1005 Croft Ave Los Angeles, CA 90069-4230
- Apartment buildings
- 19,320 SF
- 0.45 lot acres
Jul 16, 2021
Current Use by Public Records
- Apartment buildings
Property Details for 1005 Croft Ave
- Year built
- 1959
- Construction
- WOOD
- Lot size
- 0.45 lot acres
- Property size
- 19,320 SF
- Zone code
- LAR3
- Property type
- Apartment buildings
- APN
- 5529-007-043
- APU
- 5529007043
Description
This exceptional value-add opportunity presents a portfolio of three adjacent lots totaling 19,506 square feet in Los Angeles, CA (90069). The property, located at 1005-1015 N Croft Avenue, comprises a 19,320 square foot, three-building apartment complex built in 1959. The complex features 21 units, a mix of studio, one, two, and three-bedroom residences, currently boasting a 20% occupancy rate. With an asking price of $12,600,000 ($600,000 per unit and $652.17 per square foot), this property offers a compelling pro-forma cap rate of 6.25% and a projected NOI of $787,300. The existing two-story buildings present a significant redevelopment opportunity. Plans are available for a 24-unit mid/full-service complex, incorporating amenities such as on-site staff, underground valet parking, and a rooftop deck. This project is designed to have zero low-income units. The property's prime location in a highly desirable Los Angeles neighborhood provides unparalleled access to exceptional dining, shopping, and entertainment. This is an ideal investment for those seeking a substantial return on investment through renovation and repositioning. The almost entirely vacant units allow for a complete interior refresh or extensive remodel to maximize rental income.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.375
- Latitude
- 34.0892
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
