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Multifamily

10007 Grape Street

10007 Grape St, Los Angeles, CA 90002

Listing Price: $2,280,000

Cap Rate
5.36%
Number of Units
9
Price/Unit
$253,333
Price/Gross SF
$274.57
Gross SF
8,304

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 10007 Grape Street, a nine-unit multifamily property built in 1984 located in Los Angeles, CA. The property sits directly across from the new Jordan Downs Community - A 1 billion dollar overhaul of the previously 700-unit projects into Approximately 1400 residential units, several retail units, and approximately 9 acres of public park space. 10007 Grape Street is ideally located within a half-mile to the newly built "Freedom Plaza" with tenants including Smart & Final, Blink Fitness, Nike, restaurants, and several other retailers. The property is also within a half-mile of the Watts Towers Station, which gives tenants access to the Metro Blue Line connecting DTLA to Long Beach. 10007 Grape Street consists of over 8,300 SF of rentable living space and spans across two parcels totaling approximately 13,500 SF of land. The property offers a favorable unit mix for the area with 1-bedroom, 2-bedroom, and mostly 3-bedroom units. Since the property was built in 1984, it is NOT subject to Los Angeles Rent Stabilization Ordinance. Therefore, a new owner can follow the guidelines of AB 1482, allowing higher annual increases of 5% plus CPI. The majority of the units' rents are currently under market, leaving a visible path for a new owner to capture the remaining upside via appropriate renovations and rent increases. Tenants enjoy the comfort of a gated community with back-alley access to ample on-site parking, which a new owner should recognize as an additional stream of income to capture. A savvy owner may also find value in future redevelopment possibilities since the property is zoned R4-1, TOC Tier 3, and within a qualified Opportunity Zone (Buyer to verify).

Investment Highlights

  • Excellent Unit Mix of 1-, 2-, and mostly 3-bedroom units
  • Located across from the new Jordan Downs redevelopment
  • 1984 Construction - Higher allowable increases (Buyer to verify)

Exclusively Listed By

Listing Price: $2,280,000

Cap Rate
5.36%
Number of Units
9
Price/Unit
$253,333
Price/Gross SF
$274.57
Gross SF
8,304

Investment Highlights

  • Excellent Unit Mix of 1-, 2-, and mostly 3-bedroom units
  • Located across from the new Jordan Downs redevelopment
  • 1984 Construction - Higher allowable increases (Buyer to verify)

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 10007 Grape Street, a nine-unit multifamily property built in 1984 located in Los Angeles, CA. The property sits directly across from the new Jordan Downs Community - A 1 billion dollar overhaul of the previously 700-unit projects into Approximately 1400 residential units, several retail units, and approximately 9 acres of public park space. 10007 Grape Street is ideally located within a half-mile to the newly built "Freedom Plaza" with tenants including Smart & Final, Blink Fitness, Nike, restaurants, and several other retailers. The property is also within a half-mile of the Watts Towers Station, which gives tenants access to the Metro Blue Line connecting DTLA to Long Beach. 10007 Grape Street consists of over 8,300 SF of rentable living space and spans across two parcels totaling approximately 13,500 SF of land. The property offers a favorable unit mix for the area with 1-bedroom, 2-bedroom, and mostly 3-bedroom units. Since the property was built in 1984, it is NOT subject to Los Angeles Rent Stabilization Ordinance. Therefore, a new owner can follow the guidelines of AB 1482, allowing higher annual increases of 5% plus CPI. The majority of the units' rents are currently under market, leaving a visible path for a new owner to capture the remaining upside via appropriate renovations and rent increases. Tenants enjoy the comfort of a gated community with back-alley access to ample on-site parking, which a new owner should recognize as an additional stream of income to capture. A savvy owner may also find value in future redevelopment possibilities since the property is zoned R4-1, TOC Tier 3, and within a qualified Opportunity Zone (Buyer to verify).

Exclusively Listed By

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