For Sale
$12,600,000

1005 Croft AveLos Angeles, CA 90069

21-Unit Apartment Complex, High Potential

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional value-add opportunity presents a portfolio of three adjacent lots totaling 19,506 square feet in Los Angeles, CA (90069). The property, located at 1005-1015 N Croft Avenue, comprises a 19,320 square foot, three-building apartment complex built in 1959. The complex features 21 units, a mix of studio, one, two, and three-bedroom residences, currently boasting a 20% occupancy rate. With an asking price of $12,600,000 ($600,000 per unit and $652.17 per square foot), this property offers a compelling pro-forma cap rate of 6.25% and a projected NOI of $787,300. The existing two-story buildings present a significant redevelopment opportunity. Plans are available for a 24-unit mid/full-service complex, incorporating amenities such as on-site staff, underground valet parking, and a rooftop deck. This project is designed to have zero low-income units. The property's prime location in a highly desirable Los Angeles neighborhood provides unparalleled access to exceptional dining, shopping, and entertainment. This is an ideal investment for those seeking a substantial return on investment through renovation and repositioning. The almost entirely vacant units allow for a complete interior refresh or extensive remodel to maximize rental income.

Highlights

  • Three adjacent lots totaling 19,506 square feet in Los Angeles, CA (90069).
  • 19,320 square foot, 21-unit apartment complex at 1005-1015 N Croft Avenue.
  • Currently 20% occupied, with a mix of studio, one, two, and three-bedroom units.
  • Asking price: $12,600,000 ($600,000 per unit, $652.17 PSF), projected 6.25% cap rate and $787,300 NOI.
  • Significant redevelopment opportunity with plans for a 24-unit mid/full-service complex including amenities like valet parking and a rooftop deck.

Property Details for 1005 Croft Ave

Property type
Apartment buildings
Square Feet
19,320 SF
Year Built
1959
Buildings
3
Stories
2
Units
21

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0890971
Longitude
-118.3746583
1005 Croft Ave, Los Angeles, California

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1005 Croft Ave
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