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Multifamily

Wall Street Manor

2219-2221 Wall St, Los Angeles, CA 90011

Listing Price: $4,027,500

Cap Rate
2.88%
Number of Units
22
Price/Unit
$183,068
Price/Gross SF
$316.40
Gross SF
12,729

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire 2219-2221 Wall Street, a 22-unit apartment community with close to 40 percent rental upside located in Historic South Central Los Angeles. The property comprises of two buildings and two garages totaling 12,729 square feet on a 17,914 square feet parcel, with a unit mix of 14 single/one-bathroom units, seven one-bedroom/one-bathroom units, and one two-bedroom/one bathroom unit. In 2018 approximately $350,000 of capital improvements were completed with every unit being taken down to the studs and re-done, as well as bracing the foundation, adding a new commercial-grade water heater, new windows entirely throughout, and new concrete was done at 2221 Wall Street. This rare opportunity is located just below the highly traveled and amenity centric Washington Boulevard corridor. The San Pedro METRO station is only a few blocks north which in turn designates the subject property as a Transit Oriented Community (Tier 3). In addition to being a transit oriented designated area the site benefits from swift access within one-mile radius to the 10 and 110 Freeway, University of Southern California (USC), and Downtown Los Angeles.

Investment Highlights

  • A Prime Transit Location: 22 Unit Multi-Family Opportunity with Below Market Rents
  • Substantial Value-Add Potential: Approximately 40 Percent Rental Upside - Proforma CAP Rate of 6.67 Percent, GRM of 10.5 and Cash-on-Cash Return of 8.13 Percent
  • Transit Oriented Community (Tier 3) Zoning Designation – In the Path of Future Development
  • Recent Capital Improvements: In 2018 Approximately $350,000 of Capital Improvements were Completed with Every Unit Being Taken Down to the Studs and Re-Done, as Well as Bracing the Foundation, Adding a New Commercial Grade Water Heater, Hew Windows Entirely Throughout, and New Concrete was Done at 2221.
  • 13 On-Site Parking Spots with Potential for More
  • Excellent Walk (91), Transit (88) and Bike (71) Score

Exclusively Listed By

Listing Price: $4,027,500

Cap Rate
2.88%
Number of Units
22
Price/Unit
$183,068
Price/Gross SF
$316.40
Gross SF
12,729

Investment Highlights

  • A Prime Transit Location: 22 Unit Multi-Family Opportunity with Below Market Rents
  • Substantial Value-Add Potential: Approximately 40 Percent Rental Upside - Proforma CAP Rate of 6.67 Percent, GRM of 10.5 and Cash-on-Cash Return of 8.13 Percent
  • Transit Oriented Community (Tier 3) Zoning Designation – In the Path of Future Development
  • Recent Capital Improvements: In 2018 Approximately $350,000 of Capital Improvements were Completed with Every Unit Being Taken Down to the Studs and Re-Done, as Well as Bracing the Foundation, Adding a New Commercial Grade Water Heater, Hew Windows Entirely Throughout, and New Concrete was Done at 2221.
  • 13 On-Site Parking Spots with Potential for More
  • Excellent Walk (91), Transit (88) and Bike (71) Score

Investment Overview

Marcus & Millichap is pleased to offer the opportunity to acquire 2219-2221 Wall Street, a 22-unit apartment community with close to 40 percent rental upside located in Historic South Central Los Angeles. The property comprises of two buildings and two garages totaling 12,729 square feet on a 17,914 square feet parcel, with a unit mix of 14 single/one-bathroom units, seven one-bedroom/one-bathroom units, and one two-bedroom/one bathroom unit. In 2018 approximately $350,000 of capital improvements were completed with every unit being taken down to the studs and re-done, as well as bracing the foundation, adding a new commercial-grade water heater, new windows entirely throughout, and new concrete was done at 2221 Wall Street. This rare opportunity is located just below the highly traveled and amenity centric Washington Boulevard corridor. The San Pedro METRO station is only a few blocks north which in turn designates the subject property as a Transit Oriented Community (Tier 3). In addition to being a transit oriented designated area the site benefits from swift access within one-mile radius to the 10 and 110 Freeway, University of Southern California (USC), and Downtown Los Angeles.

Exclusively Listed By

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