955 Fedora Street, Los Angeles, CA 90006 (MLS # 24413785)
This is a 60-unitNaturally Occurring Affordable Housing Opportunity in prime Koreatown at951-959 Fedora St, just north of Olympic Blvd. The subject property totalssix stories and features a unit mix of 25 singles, 20 one-bedrooms and 15two-bedrooms. There is one level of subterranean parking and one level ofon grade parking totaling 46 spaces, providing tenants with ample parkingoptions. The asset was constructed in 2021 and is not subject to the LosAngeles Rent Stabilization Ordinance.The property is currently 100% occupied and leased to PATH as part oftheir Resident and Property Support Services (RPSS) program. All tenantsare voucher-based holders from various subsidy programs, presenting apreservation opportunity and pathway to a property tax exemption to reduceoperating expenses. Current subsidies include vouchers from HACLA,STEP UP, SHINE BCA and LACDA. In addition to the rents, the ownershipreceives incentives equal to $90 per unit and a 10% gross rent bonus.Organically designed as a luxury apartment building, finishes inall units include high gloss white cabinets, vinyl plank flooring,recessed lighting, central air, glass-enclosed showers and newstainless-steel appliances. All units also have balconies andwasher-dryer hookups, presenting an opportunity to acquire ahigh-quality newer construction asset with strong in-place cashflow with additional upside through a property tax exemption.Koreatown is one of the densest neighborhoods in Los Angelesand remains a highly invested submarket, with an estimated $1billion in new projects capitalized since the early 2000s.Theoffering presents a rare opportunity for a mission-driven operatorto execute on a preservation strategy in one of the fastest growingsubmarkets in Los Angele on a newly built core asset with nodeferred maintenance.
Property Type(s):
Residential Income
|
Last Updated
|
7/12/2024
|
Year Built
|
2021
|
|
Community
|
Mid-Wilshire
|
County
|
Los Angeles
|
Additional Details
| AIR |
None |
| AREA |
Mid-Wilshire |
| GARAGE |
Underground |
| HEAT |
None |
| LOT |
0.41 acre(s) |
| PARKING |
Underground |
| STORIES |
6 |
| ZONING |
LAR4 |
Location
Listed with Marcus & Millichap
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 9/7/24 4:41 PM PDT 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
This IDX solution is (c) Diverse Solutions 2024.
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