3438 Potomac Ave Los Angeles, CA 90016

Property Details for 3438 Potomac Ave

Year built

2024

Property size

9,144 SF

Property type

Commercial real estate

APN

5046-008-015

Description

This exceptional 6-unit apartment building presents a compelling investment opportunity in the highly sought-after West Adams neighborhood of Los Angeles, California. Completed in 2024, this Class A property boasts 9,144 square feet of net rentable space, spread across three buildings and three stories. The property features a desirable unit mix, including two 4-bedroom units and four 3-bedroom units, each generously sized and equipped with private patios, large windows, sleek cabinetry, and high ceilings. All units include stainless steel kitchen appliances and are separately metered for gas, electric, and water, minimizing operating expenses. The property sits on a 9,243 square foot lot and offers ample parking with two spaces per unit. Located at 3438 Potomac Ave, Los Angeles, CA 90016 (APN 5046-008-015), this property is currently vacant, presenting an immediate opportunity for income generation. The asking price is $4,495,000, representing a price per square foot of $491.58 and a price per unit of $749,166.67. The projected pro-forma net operating income (NOI) is $241,933, yielding a 5.38% cap rate. The property is zoned LAR3 and benefits from its location within an Opportunity Zone, offering significant tax advantages. The building's modern design and high-end finishes ensure strong tenant demand in a market with limited new construction due to recent legislation (SB-8). This property is ideally suited for a 1031 exchange and is ready for immediate closing.