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Listed by Josh Cohen • Keller Williams South Bay
$ 6,800,000
Est. payment | /mo
24,211 SqFt
$ 6,800,000
Est. payment | /mo
24,211 SqFt
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 24,211 sqft
Price per Sqft $280
MLS Listing ID SB-25048947
Year Built 1954
Lot Size 0.624 Acres
Property Sub-Type Apartment
Property Description
We are pleased to present our latest multifamily investment opportunity, The Palmwood Collection. This cluster of mutlifamily properties is in Baldwin Village, located at 4106, 4112, and 4142 Palmwood Drive. 34 units in total, this investment is priced at a blended 7.12% Cap Rate and 9.27 GRM, with projected rental upside of about 18% for a new owner. In addition, there are RTI permits to add four ADU's in some of the existing garage space, allowing a Buyer to continue adding value above. The buildings are on separate parcels, providing a future owner the ability to sell individually to help avoid ULA Tax (Buyer to verify). Acquiring three properties all within walking distance on the same street affords an investor the ability to cut down on operational overhead, bolstering NOI. The units are comprised of: (1) 3 bed unit, (31) 1 bed units, and (2) Studio units, many of which have attractive kitchen and bathroom finishes. Most of the units are rented to established Section 8 tenants. The Palmwood Collection is surrounded by terrific amenities, allowing tenants to accomplish most errands and daily tasks on foot, cutting down on the need for parking. Transit options are also exceptional, with terrific access to bus stops and metro rail lines. The Baldwin Village area is experiencing a resurgence of investment activity, in addition to nearby Culver City and West Adams. Spurred by many transit- oriented developments, there are north of $5B in recent nearby developments that will transform the area for years to come.
Location
State CA
County Los Angeles
Interior
Laundry Common Area
Exterior
Parking Features Gated
Garage Spaces 14.0
Pool None
Community Features Sidewalks
Building
Lot Description Level with Street
Sewer Public Sewer