54TH STREET APARTMENTS - A 15-UNIT, 3,906 SF OF COMMERCIAL SPACE MIXED-USE VALUE-ADD INVESTMENT OPPORTUNITY LOCATED IN SOUTH LOS ANGELES, CA ...
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5 4 T H S T R E E T A PA R T M E N T S A 15-UNIT, ±3,906 SF OF COMMERCIAL SPACE MIXED -USE VALUE-ADD INVE STMENT OPP ORTUNIT Y LOC ATED IN SOUTH LOS ANG ELE S , C A
EXECUTIVE SU MM A RY Walker & Dunlop, as exclusive advisor, is pleased to present for sale 54th Street Apartments (“the Property”). 54th Street Apartments is a 15-unit, 2-story mixed-use property located in Park Mesa Heights, right in the heart of the surging Greater Inglewood submarket. The Property, originally built in 1927, offers two-bedroom (15) floor plans and has ±3,906 square feet of retail space on the ground floor. All 15 units are currently in their original condition and are ±63% below renovated market rents, creating a tremendous value-add opportunity for investors. The Greater Inglewood submarket has been identified as Los Angeles County’s next great frontier. The Crenshaw/LAX line, expected to be completed in 2021, will run north to south connecting with the Metro A and Metro C lines. This major infrastructure project will provide residents with affordable, convenient and efficient transportation to West LA, the South Bay and DTLA, possibly saving residents hundreds of dollars a month on transportation costs. The addition of this transit line comes just in time as the market is expected to welcome several major game changing developments in the near future. The Hollywood Park development will bring two professional sports teams, a 6,000-seat concert venue, and several other commercial components totaling 300 acres of net new development. Other upcoming deliveries include George Lucas’s Lucas Museum of Narrative Art as well as the relocation of the Los Angeles Clippers from DTLA to Inglewood. Between these significant developments and the other iconic venues already in the area, the vast majority of the 2028 Summer Olympic Games will take place in this market. The commitment from institutional capital and world-renowned organizations will position 54th Street Apartments for out-sized success for years to come.
PROPERTY OVERVIEW
Property Address 2501 W. 54th Street
Units 15
Buildings 1
Gross Square Footage 15,036
Year Built 1927
Acreage 0.25
APN 5006-031-017
Zoning LAC2
54TH STREET UNIT MIX
2 BED / 1 BATH
100% (15 units)
UNIQUE VALUE-ADD OPP ORTUNIT Y
All 15 units at the Property, which was built in 1927, are in their original
INVESTMENT condition with only light upgrades made throughout the years. This provides
the incoming investor with an opportunity to capitalize on the market’s
HIGHLIGH TS tailwinds and increase rents by ±63% bringing them to renovated market rates.
Additionally, as a result of the Los Angeles County Accessory Dwelling Unit
(ADU) Ordinance adopted on January 1, 2020, the incoming investor has the
RE SILIENT M ARKE T FUNDA MENTAL S
opportunity to convert the existing ±3,906 SF of retail space into additional
54th Street Apartments is located within the CoStar-defined Greater
residential units.
Inglewood submarket. This market has experienced a remarkable run over
the course of the current cycle. Although it has maintained its inventory
and occupancy levels, the market has experienced outsized increases in rent
growth, transaction volume and price per unit values over the last few years.
(0.6%) CHANGE IN MULTI-HOUSING
INVENTORY SINCE 2010
±4.4% AVG. ANNUAL RENT GROWTH
LAST 5 YEARS
±96.2% OCCUPANCY
LAST 5 YEARS
±392% INCREASE IN TRAILING 12 MO.
SALES VOLUME SINCE 2010
±105% PER
INCREASE IN AVG. PRICE
UNIT SINCE 2010
TR ANSIT- ORIENTED
54th Street Apartments is within close proximity to Western Ave
(±2 min drive), Interstate 110 (+10 min drive), PCH (±10 min drive)
and Interstate 405 (±10 min drive).
