2002 Thurman Ave, Los Angeles, CA 90016

Property Description

The Thurman Apartments is a 15-unit apartment complex located in the Mid-City area of Los Angeles, just 3 blocks from Culver City. The property, built in 1961, has an excellent unit mix of 10 – one-bedroom units, 4 – two-bedroom units, and 1 - three-bedroom unit and is situated on a large 14,312 square foot lot zoned RD1.5. The two-story complex has a gated entry at the front and the rear with 15 secured tuck under parking spaces onsite. Directly adjacent to the parcel is an additional 14 spaces offsite on a paved area of Cologne Avenue which was vacated by the City of Los Angeles years ago. This parcel is not owned by the seller and it is not part of the offering so its future use as additional parking is unknown and not permanent. The apartment units surround a well-maintained nicely landscaped center courtyard. There is onsite laundry with room on a contract with WASH and room for additional washer/dryers. There are two storage rooms that are approximately 250 square feet each. The tenants pay their own gas and electric utilities. The soft story retrofit work has already been completed by the owner and the property is in compliance with the City of Los Angeles’ Soft-Story Retrofit Ordinance. The roof was replaced a few years ago on the rear building and security cameras were also installed at that time. 2002 Thurman Avenue is walking distance from the Metro E Line (Expo) at the La Cienega / Jefferson Station stop which runs from Santa Monica to USC and to Downtown LA. Nearby parks include Genesee Avenue Park, Westside Park and Baldwin Hills Recreation Center. The Mid-City location offers tenants an ideal location within minutes of Downtown, Koreatown, Miracle Mile, Hancock Park and Beverly Hills. With easy access to the Westside via the 10 freeway, the property is in close proximity to major employers such as Apple, Sony, HBO, Google, Amazon and more Silicon Beach employers. The gross rent multiplier on current rents is 13.81 with significant upside, and this investment offering boasts a CAP rate of greater than 4.57% on current rents and operating expenses adjusted for new property taxes.