$22,000,000
Estimated Payment$103,902/mo
Multi-Family For Sale

3813 3855 Flower Drive, Los Angeles, CA 90037

Multi-Family Home In Exposition Park

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 onthe 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 portfoliovia 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.

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3813 3855 Flower Drive
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Location
3813 3855 Flower Drive Los Angeles, CA 90037
Home Details

Listing Details

General

  • Total Number of Units: 61

    Interior Details

    Utilities

    • Heating Details: Central

      Financial Details

      HOA

      • Association Amenities: Curbs

        Tax Details

        • Zoning: LAC2

          Property Details

          General

          • Lot Features: Level with Street
          • Laundry Features: Common Area
          • Water Source(s): Public

          Parking

          • Parking Features: Covered
          • Garage: 0 0
          • Other Parking: Covered

          Location Details

          Region

          • City/Region: C42 Downtown L A

            MLS Details

            General

            • Days on Homes.com: 55
            • MLS Number: PW21254393
            • Listed: 11/27/2021
            • Last Updated: 1/18/2022
            • Offered By: Dan Lewin, Broker
            • Listing Source: California Regional Mls
            Monthly Payment Calculator

            $103,902

            Estimated Mortgage
            Principal & Interest
            $74,202
            Insurance
            $7,700
            Taxes
            $22,000
            Mortgage Insurance
            $0
            i
            Include PMI: Private Mortgage Insurance (PMI) is required by lenders if the down payment is less than 20% of the home price. It is recommended to include this field if your down payment is less than 20% of the home price.
            i
            If you or your spouse are active or retired military you may be eligible for special VA loan programs for veterans. The VA loan programs include benefits like no down payment and no private mortgage insurance (PMI).
            Nearby Schools
            • Menlo Avenue Elementary School
              Class size: 21Distance: 0.63 mi
              B-
            • William Jefferson Clinton Middle School
              Class size: 26Distance: 0.42 mi
              C-
            • Manual Arts Senior High School
              Class size: 18Distance: 0.78 mi
              C-
            Points of Interest

            Airports

            Distance
            • Bob Hope
              16.4 mi
            • Los Angeles International
              11.5 mi

            Colleges

            Distance
            • University of Southern California
              2.2 mi
            • Mount St. Mary's College
              1.6 mi
            • Los Angeles Trade-Tech
              1.6 mi

            Military Bases

            Distance
            • Naval Reservation
              18.1 mi
            • National Guard Armory South Bay Cities
              15.3 mi
            • Los Angeles Air Force Base
              13.0 mi

            Parks and Recreation

            Distance
            • California Science Center
              0.3 mi
            • Exposition Park Rose Garden
              1.6 mi
            • Natural History Museum of LA County
              1.4 mi

            Shopping Centers

            Distance
            • Expo Park Plaza
              0.2 mi
            • 0.6 mi
            • 0.9 mi
            Listing Agent
            Daniel Lewin
            Dan Lewin, BrokerLicense # 01932742
            Los Angeles, CA
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            $22,000,000

            3813 3855 Flower Drive

            Los Angeles, CA 90037

            Daniel Lewin
            Dan Lewin, Broker