3813 3855 Flower Drive, Los Angeles, CA 90037 (MLS # PW21254393)

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PRICE $22,000,000
BEDS 0
BATHS 0
HOME SIZE 46,226 sqft
LOT SIZE 1.45 ac

We are pleased to present the rare opportunity to acquire the USC Flower Portfolio – nine contiguous multi-family properties within walking distance of the University of Southern California and Exposition Park in Los Angeles, CA and located in a federal Qualified Opportunity Zone. The offering consists of 61 units in total - a 20-unit property, a 12-unit property, a 5 unit property, and six 4-unit properties on a total of 1.5 acres of land. The existing structures are historically protected from demolition. 22 units are currently empty allowing a new buyer to immediately renovate those units in order to raise rents to market by attracting student and / or young professional tenants. The remaining 39 non-empty units are protected by the Los Angeles Rent Stabilization ordinance – a new buyer could elect to leave those tenants in place and allow those units to turn over gradually or negotiate voluntary cash for keys move-out agreements with interested tenants to accelerate the turnover process The 20-unit and 12-unit property each consist of all studios while the 5-unit and the 4-unit properties all boast large floor plans of over 1,000 square feet which would allow for a conversion to a student housing-optimized 3 Bed/3 Bath Floor Plan. The seller currently has city approval for multiple of these conversions onthe empty units and a new buyer would inherit their Ready to Issue Permits (RTI) status on those units allowing for the renovation work to commence quickly. In addition to the unit renovation/conversion project, there is also significant value-add development potential for the portfoliovia the construction of new Accessory Dwelling Units (ADUs) (Buyer to verify). Due to statewide legislation passed in 2020, multi-family properties are allowed two detached ADU’s subject only to a 4 foot setback and a 16 foot height limit with effectively no replacement parking requirements. ADU’s are allowed to be at least 1,000 square feet in size, and larger in some cases. Attached garages may also be converted into ADU’s, allowingthe 5 unit property to have one ADU constructed as well. Because the property is located in a federally-designated Qualified Opportunity Zone, a qualified buyer would be able to sell the property without any capital gains taxes after a ten-year hold period among other potential tax benefits. OM can be viewed here: Www.uscflowerportfolio.com



ADDITIONAL DETAILS
AIR None
AREA Downtown L.A.
GARAGE Covered
HEAT Central
LOT 1.45 acre(s)
LOT DESCRIPTION Street Level
PARKING Covered
POOL DESCRIPTION None
SEWER Public Sewer
WATER Public
ZONING LAC2



 
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Listing provided by : Daniel Lewin CalDRE: 01932742 | 424-224-9344, Dan Lewin, Broker

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Based on information from California Regional Multiple Listing Service, Inc. as of 1/24/22 8:23 PM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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