29-Unit Value-Add Opportunity by DODGER STADIUM in Solano Canyon with Panoramic DTLA Views, First Time For Sale Since 2000.
High-Upside Asset (±76% Rental Gap) | 1972’s Construction | Seller Financing Available
INVESTMENT HIGHLIGHTS
Financial & Value-add Opportunity
- Massive Upside Potential: Rare value-add offering with ±76% rental upside and a Pro Forma Cap Rate of ±9.74%.
- Attractive Basis: Priced for immediate sale at just $219k/unit and $280/SF—well below replacement cost for concrete construction.
- Seller May Carry: Owner may carry a 1st Trust Deed for a qualified buyer (approx. 40% down, 3-year term, Interest Only), bypassing tight lending markets.
- 100% of tenants are on Month-to-Month leases (buyer to verify), allowing for implementation of renovation and repositioning strategies upon any turnover.
Asset Quality
- Superior Construction: Built in 1972 with a robust concrete structure (buyer to verify), offering durability rarely found in vintage apartment stock.
- Desirable Unit Mix: heavy on family-sized units, featuring (3) 3-Bed/2-Bath, (20) 2-Bed/1-Bath, (5) 1-Bed/1-Bath, and (1) Studio.
- Long-Term Ownership: First time on the market in nearly 30 years; well-maintained by long-term owners.
Strategic Location
- Prime Solano Canyon/Chinatown: Located in a quiet residential pocket ("Solano Canyon") that borders Elysian Park, yet is just blocks from the Chinatown Metro Station.
- Walkability & Transit: Walk Score of 85. Walking distance to Dodger Stadium, LA State Historic Park, and Union Station. Rapid access to the 110, 101, 5, 10, and 2 Freeways.
PROPERTY FEATURES
- Panoramic Views: 24 of the 29 units feature private balconies, most offering sweeping, unobstructed views of the Downtown Los Angeles skyline.
- Parking & Systems: Secure subterranean garage with 29 parking spaces and automatic fire sprinklers.
- Value-Add Progress: 5 units have already been renovated. All units feature updated electrical subpanels (main panel upgrade pending city permit).
- Amenities: Secured entry, central courtyard, elevator, and on-site laundry facilities (seller-owned machines).
- Utilities: Individually metered for gas and electricity; central hot water system.
EXECUTIVE SUMMARY
Growth Investment Group California is proud to exclusively offer 939 W College St, a 29-unit value-add apartment community located in the historic and rapidly gentrifying Solano Canyon neighborhood of Los Angeles (90012). Built in 1972, this property represents a rare opportunity to acquire a "heavy-lift" capability asset with significant structural integrity—built of concrete—at a low price per square foot ($280) that rivals wood-frame construction.
Value-Add Potential The property is primed for aggressive repositioning. With current rents approximately 76% below market and all tenants on month-to-month leases, a new operator can capture the loss-to-lease upon unit turnover (subject to City of Los Angeles RSO). The Pro Forma analysis projects a stabilization Cap Rate of nearly 9.74%, making this a premier hedge against inflation. To facilitate a smooth transaction, the long-term owner (nearly 30 years) may be open for a Seller Carry Financing (1st Trust Deed) to qualified buyers with strong financials.
The Location 939 W College St sits at the intersection of nature and urbanization. Residents enjoy a unique lifestyle where they can walk 15 minutes north to catch a game at Dodger Stadium or hike in Elysian Park, or walk 10 minutes south to the Chinatown Metro Gold Line for a quick commute to Downtown LA or Pasadena. The property is surrounded by major employment and cultural hubs, including Union Station, The Broad Museum, Walt Disney Concert Hall, and the thriving culinary scene of Chinatown and Little Tokyo.
The Asset Sitting on a ±12,171 SF LAR4 lot, the 4-story podium-style building spans 22,677 SF. It features an incredibly strong unit mix dominated by 2-bedroom and 3-bedroom units, catering to the high demand for family-style housing in the area. Most units benefit from private balconies with stunning views of the DTLA skyline— a major leasing driver for young professionals.
With its unbeatable combination of low entry basis, structural quality, and explosive rental upside, 939 W College St is the ideal acquisition for a value-add investor looking to plant a flag in one of LA’s most resilient rental markets.