4024 Nicolet AveLos Angeles, CA 90008

Property Details for 4024 Nicolet Ave

Year built

1958

Construction

WOOD

Lot size

0.36 AC

Property size (Sq ft)

17,034 SF

Zone code

LAR3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5030-016-010

APU

5030016010

Description

This exceptional 20-unit apartment building, located at 4024 Nicolet Avenue in Los Angeles, CA 90008, presents a compelling value-add investment opportunity. The property boasts 17,034 square feet of net rentable space, situated on a 15,629 square foot lot. The building, constructed in 1958, features a mix of 13 one-bedroom and 7 two-bedroom units, offering significant upside potential through interior renovations. Currently generating a NOI of $264,262, with a pro-forma NOI projected at $343,618, this property offers a 6.69% cap rate and a pro-forma cap rate of 8.70%. The asking price is $3,950,000, translating to $197,500 per unit and $231.89 per square foot. The property is zoned LAR3 and benefits from a completed soft-story seismic retrofit, eliminating a significant capital expenditure for the new owner. This investment is further enhanced by its location in the rapidly gentrifying Baldwin Village neighborhood, conveniently close to major transportation arteries including the 10 Freeway, Jefferson Boulevard, and La Brea Avenue. The ongoing revitalization of Baldwin Village and the Crenshaw Corridor, including the LAX/Crenshaw Light Rail Line and the proposed Baldwin Hills Crenshaw Plaza redevelopment, promises continued growth and increased property value. This well-maintained property offers a rare chance to acquire a partially renovated apartment building with substantial rental income growth potential in a thriving Los Angeles community.

• CAP approach

  CAP return

  Valuation

  6%

  $6,119,932

  6.5%

  $5,649,168

  7%

  $5,245,656

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,020,738

  Geo Method

  $5,020,738

• Alternative Use

  Use

  Valuation

  Residential

  $5,649,168

  Hospitality

  $5,174,607

  Educational

  $4,305,212

  Medical

  $4,453,275

  Retail

  $6,696,996

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0138

Longitude

-118.351

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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