13629 Kornblum Avenue, Hawthorne, CA 90250

$12,950,000
List Price
$12,950,000
Status
ACTIVE
MLS#
SB23008130
Year Built
1970
Lot Size
39,036
Acres
0.90
Lot Location
Item3640UnitsAcre
Days on Market
11
Property Type
Multifamily
Property Sub Type
Apartment
Stories
Two Levels

Property Description

Palm View Village Apartments is a 44-unit, value-add multifamily opportunity in Hawthorne, CA. The property is located at 13629 Kornblum Ave., Hawthorne, CA 90250 and is situated between Prairie Ave. to the west and Crenshaw Blvd to the east., one block south of 135th St. The surrounding area is in the midst of substantial growth as a result of the SpaceX headquarters and Hollywood Park redevelopment, which includes the new SOFi Stadium, The Forum, and the Intuit Dome, which will be the LA Clippers new home arena. The property, built in 1970, features a well-balanced unit mix of (2) Studios, (23) 1 Bd/1 Ba units, and (19) 2 Bd/1 Ba units. Situated on a large (39,036 sq. ft.) lot, the building is well-parked with 40 covered parking spaces, which are a mix of carports and tuck-under parking. Recent upgrades include completion of the seismic retrofit work, a new exterior façade and light interior rehabs as units have become vacant. The units are separately metered for electricity and master metered for gas and water. The owner has done an excellent job pushing rents over the past few years and has been successful in achieving top of the market rents. The onsite laundry leased from WASH provides an additional income stream. The property is offered at $12,950,000, with pricing indicators of $294,318 per unit, $411.71 per sq. ft., 13.48 GRM and 4.71% Cap Rate! Despite the solid in place income, there is still considerable rent upside in a market that has experienced substantial rent growth over the past few years. A new owner should be able to significantly increase the value of this asset by remodeling the remaining units and bringing rents to market as they become vacant. OM is included as a supplement to this listing.

Additional Information

Pool Description
None
Sewer
Public Sewer
Water
Public
Attached Structure
Attached
Number Of Units Total
44
Gross Scheduled Income
$960,355
Operating Expense
322176

Listing courtesy of Listing Agent: Martin Ensbury (martin@theensburygroup.com) from Listing Office: Lyon Stahl Investment Real Estate, Inc..

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Based on information from California Regional Multiple Listing Service, Inc. as of . 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.