunity. The property boasts 13,390 square feet across two buildings on a 13,191 square foot lot, built in 1964. Currently priced at $4,299,000 ($214,950 per unit and $321.06 per square foot), it offers a 4.67% cap rate with a pro-forma cap rate of 7.20%. The property generates a current NOI of $200,741, projected to increase to $309,493. The garden-style complex features secured entry and ample carport parking. A significant advantage is its prime location on a high-traffic thoroughfare in Los Angeles, ensuring high occupancy rates. The property has undergone a complete seismic retrofit. A scheduled rent increase of 7% is anticipated in early 2024, further boosting profitability. This property is part of a larger four-building, 75-unit portfolio sale, offering the potential for acquisition as a single asset or as part of a larger investment strategy.