Skip to main content

Multifamily

Occidental Gardens

218 S Occidental Blvd, Los Angeles, CA 90057

Listing Price: $23,000,000

Cap Rate
3.61%
Number of Units
39
Price/Unit
$589,744
Price/Gross SF
$408.77
Gross SF
56,266

Investment Overview

Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in mid-2022 and the property will be delivered 100% vacant at the close of escrow. Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents’ enjoyment. The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.

Investment Highlights

  • Occidental Gardens is a 39-unit brand new construction investment opportunity located just north of W 3rd St. Construction is set to be completed and the certificate of occupancy in mid-2022
  • This trophy asset will be delivered 100% vacant with the opportunity to achieve market rents immediately upon the close of escrow; all units are market-rate with no affordable housing requirements
  • The subject property features a unit mix of six singles and 33 one-bedrooms as well as two levels of parking totaling 47 spaces, an investor can collect income from the excess parking spaces
  • Spacious layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF; each have either a patio or balcony
  • Units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens
  • At the asking price, the property is being offered at a low $409 PSF
  • A high walk score of 90 with close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle
  • Koreatown remains one of the strongest rental submarkets in the city and an attractive area to acquire property due to its close proximity to, Downtown Los Angeles, Hollywood, and Silverlake

Exclusively Listed By

Financing By

Multifamily

Occidental Gardens

Listing Price: $23,000,000

Cap Rate
3.61%
Number of Units
39
Price/Unit
$589,744
Price/Gross SF
$408.77
Gross SF
56,266

Investment Highlights

  • Occidental Gardens is a 39-unit brand new construction investment opportunity located just north of W 3rd St. Construction is set to be completed and the certificate of occupancy in mid-2022
  • This trophy asset will be delivered 100% vacant with the opportunity to achieve market rents immediately upon the close of escrow; all units are market-rate with no affordable housing requirements
  • The subject property features a unit mix of six singles and 33 one-bedrooms as well as two levels of parking totaling 47 spaces, an investor can collect income from the excess parking spaces
  • Spacious layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF; each have either a patio or balcony
  • Units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens
  • At the asking price, the property is being offered at a low $409 PSF
  • A high walk score of 90 with close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle
  • Koreatown remains one of the strongest rental submarkets in the city and an attractive area to acquire property due to its close proximity to, Downtown Los Angeles, Hollywood, and Silverlake

Investment Overview

Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in mid-2022 and the property will be delivered 100% vacant at the close of escrow. Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents’ enjoyment. The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower