For real estate investors who are seeking an exceptional value, look no further than the Premier Apartments located at 15001 Crenshaw Boulevard in Gardena, which boasts being the lowest price per unit “non-rent control” property currently for sale in Los Angeles County; as well as the lowest price per unit property available for purchase in the South Bay. With a going-in CAP rate of 4.32% in addition to approximately 15% rental upside, this truly rare investment opportunity is being offered for this first time in almost 20 years.
Built in 1962 on 1.26 acres zoned LCC4YY, Premier Apartments is exempt from rent control as evidenced by a recorded covenant from Los Angeles County. This was made possible due to Los Angeles County’s approval and subsequent conversion of this property from a hotel to multifamily decades earlier. Along with its conversion, units that were previously without kitchens were renovated to include full kitchenettes. Therefore, Premier Apartment’s 109 units include 40 bachelor units with kitchenettes, 45 singles, and 24 one-bedroom units, 14 of which have high ceilings abbreviated as (HC) on the rent roll. The property has no section-8’s and is 100% leased with a stable occupancy. As of October-2021, rents will be increased resulting in a very desirable CAP rate of 4.32% based on a purchase price of $22,500,000.
Premier Apartments is an essential property for tenants and investors alike. With soaring housing prices and a lack of affordable rentals, bachelor apartments, singles, and one-bedrooms are now higher in demand than ever before. This will provide an investor with a steady occupancy and the ability to increase revenue with ease, given the property’s 15% rental upside and non-rent control status. In addition to the rental units’ attractive cash flow, electrical utilities are paid for by tenants as a reimbursement to the landlord per their leases, and laundry machines and income are 100% owned and collected by the landlord.
- 109 Units at 15001 Crenshaw Blvd, Gardena, CA 90249 - Sold for $20,500,000