Listed by Neema Ahadian, Marcus & Millichap,

218 S OCCIDENTAL Boulevard Unit: 4

Los Angeles, CA, 90057

$21,000,000

$373 per ft²
$21,000,000
$373 per ft²
Active Under Contract
Active Under Contract
 - For Sale
beds
33 Beds
baths
39 Baths
carpenters-square
56,266 ft²
property_type
Multi-family
Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in late-2022 and the property will be delivered 100% vacant at the close of escrow.Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents' enjoyment.The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.
MLS® ID:
22153293
Listed:
4/17/22
Updated:
12/6/22

Interior Features

Kitchen Appliances
Dishwasher, Disposal, Microwave, Refrigerator, Vented Exhaust Fan, Dryer, Washer
Total Bedrooms
33
Total Bathrooms
39
Laundry Description
Stacked
Floor Description
Laminate
Heating
Natural Gas

Exterior/Building Features

Lot Size
0.34 acres lot

Other Property Details

Area Name
C42 - Downtown L.A.
Garage
No
Parking
N
Parking Total
47.0
View
N
County
Los Angeles
Pool
No
Total Stories
5
Zoning
LAR4

Property History

Date
Event
Price
Value
7/18/22
Price Change
$21,000,000
-8%

Courtesy of Marcus & Millichap, Neema Ahadian,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 12/6/22. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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