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Listed by Tyler Leeson • Marcus & Millichap RE Invest
$ 19,000,000
Est. payment /mo
Active
2056 West Century Boulevard Los Angeles, CA 90047
61,356 SqFt
UPDATED:
11/19/2024 03:58 AM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 61,356 sqft
Price per Sqft $309
MLS Listing ID OC-24146738
Year Built 1948
Lot Size 3.000 Acres
Property Description
Century Group Apartments is a 68-unit multifamily investment property located in Los Angeles, CA. Century Group Apartments benefits from its close proximity to several key Los Angeles developments and economic hubs. The property is just over 1 mile from the recently completed SoFi Stadium, a 70,240 seat sports and entertainment center that acts as a cultural and economic hub for the city. Additionally, Century Group Apartments is within 1.50 miles of Intuit Dome, a 17,700+ seat indoor arena that recently opened in August of 2024. Furthermore, the property is just over 3.50 miles from Los Angeles International Airport, the largest international airport on the west coast and the 8th busiest airport in the world in 2023 (according to Airports Council International rankings). Finally, residents benefit from the property's close proximity to an abundance of major retail centers located on Century Boulevard, with major retailers including Target, Costco, Aldi, Home Depot, and more. Situated on 3 adjacent parcels measuring a combined 3 acres, Century Group Apartments offers an attractive mix of one and two-bedroom floor plans. Current ownership has invested significant capital into upkeep and improvements at the property including fresh exterior paint, building and carport roofs, porticos, light fixtures, mailboxes, asphalt, tankless water heaters in laundry rooms, and more. Residents benefit from the property's desirable amenities including gated pedestrian access, spacious professionally landscaped common areas, ample covered and surface parking, and three on-site laundry facilities. With an abundance of major developments in close proximity, strong rental demographics, and low in-place rents, Century Group Apartments represents a unique value-add opportunity. Through a comprehensive unit renovation plan, new ownership could achieve significant rental premiums on renovated units, substantially increasing rental income. Additionally, Century Group Apartments' spacious parcels provide unique opportunities for new ownership to increase total unit count and rental income through the development of accessory dwelling units (ADUs).
Location
State CA
County Los Angeles
Zoning LCR3YY
Interior
Laundry Community
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Gutters, Sidewalks
Building
Lot Description Level with Street
Sewer Public Sewer
Nicole Van Parys & Gary Nesen
License Partners, Private Office Advisors | License ID: 01108944