Listed by Martin Ensbury with Lyon Stahl Investment Real Estate, Inc.
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 $12,600,000, with pricing indicators of $286,364 per unit, $400.58 per sq. ft., 13.10 GRM and 4.88% 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.
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Data last updated on 3/27/23 at 4:29 PM UTC