INVESTMENT HIGHLIGHTS
- Excellent location in the heart of the iconic Chinatown neighborhood of Los Angeles
- Walking distance to Olvera Street, Union Station, Downtown Los Angeles, museums, retail shops on Broadway, and offers excellent access to 4 major freeways (10, 110, 101, 5)
- WALKER’s PARADISE (walk score of 95 out of 100) and RIDER’s PARADISE (transit score of 90 out of 100)
- Offered at a very attractive price/unit, ±7.48% Proforma CAP Rate and 9.00x Proforma GRM
- Assumable Loan at 3.35% interest rate, 7-yr fixed until Aug-Sep 2028 (7-year term, buyer to verify loan terms during DD Period)
- Minutes away from The Broad Museum, MOCA Art Museum, Walt Disney Concert Hall, Dodger Stadium, Staples Center, Grand Central Market, and other historic and hip places
- Nearby newly built apartment communities such as JIA by Equity Residential, La Plaza Village, Orsini, Yale Street Housing, 708 N Hill, etc.
PROPERTY HIGHLIGHTS
- Very well-maintained apartment in a central location across from DTLA core
- 11 out 16 units have been fully upgraded providing upside potentials on 4 non-turned units
- Excellent unit mix with good combinations of 3bed, 2bed and 1bed units
- Many capital improvements have been completed: unit upgrades, new fence, new exterior paint, new façade, Soft-story retrofit has been completed, etc.
- 20 parking spaces (15 front and 5 back – 5 are tandem)
- Individually metered for electricity and gas, shared laundry room
EXECUTIVE SUMMARY
ASSUMABLE 3.35% Interest Rate, 7-yr Fixed until Aug-Sep 2028.
Growth Investment Group California is proud to offer 770 N Hill Place, a 16-unit apartment community in the heart of Chinatown neighborhood of Los Angeles. This semi value-add apartment investment is in an excellent location just within walking distance of various iconic places such as Olvera Street, Union Station, downtown Los Angeles, great eateries, restaurants, bars and art galleries. This offering provides an exceptional opportunity for investors to acquire a solid apartment that has undergone many capital improvements in a high demand and central location just a block from DTLA Core. Current loan is assumable at 3.35% fixed until Aug-Sep 2028 (buyer to verify during due diligence period).
The property is a 3-story apartment that was built in 1965 and situated on ±10,428 SF R4 zoned lot. Total building size is ±10,880 SF. It has a central courtyard that’s complete with hanging led lightings and ping pong table, and laundry area (seller owns laundry machines). It offers a diversified unit mix of one (1) x 3bedroom + 1bathroom, two (2) x 2bedroom + 1bathroom, one (1) x 2bedroom+1bathroom, and twelve (12) x 1bedroom + 1bathroom. Eleven (11) out of sixteen (16) units have been completely upgraded with high-end upgrades. The building has undergone other major capital improvements such as parking soft-story retrofit completed, new double pane windows in upgraded units, new exterior paint, new fence, new wood fence on the side, new façade, and others. The property offers ample parking spaces with 15 parking spaces (5 tandem) and 5 tuck-under parking totaling 20 parking spaces.
Residents/tenants are minutes from the neighborhood's best shopping plazas, open air markets and outdoor cafes. The property is in the heart of the iconic Chinatown of Los Angeles. Chinatown offers great eateries, restaurants, and art exhibits. It is located a short 5-minute walk to Union Station for easy transiting around the Los Angeles area. It has superb access to the FWY 101, FWY 110, FWY 5 and FWY 10. The property is nearby many newly constructed luxury apartment communities such as JIA at Chinatown, La Village Plaza, Orsini, Yale Street Apartment, etc. It is located minutes away to Walt Disney Concert Hall, The Music Center, The Broad, Grand Central Market, Staples Center, and almost all attraction downtown Los Angeles has to offer!