15th Street Apartments

Property Description

PROPERTY OVERVIEW
Jared Levine of JML Real Estate Group / KW Commercial, the exclusive listing agent, is pleased to present the opportunity to acquire 15th Street Apartments in the submarket of Arlington Heights (LA Market) and in close proximity to Mid City and Koreatown.  This offering includes a 22 unit multifamily building built in 1964 with a foot print of approximately 14,407 SF, sitting on a 14,587 SF corner lot zoned LAR3.

THE OPPORTUNITY
15th Street Apartments offers an investor a significant value add opportunity with approximately 54% (+/-) of potential upside in rents spread across a desirable unit mix of mostly 2 bedrooms units. In addition, there is a possibility for the current $3,035,000 loan originated in 2021 at a fixed rate of 3.35% to be assumed, providing a favorable debt option. This well-located multifamily property offers an investor a rare opportunity to secure a larger sized asset in a high demand and growth submarket with real reposition opportunity and impressive corner frontage.

THE LOCATION
Arlington Heights is diverse and populated neighborhood in Central Los Angeles with Koreatown to the north, Mid-City and Mid-Wilshire to the west, Jefferson Park to the south and Harvard Heights to the east. Located centrally in Los Angeles, Arlington Heights is a transit friendly melting pot of cultural influences. Situated just north of the 10 FWY, this neighborhood provides easy access to Culver City to the west and downtown LA to the east. Along La Brea Avenue, Wilshire Blvd, and Western Ave you will find restaurants and popular bars. The stretch of Washington Blvd, anchored by the Underground Museum between 3rd and 6th avenues, is becoming a desirable location for art galleries and boutiques. Nestled right at the convergence of main thoroughfares and freeways, Arlington Heights allows for easy access to the wider region of LA and key employment centers.