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3813 3855 Flower Drive

Los Angeles (City), CA 90037
  • $22,000,000
  • STATUS: Active
  • ON SITE: 51 Days
  • ID#: PW21254393
UPDATED: 118 min ago
$22,000,000
  • 0
    BEDS
  • 1.45
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1922
County:

School Ratings & Info

Listing Agent(s): Daniel Lewin of Dan Lewin, Broker (424-224-9344) and Shane Young of ()


Description

We are pleased to present the rare opportunity to acquire the USC Flower Portfolio nine contiguous multi-family properties within walking distance of the University of Southern California and Exposition Park in Los Angeles, CA and located in a federal Qualified Opportunity Zone. The offering consists of 61 units in total - a 20-unit property, a 12-unit property, a 5 unit property, and six 4-unit properties on a total of 1.5 acres of land. The existing structures are historically protected from demolition. 22 units are currently empty allowing a new buyer to immediately renovate those units in order to raise rents to market by attracting student and / or young professional tenants. The remaining 39 non-empty units are protected by the Los Angeles Rent Stabilization ordinance a new buyer could elect to leave those tenants in place and allow those units to turn over gradually or negotiate voluntary cash for keys move-out agreements with interested tenants to accelerate the turnover process The 20-unit and 12-unit property each consist of all studios while the 5-unit and the 4-unit properties all boast large floor plans of over 1,000 square feet which would allow for a conversion to a student housing-optimized 3 Bed/3 Bath Floor Plan. The seller currently has city approval for multiple of these conversions onthe empty units and a new buyer would inherit their Ready to Issue Permits (RTI) status on those units allowing for the renovation work to commence quickly. In addition to the unit renovation/conversion project, there is also significant value-add development potential for the portfoliovia the construction of new Accessory Dwelling Units (ADUs) (Buyer to verify). Due to statewide legislation passed in 2020, multi-family properties are allowed two detached ADUs subject only to a 4 foot setback and a 16 foot height limit with effectively no replacement parking requirements. ADUs are allowed to be at least 1,000 square feet in size, and larger in some cases. Attached garages may also be converted into ADUs, allowingthe 5 unit property to have one ADU constructed as well. Because the property is located in a federally-designated Qualified Opportunity Zone, a qualified buyer would be able to sell the property without any capital gains taxes after a ten-year hold period among other potential tax benefits. OM can be viewed here: Www.uscflowerportfolio.com

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-01-18T00:25:42.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
www.americanrealestatehomes.com/homes/123582565
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3813 3855 Flower Drive Los Angeles (City), CA 90037

  • Price: $22,000,000
  • Status: Active
  • On Site: 51 Days
  • Updated: 118 min ago
  • ID#: PW21254393
0
Beds
0
Baths
0
½ Baths
1.45
Acres
1922
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
We are pleased to present the rare opportunity to acquire the USC Flower Portfolio nine contiguous multi-family properties within walking distance of the University of Southern California and Exposition Park in Los Angeles, CA and located in a federal Qualified Opportunity Zone. The offering consists of 61 units in total - a 20-unit property, a 12-unit property, a 5 unit property, and six 4-unit properties on a total of 1.5 acres of land. The existing structures are historically protected from demolition. 22 units are currently empty allowing a new buyer to immediately renovate those units in order to raise rents to market by attracting student and / or young professional tenants. The remaining 39 non-empty units are protected by the Los Angeles Rent Stabilization ordinance a new buyer could elect to leave those tenants in place and allow those units to turn over gradually or negotiate voluntary cash for keys move-out agreements with interested tenants to accelerate the turnover process The 20-unit and 12-unit property each consist of all studios while the 5-unit and the 4-unit properties all boast large floor plans of over 1,000 square feet which would allow for a conversion to a student housing-optimized 3 Bed/3 Bath Floor Plan. The seller currently has city approval for multiple of these conversions onthe empty units and a new buyer would inherit their Ready to Issue Permits (RTI) status on those units allowing for the renovation work to commence quickly. In addition to the unit renovation/conversion project, there is also significant value-add development potential for the portfoliovia the construction of new Accessory Dwelling Units (ADUs) (Buyer to verify). Due to statewide legislation passed in 2020, multi-family properties are allowed two detached ADUs subject only to a 4 foot setback and a 16 foot height limit with effectively no replacement parking requirements. ADUs are allowed to be at least 1,000 square feet in size, and larger in some cases. Attached garages may also be converted into ADUs, allowingthe 5 unit property to have one ADU constructed as well. Because the property is located in a federally-designated Qualified Opportunity Zone, a qualified buyer would be able to sell the property without any capital gains taxes after a ten-year hold period among other potential tax benefits. OM can be viewed here: Www.uscflowerportfolio.com
Exterior Features

Carport Spaces 32 Carport YN Yes Lot Features Street Level Number Of Separate Electric Meters 61 Parking Features Covered Parking Total 32 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls Cooling None Cooling YN No Heating Central Heating YN Yes

Property Features

Additional Parcels YN No Cap Rate 2.05 Common Interest Community Apartment Community Features Curbs Electric Expense 8387 Fuel Expense 8388 Garage YN No Gross Income 0 Gross Scheduled Income 1291860 Insurance Expense 18490 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash Maintenance Expense 39650 Net Operating Income 451529 New Construction YN No New Taxes Expense 271387 Number Of Separate Gas Meters 61 Number Of Separate Water Meters 9 Operating Expense 440128 Other Expense 42763 Pest Control Expense 3050 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 9397 Vacancy Allowance Rate 3 Water Sewer Expense 8388 Water Source Public Zoning Lac2



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-01-18T00:25:42.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
 
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American Real Estate List & Sell
6391 Magnolia Ave., B20
Riverside CA, 92505
Listing Agent(s): Daniel Lewin of Dan Lewin, Broker (424-224-9344) and Shane Young of ()