For Sale
$8,500,000

1776 Rimpau BlvdLos Angeles, CA 90019

38-unit value-add opportunity in Los Angeles

Overview

Added:
Dec 11, 2024
Days on market:
113
This 38-unit apartment building, located at 1776 S Rimpau Blvd, Los Angeles, CA 90019, presents a compelling value-add investment opportunity. The property, built in 1962, comprises 30,489 square feet on a 37,528 square foot lot and features 32 one-bedroom, five two-bedroom, and one three-bedroom unit. With a current NOI of $376,373 and a pro-forma NOI of $664,742, the property offers a 4.43% cap rate and a pro-forma cap rate of 7.82%. The asking price is $8,500,000, translating to $278.79 per square foot and $223,684.21 per unit. The building benefits from a desirable 1.18:1 parking ratio and on-site laundry facilities. A soft-story parking retrofit has already been completed. The property's location in the Mid-City neighborhood provides convenient access to shopping, restaurants, museums, and entertainment options in Mid-City, Miracle Mile, West Adams, and Koreatown. The potential for adding Accessory Dwelling Units (ADUs) further enhances the long-term growth potential. This is a rare opportunity to acquire a significant presence in a sought-after Los Angeles submarket poised for rent growth. The property is zoned LARD1.5.

Highlights

  • 38-unit apartment building in desirable Mid-City Los Angeles, offering a value-add opportunity.
  • $8.5M asking price, representing a $278.79/SF and $223,684.21 per unit cost. Current NOI of $376,373, pro-forma NOI of $664,742, resulting in a 4.43% cap rate and a pro-forma cap rate of 7.82%.
  • Completed soft-story parking retrofit, saving buyer significant capital and time. 1.18:1 parking ratio and on-site laundry.
  • Prime location near Country Club Park, Lafayette Square, and Miracle Mile, benefiting from spillover demand and rent growth potential. Zoned LARD1.5.
  • Potential for adding Accessory Dwelling Units (ADUs) to increase future value. Building features 32 one-bedroom, five two-bedroom, and one three-bedroom units.

Property Details for 1776 Rimpau Blvd

Property type
Apartment buildings
Square Feet
30,489 SF
Year Built
1962
Buildings
1
Stories
2
Units
38

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.043304555956
Longitude
-118.34178073972
1776 Rimpau Blvd, Los Angeles, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1776 Rimpau Blvd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message