520 W 120th St, Los Angeles, CA 90044 – 24-430909

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$7,100,000

Est. payment - /mo

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50 BD

50 BA

25,550 SqFt

Active

520 W 120th St Los Angeles, CA 90044

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Norma Mardelli

norma@mardellirealestate.com +1(818) 400-3794

UPDATED:

08/30/2024 07:01 AM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 25,550 sqft

Price per Sqft $277

MLS Listing ID 24-430909

Bedrooms 50

Year Built 1956

Lot Size 0.917 Acres

Acres 0.3144

Property Description

THIS PROPERTY IS AVAILABLE FOR PURCHASE INDEPENDENTLY OR AS PART OF A 4 PROPERTY, 118 UNIT PORTFOLIO. Introducing, for the first time on market in over 20 years, a unique opportunity to purchase this four multifamily property portfolio comprised of 118 units in the heart of Los Angeles. The collection includes four large properties that sit on a total of seven parcels and almost 100K sf of land. Each building ranges from 17 to 50 units and has plenty of onsite parking, independent meters for gas and electricity, and various recent upgrades. The economics of the offering show immediate returns at the current income level. However, with market rents continuing in an upward trend, an aggressive management approach may realize the 75% upside in rental income over the holding period. South Los Angeles is one of the most resilient markets in the region with historical low vacancy rates and consistent rent growth over the same period. Section 8 vouchers are currently at $3,915 for 3-bedroom units, $3,052 for 2-bedroom units, $2,407 for 1-bedroom units, and $2,132 for studio units. The properties are strategically located near access to major freeways, employment, entertainment, and transportation options. SoFi Stadium (LA Rams), the new Intuit Dome (LA Clippers), BMO Stadium (Angel City FC), Los Angeles International Airport, are all within minutes of any of the subject properties.

Location

State CA

County Los Angeles

Area Metropolitan Southwest

Zoning LAR3

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Ceiling Fan

Equipment None

Exterior

Parking Features Assigned

Garage Spaces 50.0

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Remax Commercial and Investment Realty