New Listing – 10-Units For Sale in Huntington Park
Josh Barut of Lyon | Stahl Investment Real Estate is pleased to present 2518 Randolph St, a 10-unit apartment building for sale in Huntington Park!
This 6,896 Sq Ft property on 15,609 Sq Ft of land is offered at $1,950,000
The property is a 10-unit apartment building in the red-hot Mid Cities/Southeast LA submarket with NO RENT CONTROL and features a unit mix of (2) 2-bed/1-bath two-story units and (8) 1-bed/1-bath single story units with large backyards. Each unit has its own washer/dryer and (1) parking space, which is crucial given the proximity to Downtown.
This offering represents a tremendous Value Add Opportunity. Each unit has major rent upside and the building sits on a massive, and very rare, 15,609 square foot lot. The land boasts a Walk Score® of 92 and sits only 500 ft away from Pacific Blvd, which serves as Downtown Huntington Park. This prime rental location is just steps away from grocery and convenience stores, restaurants, and Huntington Park’s shopping and entertainment district. Moreover, there are (3) Elementary Schools, (1) Middle School, (2) High Schools, and (1) College within 1 mile of the subject property. All said, these entities will continue to surge population growth – the greatest demand driver in the multi-family market. Even more so, the constant expansion of more business will keep the employment rate stable and thus, continue to drive the median household income.
In this Southeast LA submarket, the combination of low vacancies, healthy rent growth, below-average prices, and proximity to Downtown has drawn the attention of investors priced out of other parts of LA.
The Mid-cities/Southeast Los Angeles market sits next
to red-hot Downtown LA, and evidence suggests that Downtown’s momentum is beginning to have an impac there. Vacancy rates remain near all-time lows at about 3% and have showed consistent decline for most of the postrecessionary period. Low vacancies have translated into healthy rent growth in recent quarters, and rents continue to grow faster than the metro average, although rent levels remain among the metro’s lowest. Apartments here are generally smaller, older, and less luxurious than in other parts of LA.
The combination of low vacancies, healthy rent growth, below-average prices, and proximity to Downtown has attracted investors priced out of other parts of town. Midcities/Southeast LA has ranked near the top of the metro in both number of units traded and total transactions for several consecutive years, and average per unit pricing has jumped nearly 65% since 2012. The combination of low property values and proximity to the booming Downtown area has helped drive investment.
For more information on this property:
- Download the marketing package here
- View the listing here
- Contact Josh Barut at [email protected] – (562) 457-8126