±0.9 Mile Walk To
Hyde Park Metro Station
WESTERN AVE
±2 Minute Drive
To Western Ave
HOLLYWOOD PARK
1 10
±10 Minute Drive
To the 110
±10 Minute Drive
IFO R NI
AL
1
A
C
To PCH 1
SURG ING SUBM ARKE T
It would be remarkably difficult to argue that any other Los Angeles submarket is
405 ±10 Minute Drive
To the 405
projected to experience more growth than Greater Inglewood over the next few
years. In short-order, the market will be home to three professional sports teams, a
reinvigorated casino and racetrack, ±1M SF of net new commercial space, ±2,500
net new homes, a 300-key hotel, a 6,000-seat theater, acres of green space and a
Metro line providing access to the vast majority of Los Angeles. As a result of these
game changing developments, the market will play host to the following events:
• WRESTLEMANIA 37 (2021)
• SUPER BOWL LVI (2022)
• COLLEGE FOOTBALL PLAYOFF
NATIONAL CHAMPIONSHIP (2023)
• 2028 SUMMER OLYMPICS (2028)
PROXIMIT Y TO THE MOST SIGNIFIC ANT EMPLOYMENT HUBS
With Hollywood/Miracle Mile/Wilshire district to the north, Downtown Los Angeles to the north east, El Segundo to the South and Silicon Beach to the west,
54th Street Apartments has access to ±973,000 jobs spanning ±163M SF of office space all within a 30 minute drive.
DISTANCE FROM
REGION JOBS OFFICE SPACE
THE PROPERTY
Culver City ±15 minute drive ±29,000 ±8.8M SF
Downtown Los Angeles ±25 minute drive ±500,000 ±67M SF
Hollywood / Miracle Mile / Wilshire District ±25 minute drive ±256,000 ±31M SF
Venice / Marina Del Rey ±25 minute drive ±36,100 ±10.8M SF
Santa Monica ±28 minute drive ±54,000 ±16.1M SF
El Segundo ±30 minute drive ±60,000 ±18M SF
Century City ±30 minute drive ±38,800 ±11.4M SF
TOTAL ±973,000 ±163M SF
101 33 HIDDEN
SPRINGS
VENTURT 126 118
232
SIMI VALLEY 118 2
39
23 210
CAMARILLO 27 170
5
OXNARD 34
39
THOUSAND OAKS 101 134
101 210
23
CALABASAS
TOPANGA STATE
PARK 27 405 HOLLYWOOD
1 57 10
2 10 WEST COVINA
DOWNTOWN
1 10 LOS ANGELES 60 60
MALIBU SANTA MONICA 60
187
90
710
5 4T H ST R E ET
VENICE 110 605
INGLEWOOD 72
71
39 57
105
213
1 COMPTON 5 90
MANHATTAN 91 91
BEACH 91
LAKEWOOD
107
ANAHEIM 241
405
110 605 39
PACIFIC OCEAN LONG BEACH
GARDEN GROVE 22
SANTA ANA 261
55
1
405 133
241
HUNTINGTON
BEACH
5
73
LOS ANG ELE S I N V E S TM E N T CO N TAC T S F I N A N C I N G CO N TAC T S
12100 Wilshire Blvd., Suite 1500
ALEX ANDRA CANIGLIA JAV I E R R I V E R A M A R K G R AC E
Los Angeles, CA 90025
Director Senior Director Managing Director
License #02074166
Phone: 310.979.5744 Phone: 310.979.5751 Phone: 949.208.8455
Mobile: 858.342.5247 Mobile: 310.497.9370 Mobile: 949.310.5459
acaniglia@walkerdunlop.com jrivera@walkerdunlop.com mgrace@walkerdunlop.com
CA License #01994543 CA License #01875535 CA License #01391606
T R E VO R FA S E
WalkerDunlop.com
Senior Managing Director
Phone: 818.661.1111
Mobile: 818.294.0094
Walker & Dunlop Investment Sales, LLC is a Licensed Real Estate Broker. The information contained herein has been provided by sources deemed reliable, but no representation or warranty is made
as to its accuracy or completeness. Any projections are an estimate based on assumptions believed to be reasonable, but no assurance can be given that the projections will be achieved. All
tfase@walkerdunlop.com
information is subject to errors, omissions, changes, and can be withdrawn without notice, and seller expressly disclaims any obligation to supplement or update any information. CA License #00179302
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