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Roomers West Adams 2301 S Cloverdale Ave 5 Unit Apartment Building $7,182,088 CAD ($1,436,418 CAD/Unit) Los Angeles, CA 90016
EXECUTIVE SUMMARY
Five Spacious Vacant 6-Bed & 6-Bath Units
• Built in 2019, the 5-unit multifamily investment opportunity spans 10,288 square feet in prime West Adams District, located in an Opportunity Zone and less than a mile from popular West Adams Boulevard
• To be delivered vacant, the property features (5) 6-bedroom, 6.5-bathroom units each spanning 2,000 square feet with the option to be sold fully furnished offering opportunity for leasing as complete townhouses, co-living, and other high-demand housing needs
• Not subject to Los Angeles rent control, the property is competitively priced at $5,850,000, with the property at $5,500,000 and furnishings at $350,000, offering a 6.35% cap rate unfurnished and 7.20% furnished
• Competitively priced at over $200 per square foot less than neighboring condominiums, providing an opportunity for an investor to achieve an approximate 20.22% yield through a Tenancy in Common (TIC) conversion
• Consistent unit mix of 6-bedroom floor plans featuring renovated kitchens and bathrooms, stainless steel appliances, in-unit washer and dryers, air conditioning, and polished concrete and hardwood flooring
• Recently constructed, the property offers a spacious shared rooftop deck and has low maintenance costs, with no pool or elevator
• Approved plans for a one-bedroom garden apartment ADU with a main entrance door on Cloverdale
Strong Multifamily Fundamentals
• Submarket asking rents expected to rise 14.45% over the next five years and occupancy averaged 96.12% over the past five years
• The average annual mortgage payment in Mid-City ($81,522) is nearly 3.3 times higher than the average annual rent payment ($24,792), leading to strong demand for rental properties within the submarket
Located Centrally in West Adams District
• Ideally located in West Adams District, the heart of Los Angeles, with easy access to major employers such as Kaiser Permanente, CBS, and Paramount Pictures, while being just minutes from Culver City’s expanding technology and media hub, home to Apple TV+, Amazon Studios, Sony Pictures Entertainment, and HBO
• Prime location located less than a mile from West Adams' Blvd trendy dining scene, featuring standout restaurants like Chulita, Alta Adams, Farmhouse Kitchen, Cento Pasta Bar, Mizala, and Tartine West Adams, along with othe nearby staples including Pasta Sisters, and Highly Likely
• Built in 2019, the 5-unit multifamily investment opportunity spans 10,288 square feet in prime West Adams District, located in an Opportunity Zone and less than a mile from popular West Adams Boulevard
• To be delivered vacant, the property features (5) 6-bedroom, 6.5-bathroom units each spanning 2,000 square feet with the option to be sold fully furnished offering opportunity for leasing as complete townhouses, co-living, and other high-demand housing needs
• Not subject to Los Angeles rent control, the property is competitively priced at $5,850,000, with the property at $5,500,000 and furnishings at $350,000, offering a 6.35% cap rate unfurnished and 7.20% furnished
• Competitively priced at over $200 per square foot less than neighboring condominiums, providing an opportunity for an investor to achieve an approximate 20.22% yield through a Tenancy in Common (TIC) conversion
• Consistent unit mix of 6-bedroom floor plans featuring renovated kitchens and bathrooms, stainless steel appliances, in-unit washer and dryers, air conditioning, and polished concrete and hardwood flooring
• Recently constructed, the property offers a spacious shared rooftop deck and has low maintenance costs, with no pool or elevator
• Approved plans for a one-bedroom garden apartment ADU with a main entrance door on Cloverdale
Strong Multifamily Fundamentals
• Submarket asking rents expected to rise 14.45% over the next five years and occupancy averaged 96.12% over the past five years
• The average annual mortgage payment in Mid-City ($81,522) is nearly 3.3 times higher than the average annual rent payment ($24,792), leading to strong demand for rental properties within the submarket
Located Centrally in West Adams District
• Ideally located in West Adams District, the heart of Los Angeles, with easy access to major employers such as Kaiser Permanente, CBS, and Paramount Pictures, while being just minutes from Culver City’s expanding technology and media hub, home to Apple TV+, Amazon Studios, Sony Pictures Entertainment, and HBO
• Prime location located less than a mile from West Adams' Blvd trendy dining scene, featuring standout restaurants like Chulita, Alta Adams, Farmhouse Kitchen, Cento Pasta Bar, Mizala, and Tartine West Adams, along with othe nearby staples including Pasta Sisters, and Highly Likely
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $7,182,088 CAD | Building Class | C |
| Price Per Unit | $1,436,418 CAD | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 10,206 SF |
| No. Units | 5 | Average Occupancy | 80% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2019 |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | LARD2 - Multifamily | ||
| Price | $7,182,088 CAD |
| Price Per Unit | $1,436,418 CAD |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 10,206 SF |
| Average Occupancy | 80% |
| No. Stories | 3 |
| Year Built | 2019 |
| Opportunity Zone |
Yes |
| Zoning | LARD2 - Multifamily |
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Walk Score®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 5063-008-066 | Improvements Assessment | $4,692,587 CAD |
| Land Assessment | $2,639,580 CAD | Total Assessment | $7,332,167 CAD |
PROPERTY TAXES
Parcel Number
5063-008-066
Land Assessment
$2,639,580 CAD
Improvements Assessment
$4,692,587 CAD
Total Assessment
$7,332,167 CAD
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Roomers West Adams | 2301 S Cloverdale Ave
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