20

3813 FLOWER DR Los Angeles, CA 90037

$22,000,000

Bedrooms

Total Baths

Full Baths

46,226

Square Feet

1.45

Acres

1922

Year Built

Active

Status

MLS#

PW21254393

Listed By Daniel Lewin
Dan Lewin, Broker

We are pleased to present the rare opportunity to acquire the USC Flower Portfolio – nine contiguous multi-family properties within walking distance of the University of Southern California and Exposition Park in Los Angeles, CA and located in a federal Qualified Opportunity Zone. The offering consists of 61 units in total - a 20-unit property, a 12-unit property, a 5 unit property, and six 4-unit properties on a total of 1.5 acres of land. The existing structures are historically protected from demolition. 22 units are currently empty allowing a new buyer to immediately renovate those units in order to raise rents to market by attracting student and / or young professional tenants. The remaining 39 non-empty units are protected by the Los Angeles Rent Stabilization ordinance – a new buyer could elect to leave those tenants in place and allow those units to turn over gradually or negotiate voluntary cash for keys move-out agreements with interested tenants to accelerate the turnover process The 20-unit and 12-unit property each consist of all studios while the 5-unit and the 4-unit properties all boast large floor plans of over 1,000 square feet which would allow for a conversion to a student housing-optimized 3 Bed/3 Bath Floor Plan. The seller currently has city approval for multiple of these conversions on the empty units and a new buyer would inherit their Ready to Issue Permits (RTI) status on those units allowing for the renovation work to commence quickly. In addition to the unit renovation/conversion project, there is also significant value-add development potential for the portfolio via the construction of new Accessory Dwelling Units (ADUs) (Buyer to verify). Due to statewide legislation passed in 2020, multi-family properties are allowed two detached ADU’s subject only to a 4 foot setback and a 16 foot height limit with effectively no replacement parking requirements. ADU’s are allowed to be at least 1,000 square feet in size, and larger in some cases. Attached garages may also be converted into ADU’s, allowing the 5 unit property to have one ADU constructed as well. Because the property is located in a federally-designated Qualified Opportunity Zone, a qualified buyer would be able to sell the property without any capital gains taxes after a ten-year hold period among other potential tax benefits. OM can be viewed here: Www.uscflowerportfolio.com

Details


Interior
Living Area
46,226 SqFt.

Building And Construction
Number Of Units Total
61
Property Sub Type
Multi Family
Property Type
Residential Income
Year Built
1922

Exterior And Lot
Lot Size Acres
1.4475
Lot Size Square Feet
63052
Lot Size Units
Square Feet
Parking Total
32
Zoning
LAC2

Utilities
Cooling
None
Heating
Central

Area And Schools
City
Los Angeles
County Or Parish
Los Angeles

Financial Info
Buyer Agency Compensation
1.5%

Listing Office Dan Lewin, Broker

MLS# PW21254393

Updated 9:12AM - 1/21/2022

Listing Agent Daniel Lewin

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. "CRMLS" and is protected by all applicable Copyright© 2022 laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional. Information deemed reliable but not guaranteed. Copyright© 2022 California Regional Multiple Listing Service, Inc. All rights reserved.

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