3942 Stevely Avenue

About This Property

Pleased to present the opportunity to acquire The Bahamas, a 20-unit multifamily community located in the Baldwin Village submarket of Los Angeles, CA. The Bahamas consist of one two-story building totaling 18,580 gross square feet. The property features a community pool located in the center courtyard, an on-site laundry room and gated entry with a call box. The property is comprised of a diverse unit mix consisting of two (2)-studio units nine (9) 1+1's, three (3) 2+1.5's, and six (6) 2+2's. This asset presents the opportunity to acquire an asset in a dense infill submarket of Los Angeles County with significant value-add potential as there are currently seven vacant units (of which 2 are in rent ready condition) allowing an investor to capture market rents within few months of ownership via a strategic renovation program. Moreover, seven of twenty units will be delivered vacant in a Los Angeles RSO submarket, allowing a buyer to reset roughly a third of the rent roll to market immediately rather than waiting years on organic turnover. Additionally, those renovated units will re-lease into a submarket whose comparables are being rewritten in real time rather than a static one. Baldwin Village is on the verge of a defining shift in the location's immediate pocket. With no less than 9 significant development projects currently under construction or already delivered, totaling more than $2.83B ($834MM in private capital) within a 2-mile radius.

Neighborhood

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Listing courtesy of Marcus & Millichap

Listing data from CRMLS. Deemed reliable but not guaranteed.