Log In/Sign Up
Your email has been sent.
$1 Mil Reduction | 6.44% CAP & No LA RSO 424 S Broadway 60 Unit Apartment Building $23,032,681 CAD ($383,878 CAD/Unit) 6.44% Cap Rate Los Angeles, CA 90013
INVESTMENT HIGHLIGHTS
- 60-unit market-rate Beaux-Arts complex in the Broadway Theatre District of Downtown Los Angeles (subject to Mills Act property tax savings).
- In 2006, The Judson underwent an $11 million restoration and renovation led by distinguished architectural firm - David Gray Architects.
- Parking rights in the CRA's 24-hour controlled parking structure (333 S. Spring St) - 60 parking spaces at market rent for 50 years w/ 2 extensions.
- The property is NOT subject to local LA rent control, allowing for annual rent increases of 5% + CPI (approx. 8.9%).
- Priced to sell at 6.44% CAP and 9.74 GRM on current rents, and $275,000 per unit.
- Renovation included new electrical, mechanical, and plumbing systems; upgraded seismic retrofitting, air conditioning on all floors, and so much more.
EXECUTIVE SUMMARY
In a city where historic character and LA rent control exemption rarely align, The Judson stands out as a truly irreplaceable Downtown asset. The Judson, a 60-unit Beaux Arts landmark on South Broadway, sits at the center of the Broadway Theatre District, where the city’s past and future intersect. Initially completed in 1906 and revitalized in 2006 through a $11 million renovation by David Gray Architects, the property seamlessly combines early 20th-century craftsmanship with a modern design sensibility. The restoration preserved the ornate façade, original cornices, and grand lobby while transforming the interiors into airy loft-style units with oversized windows, soaring ceilings, polished concrete floors, and upgraded kitchens with Caesarstone countertops and stainless steel appliances. With units averaging over approx. 1,000 square feet and a well-balanced unit mix, The Judson delivers size, scale, and versatility, all while operating entirely outside of local LA rent control. The rooftop sundeck and spa offer unmatched 360-degree views of DTLA, while residents also benefit from a gym, recreation room, private storage, skylit stairwell, two elevators, and controlled-access entry. The property holds assignable rights to 60 parking spaces in the Broadway Spring Center garage, secured under a long-term covenant with the CRA. Its Mills Act designation generates considerable annual property tax savings, offering a built-in financial advantage (buyer to verify). Priced below replacement cost at $275,000 per unit and offered at a 6.38% CAP and 9.80 GRM on in-place rents, The Judson is a legacy asset that delivers on every front: location, income, character, and control.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $23,032,681 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $383,878 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.44% | Building Size | 74,624 SF |
| Gross Rent Multiplier | 9.74 | Average Occupancy | 93% |
| No. Units | 60 | No. Stories | 10 |
| Property Type | Multifamily | Year Built | 2006 |
| Property Subtype | Apartment | Parking Ratio | 0.8/1,000 SF |
| Zoning | LAC4 - Heavy Commercial | ||
| Price | $23,032,681 CAD |
| Price Per Unit | $383,878 CAD |
| Sale Type | Investment |
| Cap Rate | 6.44% |
| Gross Rent Multiplier | 9.74 |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.21 AC |
| Building Size | 74,624 SF |
| Average Occupancy | 93% |
| No. Stories | 10 |
| Year Built | 2006 |
| Parking Ratio | 0.8/1,000 SF |
| Zoning | LAC4 - Heavy Commercial |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Disposal
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Views
- Double Pane Windows
- Freezer
- Island Kitchen
- Patio
- Large Bedrooms
- Quartz Countertops
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Spa
- Gameroom
- Vintage Building
- Roof Terrace
- Storage Space
- Elevator
- Lounge
- Multi Use Room
- Online Services
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 1 | $6,231 CAD | - |
| 2+2 | 4 | $3,722 CAD | - |
| 2+1.5 | 7 | $3,534 CAD | - |
| 1+2 | 1 | $4,048 CAD | - |
| 1+1 | 21 | $2,890 CAD | - |
| Studios | 26 | $2,433 CAD | - |
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 5149-024-009 | Total Assessment | $15,152,480 CAD (2025) |
| Land Assessment | $4,042,549 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $11,109,932 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5149-024-009
Land Assessment
$4,042,549 CAD (2025)
Improvements Assessment
$11,109,932 CAD (2025)
Total Assessment
$15,152,480 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
1 of 33
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Company Not Provided
$1 Mil Reduction | 6.44% CAP & No LA RSO | 424 S Broadway
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.