424 S Broadway - Apartments FOR SALE
Los Angeles, CA 90013 |
424 S Broadway
Los Angeles, CA 90013
HIGHLIGHTS
- 60-unit market-rate Beaux-Arts complex in the Broadway Theatre District of Downtown Los Angeles (subject to Mills Act property tax savings).
- The property is NOT subject to local LA rent control, allowing for annual rent increases of 5% + CPI (approx. 8.9%).
- In 2006, The Judson underwent an $11 million restoration and renovation led by distinguished architectural firm - David Gray Architects.
- Priced to sell at 6.44% CAP and 9.74 GRM on current rents, and $275,000 per unit.
- Parking rights in the CRA's 24-hour controlled parking structure (333 S. Spring St) - 60 parking spaces at market rent for 50 years w/ 2 extensions.
- Renovation included new electrical, mechanical, and plumbing systems; upgraded seismic retrofitting, air conditioning on all floors, and so much more.
FOR SALE DETAILS
PRICE
-
# OF UNITS
-
CAP RATE
-
% LEASED
-
BUILDING DETAILS
PROPERTY NAME
$1 Mil Reduction | 6.44% CAP & No LA RSO
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Mid-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
74624
STORIES
10
YEAR BUILT
2006
PARKING SPACES
60
LAND DETAILS
LAND ACRES
-
LAND SF
-
ZONING
-
APN/PARCEL ID
5149-024-009
