3934 Gibraltar Avenue, Los Angeles, CA 90008
Property · 2 recorded sales since 2015
Sold March 2021
Listing Agent: Julie Boyd (DRE #01051535) · Listing Office: Home Buyers Realty · Contact: 714-342-1978 · Bought with: Julie Boyd · Home Buyers Realty · MLS #OC21018108 · Source: CRMLS
About this property
RARE investment opportunity to own a Great 9 unit MID-CENTURY MODERN apartment building nested in Baldwin Village, with a EXCEPTIONAL LOCATION! Garden Style Units with welcoming Courtyard Setting. Perfectly sited just 3 Apartments from Jim Gilliam Park & Recreation Center, with Tennis, Sports Courts, Rec Center... Hiking to Kenneth Hahn View Point, & Golf Course. Near a redevelopment project in negotiations at Crenshaw Plaza Mall & plans for 1.2 million sf of new housing (900+ apt & condos), hotel, 10-story office building & a walk-able "Retail Village." New Metropolitan Transportation Authority Station & Kaiser Medical Center, bringing high paying jobs to the area. Large Units! The property features (5) 2/2 units, (2) 2/1 Units and (2) 1/1 units, each individually metered for electricity & gas. Rent control area, community coined laundry room facility, courtyard setting, 5 covered parking per Permits, 7 covered parking spaces per lined spaces. PM States GSI: $11,648.28, Monthly Laundry, Parking and other Income have Averaged over time: $225.50/month, Annual GSI: $139,779.38, Great Value at $217,777/door! 4515 Santo Tomas Drive, with similar location Sold at $232,400/door in 2018! The investment community is saying that with the right Capex, Re-positioned properties are running $2.50+/SQ FT Presenting the potential for pro-forma GSI of $262,440 & pro-forma NOI of $202,954, using COSTAR Market operating expense averages of $6.80 sf. Upside potential in excess of 53.2%.
Listing description from the March 2021 sale, as reported to CRMLS.
Sale history
