3807 W Adams Boulevard

Description

3807-3815 W Adams Blvd is one of the most unique available properties that's currently on the market and will serve great for a 1031 Exchange Buyer, or for someone to add a great generational asset to their portfolio in highly sought after West Adams. 12 existing units on a large 12,992 SF lot & desirably zoned LAR3 for future lot value. There are in-place RTI's and approved plans from the city to immediately begin building (2) 3 Bed/2 Bath ADU's in the back above the garages to make the property 14 units, add additional RSF, and will allow the Buyer to immediately capture rental upside and add significant cash flow. There is great construction/bridge financing available to help execute this vision & upside with I/O monthly payments and light pre-pay. The building has stunning 1930's architecture & great curb appeal with large units & a top-heavy unit mix with all 1+1's, 2+1's, 3+1's and a 3+2, and NO Studios, Singles or Bachelors. Garage parking for 12 cars in the back which is a huge premium for tenants in a thinly parked neighborhood. Great in-place income metrics (no ADU's) with a 13.11 GRM and 5.20% cap rate on current rents, and a 7.96 GRM and 9.28% cap rate at stabilized rents. Approximately 40% rental upside excluding ADU additions, and roughly 80% rental upside when including the ADU additions. On-site laundry room for tenants to use and bring in monthly income. Tenants enjoy being in the heart of the West Adams Corridor with easy access to all of the recent retail, restaurant and mixed-use developments that has made this one of the most desirable pockets in LA. Great mobility being less than 1 block to/from the 10 Fwy entrance/exit, and less than 1 mile from the Expo/Crenshaw Metro Station which will allow riders to get to LAX on the newly built K Line. Close proximity to the recently built Cumulus Development, USC, Exposition Park (George Lucas Museum, LA Coliseum, BMO Stadium, LA Science Center, Natural History Museum), Crypto.com Arena, Nokia Theatre and LA Live! For a full copy of the OM, you can click here to access the Dropbox folder that contains it: https://www.dropbox.com/scl/fi/l12fdqjn9utan3gy3jp22/3807-3815-W-Adams-Blvd-OM.pdf?rlkey=is5iyypth32r9x9pc93fyafmo&dl=0