Courtesy of: Neema Ahadian 01346750 | | Marcus & Millichap
Days On Market: 51
Square Footage: 20,680 Sq ft
Address: 4723 August st
County: Los Angeles
City: Los Angeles
Neighborhood: Park Hills Heights
4723-4725 August St (APN: 5030-004-018, 5030-004-019) is a 20-unit gated apartment community located in Baldwin Village just south of Coliseum St between Nicolet Ave and Stevely Ave. The property consists two adjacent ten-unit buildings featuring eight one-bedrooms, eight two-bedrooms, and four three-bedrooms with 12 parking spaces.This is a true value-add opportunity with the majority of units leased at below market rents. There is substantial rental upside of over 53% achievable through interior renovations as units turn as well as exterior capital expenditures. At the asking price, the subject property is being offered at a low $218 PSF with a pro forma CAP rate of 7.35% once stabilized. 4723-4725 August St is separately metered for gas and electric.The property is in the heart of Los Angeles and within minutes of major entertainment and employment hubs in Culver City, LA World Airport, DTLA and Inglewood. There is a significant affordability gap to home ownership in the 90008-zip code as the median home price in the direct area is approximately $871,913 and a typical monthly mortgage payment is considerably more than the average renovated rents at 4723-4725 August St. Additionally, the property is located less than one mile from Kaiser Permanente and the Baldwin Hills Shopping Center.