Property Description

Marcus & Millichap is pleased to present an opportunity to invest in 4 contiguous parcels totaling 19,529 sf in the South Los Angeles neighborhood of Broadway-Manchester. Comprised of a 16 unit multi-family property and a single family residences totaling 8,704 sf in total rentable square footage. 256 W 117th Street 16 unit property consisting of (8) one-bed one-bath and (8) studio one-bath units. This property provides tenants with gated on-site parking, a security camera system and all the utilities are master metered allowing for a 5% annual increase in rents. 244 W 117th Street is a two-bed one-bath house which shares the gated entrance.

Opportunities for adjacent and contiguous parcels are rare and the subject property provides an astute investor to investigate the possibility of rezoning to the property to allow for higher density multifamily use, while earning immediate cash flow with the opportunity for future upside. Located just outside of a designated Federal Opportunity Zone, this location is poised to benefit from future investment via opportunity funds and investors looking to reduce tax exposure and defer long term capital gains while improving and empowering lower socio-economic communities.

Situated at 256 W 117th Street and 244 W 117th Street, east of S Broadway and north of 120th Street, the properties are conveniently located within walking distance to the Harbor Transitway + Harbor/Century Transit Station and the Broadway/118th Street bus station. The properties also a short drive to the 105 and 110 freeways providing easy access throughout Los Angeles.