2340 Crenshaw BlvdLos Angeles, CA 90016
- Apartment buildings
- 13,390 SF
Property Details for 2340 Crenshaw Blvd
- Year built
- 1964
- Construction
- WOOD
- Lot size
- 0.30 AC
- Property size (Sq ft)
- 13,390 SF
- Zone code
- LAR3
- Property type
- Apartment buildings
- APN
- 5060-004-018
- APU
- 5060004018
Description
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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $4,810,724
- 6.5%
- $4,440,668
- 7%
- $4,123,478
-
Comparable approach
- Method
- Valuation
- Relative Method
- $3,946,676
- Geo Method
- $3,946,676
-
Alternative Use
- Use
- Valuation
- Residential
- $4,440,668
- Hospitality
- $4,067,629
- Educational
- $3,384,219
- Medical
- $3,500,608
- Retail
- $5,264,341
Location Insight
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Latitude
- 34.0357
- Longitude
- -118.333
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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