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Multifamily

2915 Maple Ave

2915 Maple Ave, Los Angeles, CA 90011

Listing Price: $1,700,000

Cap Rate
3.06%
Number of Units
10
GRM
16.42
Occupancy
100.0%
Price/Unit
$170,000
Price/Gross SF
$232.37
Gross SF
7,316

Investment Overview

Marcus and Millichap is pleased to present a ten (10) unit multifamily redevelopment opportunity located in Los Angeles, California. The subject properties are in a solid South Los Angeles location, east of USC and south of E Adams Boulevard.

South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood-- and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway.

Built in 1911 and 1913 respectively, this property is a double-lot multifamily property consisting of ten (10) one-bedroom / one-bathroom units total; six (6) standard sized units in the corner lot and four (4) larger units in the adjacent lot. The back of the property features fully parked on-site parking. The property is a very ideal value-add opportunity, priced at 7.46 pro forma GRM and 9.88% pro forma cap rate. This double-lot is situated on a hard signalized corner and is zoned LAR3-1 with 12,550 SF of combined land. This allows for the development of fifteen (15) units by-right, or twenty-four (24) units utilizing tier 1 TOC benefits. The zoning allows for 45’ max height and an FAR of 3:1. With TOC, a developer can be granted incentives to build 56’ max height and a 4.2:1 FAR. Tenants will enjoy living in close proximity to the University of Southern California (USC) along with its collegiate amenities. The strength of this area is demonstrated by CityView, a development firm that just completed their latest mixed-use complex featuring 296-units with ground floor retail just a few blocks from the subject property on the corner of Adams Boulevard and Grand Avenue.

Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on either capturing rental upside or developing up to twenty-four (24) units in a strong rental market adjacent to USC at an attractive basis.

Investment Highlights

  • Solid South Los Angeles Location - Adjacent to USC & Downtown LA
  • Convenient Access to Major Transportation Options - Just 2.5 Miles to Downtown
  • Ideal Value-Add Opportunity - 7.46 Pro Forma GRM & 9.88% Pro Forma Cap Rate
  • Strong Development Potential - 12,550 SF of Combined Land
  • Fifteen (15) Units By-Right, Twenty-Four (24) Buildable Units with Tier 1 TOC
  • Fully Parked On-Site Parking Available
  • Adjacent to Several New Housing Developments Demonstrating the Strength of the Area
  • 257 E 30th St Qualifies for 30-Year Fixed Residential Financing

Exclusively Listed By

Financing By

Multifamily

2915 Maple Ave

Listing Price: $1,700,000

Cap Rate
3.06%
Number of Units
10
GRM
16.42
Occupancy
100.0%
Price/Unit
$170,000
Price/Gross SF
$232.37
Gross SF
7,316

Investment Highlights

  • Solid South Los Angeles Location - Adjacent to USC & Downtown LA
  • Convenient Access to Major Transportation Options - Just 2.5 Miles to Downtown
  • Ideal Value-Add Opportunity - 7.46 Pro Forma GRM & 9.88% Pro Forma Cap Rate
  • Strong Development Potential - 12,550 SF of Combined Land
  • Fifteen (15) Units By-Right, Twenty-Four (24) Buildable Units with Tier 1 TOC
  • Fully Parked On-Site Parking Available
  • Adjacent to Several New Housing Developments Demonstrating the Strength of the Area
  • 257 E 30th St Qualifies for 30-Year Fixed Residential Financing

Investment Overview

Marcus and Millichap is pleased to present a ten (10) unit multifamily redevelopment opportunity located in Los Angeles, California. The subject properties are in a solid South Los Angeles location, east of USC and south of E Adams Boulevard. South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood-- and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway. Built in 1911 and 1913 respectively, this property is a double-lot multifamily property consisting of ten (10) one-bedroom / one-bathroom units total; six (6) standard sized units in the corner lot and four (4) larger units in the adjacent lot. The back of the property features fully parked on-site parking. The property is a very ideal value-add opportunity, priced at 7.46 pro forma GRM and 9.88% pro forma cap rate. This double-lot is situated on a hard signalized corner and is zoned LAR3-1 with 12,550 SF of combined land. This allows for the development of fifteen (15) units by-right, or twenty-four (24) units utilizing tier 1 TOC benefits. The zoning allows for 45’ max height and an FAR of 3:1. With TOC, a developer can be granted incentives to build 56’ max height and a 4.2:1 FAR. Tenants will enjoy living in close proximity to the University of Southern California (USC) along with its collegiate amenities. The strength of this area is demonstrated by CityView, a development firm that just completed their latest mixed-use complex featuring 296-units with ground floor retail just a few blocks from the subject property on the corner of Adams Boulevard and Grand Avenue. Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on either capturing rental upside or developing up to twenty-four (24) units in a strong rental market adjacent to USC at an attractive basis.

Exclusively Listed By

Financing By

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