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    3907 Roxanne Ave

    Los Angeles, CA 90008
    • $2,750,000
    • STATUS: Active
    • ON SITE: 13 days
    • MLS #: 21-779598
    UPDATED: 34 min ago
    $2,750,000
    • 15
      BEDS
    • 0.23
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 10,128
      SQFT
    • $272
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1957
    County:

    School Ratings & Info

    Description

    EXECUTIVE SUMMARY3907 Roxanne Ave is an attractive 12-unit gated apartment community located in Baldwin Village. The property consists of nine spacious one-bedrooms and three two-bedrooms. The living rooms are above average in size with large windows and layouts. The building has been well-kept throughout the years with recent exterior paint, common area courtyard with seating and community laundry room with two washers and two dryers. The property features nine gated parking spaces with the soft-story retrofit work already completed. As an investment, this property provides strong cash flow with current CAP rate of 4.28% on current income at the asking price. Additionally, there is over 21% in rental upside for a buyer to achieve through further interior renovations when units turn. The property is being offered with advantageous assumable financing in-place (loan must be assumed). The current lender is Ready-Cap with a 20-year loan, fixed at 3.67% interest until 2024.The property is in the heart of Los Angeles and within minutes of major entertainment and employment hubs in Culver City, LA World Airport, DTLA and Inglewood. There is a significant affordability gap to home ownership in the 90008 zip code as the median home price in the direct area is approximately $871,913 and a typical monthly mortgage payment is considerably more than the average renovated rents at 3907 Roxanne Ave. The building benefits from a centralized location in Baldwin Village minutes from Kaiser Permanente, the Baldwin Hills Crenshaw Plaza Development and the Crenshaw Metro Line. Additionally, Los Angeles World Airports (LAWA) is in the midst of a $14 billion Capital Improvement Program at Los Angeles International Airport (LAX), projected to last through 2023. The LAX modernization program is considered the largest public works program in the history of the City of Los Angeles. Finally, Inglewood's new sports and entertainment complex SOFI Stadium to create 12,000 full- and part-time jobs annually.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-16T11:42:39.033. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.desertarealuxuryhomes.com/homes/121063972
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    3907 Roxanne Ave Los Angeles, CA 90008

    • Price: $2,750,000
    • Status: Active
    • Updated: 34 min ago
    • MLS #: 21-779598
    15
    Beds
    0
    Baths
    0
    ½ Baths
    0.23
    Acres
    10,128
    SQFT
    $272
    $/SQFT
    1957
    Built
    Neighborhood:
    Park Hills Heights
    County:
    Los Angeles
    Area:
    Park Hills Heights
    Property Description
    EXECUTIVE SUMMARY3907 Roxanne Ave is an attractive 12-unit gated apartment community located in Baldwin Village. The property consists of nine spacious one-bedrooms and three two-bedrooms. The living rooms are above average in size with large windows and layouts. The building has been well-kept throughout the years with recent exterior paint, common area courtyard with seating and community laundry room with two washers and two dryers. The property features nine gated parking spaces with the soft-story retrofit work already completed. As an investment, this property provides strong cash flow with current CAP rate of 4.28% on current income at the asking price. Additionally, there is over 21% in rental upside for a buyer to achieve through further interior renovations when units turn. The property is being offered with advantageous assumable financing in-place (loan must be assumed). The current lender is Ready-Cap with a 20-year loan, fixed at 3.67% interest until 2024.The property is in the heart of Los Angeles and within minutes of major entertainment and employment hubs in Culver City, LA World Airport, DTLA and Inglewood. There is a significant affordability gap to home ownership in the 90008 zip code as the median home price in the direct area is approximately $871,913 and a typical monthly mortgage payment is considerably more than the average renovated rents at 3907 Roxanne Ave. The building benefits from a centralized location in Baldwin Village minutes from Kaiser Permanente, the Baldwin Hills Crenshaw Plaza Development and the Crenshaw Metro Line. Additionally, Los Angeles World Airports (LAWA) is in the midst of a $14 billion Capital Improvement Program at Los Angeles International Airport (LAX), projected to last through 2023. The LAX modernization program is considered the largest public works program in the history of the City of Los Angeles. Finally, Inglewood's new sports and entertainment complex SOFI Stadium to create 12,000 full- and part-time jobs annually.
    Exterior Features

    Lot Size Area 10224 Other Structures None Parking Garage Gated Total Parking 9

    Interior Features

    Baths Total 15.00 Cooling Window Unit(S) Equipment Range/Oven Heating Natural Gas

    Property Features

    Assessed Total Value 2042825 Gross Income 206844 Gross Operating Income 196502 Like Units1 9 Like Units2 1 Like Units3 1 Like Units4 1 Net Operating Income 117731.00 Number Of Buildings 1 Number Of Units 12 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 78771 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lar3

    Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-16T11:42:39.033. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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