STEVELY APARTMENTS – A HIDDEN GEM!
Nestled in the hills of the affluent Baldwin Hills Estates, this one of a kind complex exhibits a classic Mid-Century modern aesthetic. Stevely Apartments are centrally located in Southern Mid-City Los Angeles, between Baldwin Hills and the up and coming Crenshaw District. Within a five-mile radius is expansive Kenneth Hahn State Park, Jim Gilliam Recreation Center, Baldwin Hills Elementary School, brand new Kaiser Permanente and the Baldwin Hills shopping mall. Stevely Apartments offer investor an excellent opportunity to purchase an upgraded building with rents well below the market, with the opportunity to create future upside potential with unit turnover. This well-maintained building has undergone a complete exterior overhaul and two of the units have been completely remodeled with attractive finishes. New exterior and interior paint, new roof, new security gate, new security cameras, new landscaping, upgraded plumbing and electrical, new master water heater and much much more.
Baldwin Hills is bounded by La Cienega Boulevard to the west, Crenshaw Boulevard to the east, Stocker Avenue to the south and Rodeo Road to the north with Martin Luther King Jr. Boulevard forming the northeast dividing line between Baldwin Hills and Crenshaw Manor. It is bordered on the west by Culver City and shares the eastern border of Crenshaw Boulevard with Leimert Park.
Built in 1957, Stevely Apartments have 7,872sq ft. of living space and lot size of 8,235sq ft zoned LAR3. This well-maintained building has WONDERFUL TENANTS and on-site manager that collects the rents in a timely manner. It is easy to manage and has a huge rental upside.
Unit #1 – 3 + 2 – Current Rent $1,989 (Projected Market Rent $2,300)
Unit #2 – 2 + 2 – Current Rent $1,273 (Projected Market Rent $1,875)
Unit #3 – 2 + 2 – Current Rent $1,411 (Projected Market Rent $1,875)
Unit #4 – 2 + 2 – Current Rent $1,875 (Projected Market Rent $1,875)
Unit #5 – 2 + 2 – Current Rent $1,220 (Projected Market Rent $1,875)
Unit #6 – 1 + 1 – Current Rent $1,034 (Projected Market Rent $1,400)
Unit #7 – 2 + 2 – Current Rent $1,700 (Projected Market Rent $1,875)
Unit #8 – 1 + 1 – Current Rent $984 (Projected Market Rent $1,400)
Gross Operating Income: $139,332
Total Annual Expenses: $54,176
Net Operating Income: $85,155
CAP Rate: 4.5%
List of Recent Capital Improvements:
- Upgraded exterior paint on entire building
- Upgraded interior paint on all units
- Brand new security gate installed facing the street
- Security cameras 24/7 on CC
- Brand new floors, windows, fixtures and finishes in two units (units #4 & #7)
- New interior and exterior landscaping with drought friendly turf, new plants and planters
- Retrofitted for earthquake safety (to code)
- New roof
- New water heater
- New mailboxes
- New exterior lighting/signage
- New wrought iron gate and exterior fixtures
- Plumbing upgrades and electrical upgrades