6341 11th Ave
Los Angeles, CA 90043
Immeuble residentiel Propriété À vendre · 4 Unités

ASSET
4 single-story units located in the Hyde Park neighborhood of Los Angeles. The property is comprised of (one) 2-bedroom/1-bathroom unit and (three) 1-bedroom/1-bathroom units. The property is residential asset which presents a desirable owner-user opportunity. Situated on a large 7,574-SF lot, the property is zoned LAR3 with a Tier 3 TOC (Transit Orient Communities), which allows for the development of up to 17 units*. Given the TO3 Tier 3 allowance, subterranean parking is not required, and a developer is only responsible for 0.5 parking spaces per unit. The large lot presents an outstanding opportunity to develop up to 17 units* or to add ADUs in a dense rental market of Los Angeles.
LOCATION
This 2,551-SF fourplex is located just a few blocks from the Hyde Park Station of the Crenshaw/LAX Metro Line. The Crenshaw/LAX line (K Line) is a $2.1 Billion project of an 8.5-mile light rail line connecting South Los Angeles to the South Bay and the Los Angeles Airport. In a separate phase of the project, Metro hopes to add plans to extend the line to as far north as Hollywood. Furthermore, the asset is located just south of Slauson Avenue and west of Crenshaw Boulevard, which provides tenants with an abundance of retail shops, restaurants, entertainment, and grocery stores. The property is located 2 miles from Baldwin Hills Crenshaw Plaza, SoFi Stadium and The Forum and approximately 2.5 miles from Intuit Dome (NBA Clippers Arena).
FINANCIALS
Offered at a 7.48% pro-forma cap rate and 9.79 pro-forma GRM, 6341 11th Avenue has rents which are +/- 27% below market. The asset also contains stable in-place rents with a current cap rate of 5.39% and current GRM of 12.41. Furthermore, the property qualifies for residential financing.