21-Unit Apartment | $183,660 Pro Forma NOI | 7.8% Cap
Multifamily | 21 Units | $106,818/Unit
Marketing description
We are pleased to present, a 21 unit multi-family property located at 5022 W. Washington Blvd in the highly desirable Mid-City Los Angeles submarket. Situated on a ±10,149 SF parcel with flexible C2 commercial zoning and Opportunity Zone designation, the property offers investors a rare value-add or redevelopment opportunity in one of Los Angeles' strongest urban growth corridors.
Originally constructed in 1948 as a motel but was converted to multifamily. The property consists of approximately ±7,553 SF of improvements and benefits from exceptional connectivity to Culver City, Downtown Los Angeles, USC, Koreatown, and the Westside.
The property is strategically positioned along Washington Boulevard, a major east-west corridor experiencing ongoing redevelopment, increasing residential density, and expanding commercial activity.
The combination of central location, Opportunity Zone tax advantages, and flexible zoning creates a compelling investment opportunity for hospitality operators, developers, and value-add investors.
Investment highlights
• Existing 21 unit apartment building
• $295,236 pro forma gross annual income (3 vacant units)
• $183,660 pro forma NOI | 7.8% cap rate
• Redevelopment potential
• Vinyl windows throughout
• Recent roof improvements (2022)
• Easy access to major transportation corridors
• Located just west of La Brea Ave with easy access to the 10 Freeway
• Opportunity Zone location
Note: Available with adjacent ±3,540 SF commercial building on ±10,669 SF of land for total of $4,350,000.
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