2056-2118 Century Blvd Los Angeles, CA 90047

Property Details for 2056-2118 Century Blvd

Year built

1948

Lot size

3.00 lot acres

Property size

61,356 SF

Property type

Apartment buildings

Description

This exceptional 68-unit apartment building in Los Angeles, CA, presents a compelling investment opportunity. Priced at $19,000,000, this fee-simple property boasts 61,356 square feet of net rentable space, translating to a price per square foot of $309.67. The property features a desirable mix of one and two-bedroom units, averaging 902 square feet, spread across nine, two-story buildings situated on three acres of land. Built in 1948, the complex includes gated pedestrian access, ample covered and surface parking, and three on-site laundry facilities. Recent capital improvements include fresh exterior paint, roof replacements, updated porticos, light fixtures, mailboxes, asphalt, and tankless water heaters in laundry rooms. The property enjoys a current NOI of $910,096 and a pro-forma NOI of $1,469,202, representing a current cap rate of 4.79% and a pro-forma cap rate of 7.73%. Its prime location, just over one mile from SoFi Stadium and 1.5 miles from Intuit Dome, coupled with its proximity to LAX and major retail centers on Century Boulevard, ensures strong rental demand. The substantial lot size offers significant potential for future development, including accessory dwelling units (ADUs), further enhancing the property's value and income stream. The property's address is 2056-2118 West Century Boulevard, Los Angeles, CA 90047. Drive-by only