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Active
218 S Occidental Blvd Apt 4 Los Angeles, CA 90057
$21,000,000
33 beds
56,266 sq ft

Courtesy of Marcus & Millichap 310-909-5500

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Laura Alice Scaturro

Laura Alice Scaturro

Founder

DRE# 01942167

Property Description

Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in late-2022 and the property will be delivered 100% vacant at the close of escrow.Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents’ enjoyment.The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.

Property Details & Features

Property Type

  • Multi Family Residence

Appliances and Equipment

  • Dishwasher
  • Dryer
  • Garbage Disposal
  • Hood Fan
  • Ice Maker
  • Microwave
  • Network Wire
  • Range/Oven
  • Refrigerator
  • Stackable W/D Hookup
  • Vented Exhaust Fan
  • Washer

Bathrooms

  • 39.00 total bathrooms

Bedrooms

  • 33 total bedrooms

House

  • 56,266 sq ft

Cooling

  • Air Conditioning

Disclosures

  • None

Floors

  • Laminate

Garage

  • Gated Underground

Heating

  • Natural Gas

Listing

  • ListDate: 2022-04-18
  • PricePerSqFt: $373
  • 116 days on market

Location

  • County: Los Angeles
  • ListingArea: Downtown L.A.

Lot

  • LotAcreage: 0.3444
  • LotSizeArea: 15,004

Parking

  • TotalParking: 47

Property

  • NumberOfUnits: 39
  • Zoning: LAR4

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