Lucrum Real Estate Group is proud to present The Victorian on 3rd, an amazing multifamily opportunity located at 1901 & 1913 West 3rd Street in The City of Los Angeles, California. This unique apartment complex is comprised of *41 highly improved apartment units in two separate and distinct two-story buildings, and the addition of (1) One-Bedroom + One-Bath detached home.
The buildings are constructed of wood frame with a flat/pitched roof and stucco exterior as well as wood siding. Development for each of the buildings was completed in 1942 & 1923 respectively and encompassing a total of **±21,692 building square feet situated on two separate parcels totaling ±20,283 square feet offering a zoning of LAC2 which could be beneficial for future development.
The updated apartment units are spacious and consist of (7) One-Bedroom + One-Bath Units, (1) One-Bedroom + One-Bath Detached Unit and (34) extremely spacious Singles + One Bath Units. Each of the units has been carefully and meticulously upgraded with contemporary finishes unrivaled for the area and include granite countertops, laminate wood floors, air-conditioning, as well as an appliance package consisting of refrigerators, dishwasher, gas range, and microwave. In addition, like the units, ownership has spared no expense when addressing the common area. This immaculate pride of ownership property boasts a grand entry and formal lobby which is accessed through the tenant intercom and monitored 24 hours a day via a CCTV Security monitoring system, providing all the tenants with peace of mind. Furthermore, for the convenience of those living at The Victorian on 3rd, ownership has installed 2 fully equipped laundry facilities at either end of the property with water supplied by an energy-efficient boiler system.
In recent years, the property systems and partial copper plumbing have been upgraded and modernized with the installation of new electrical meters, earthquake gas shut-off valves, and energy-efficient automated hallway lighting.
The building is accessible from both the front of the property off West 3rd Street through the controlled access tenant entrance as well as through the secured and gated parking lot which provides a total of ***±24 surface parking spaces.
Though a lot of the major upgrades have been made, there is still a considerable amount of value-add to unlock at the property, as well as tremendous upside in the current rental income, making The Victorian on 3rd an incredible opportunity for an investor looking to acquire as well positioned asset, that has been priced to sell.
*(34) Singles + One Bath Units
*(6) One-Bedroom + One-Bath Units
*(1) One-Bedroom + One-Bath Detached Unit
* Total unit count differs from title and was provided by Seller and is believed to be the correct legal unit count. Buyer to verify.
** Total building square footage differs from title and was provided by Seller and said to be a correct accounting of all improvement square footage, including the basement. Buyer to verify.
*** Currently there are ±21 parking spaces with the potential to add an additional ±3 spaces. Buyer to verify.
+ Attractive value metrics of 6.04% Cap Rate | 9.75 GRM | $153,659 CPU
+ Excellent leverage quoted with attractive interest only financing
+ Solid day-1 cash flow and additional rental upside potential
+ Ratio Utility Billing System (RUBS) in place for many units
+ Major electrical and unit upgrades
+ Individually metered for gas and electric
+ Upgraded fire suppression system including hard-wired smoke detectors
+ 50% plus of the units tastefully remodeled
+ Complete unit appliance package of gas range, fridge, dishwasher & microwave
+ Two adjacent buildings & lots on a signalized corner
+ Separate APNs for each property & zoned LAC2 totaling +/-20,283 sq. ft. of land
+ Great candidate to capitalize on newly approved Section 8 housing voucher increases
+ Controlled intercom access and CCTV monitoring
+ On-site gated parking for 24 cars & 2 separate laundry rooms
+ Beautifully maintained and clean property
Once you schedule a call, you’ll have taken the first step to getting the representation you deserve.
