Listed by Martin Ensbury, Lyon Stahl Investment Real Estate, Inc.,

13629 Kornblum Avenue

Hawthorne, CA, 90250

$12,950,000

$411 per ft²
$12,950,000
$411 per ft²
Active
Active
 - For Sale
carpenters-square
31,454 ft²
property_type
Multi-family
calendar
Built 1970
Palm View Village Apartments is a 44-unit, value-add multifamily opportunity in Hawthorne, CA. The property is located at 13629 Kornblum Ave., Hawthorne, CA 90250 and is situated between Prairie Ave. to the west and Crenshaw Blvd to the east., one block south of 135th St. The surrounding area is in the midst of substantial growth as a result of the SpaceX headquarters and Hollywood Park redevelopment, which includes the new SOFi Stadium, The Forum, and the Intuit Dome, which will be the LA Clippers new home arena. The property, built in 1970, features a well-balanced unit mix of (2) Studios, (23) 1 Bd/1 Ba units, and (19) 2 Bd/1 Ba units. Situated on a large (39,036 sq. ft.) lot, the building is well-parked with 40 covered parking spaces, which are a mix of carports and tuck-under parking. Recent upgrades include completion of the seismic retrofit work, a new exterior façade and light interior rehabs as units have become vacant. The units are separately metered for electricity and master metered for gas and water. The owner has done an excellent job pushing rents over the past few years and has been successful in achieving top of the market rents. The onsite laundry leased from WASH provides an additional income stream. The property is offered at $12,950,000, with pricing indicators of $294,318 per unit, $411.71 per sq. ft., 13.48 GRM and 4.71% Cap Rate! Despite the solid in place income, there is still considerable rent upside in a market that has experienced substantial rent growth over the past few years. A new owner should be able to significantly increase the value of this asset by remodeling the remaining units and bringing rents to market as they become vacant. OM is included as a supplement to this listing.
MLS® ID:
SB23008130
Listed:
1/15/23
Updated:
2/3/23
Compass
Accardo Real Estate Company

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Laundry Description
Common Area

Exterior/Building Features

Lot Size
0.9 acres lot
Lot Details
36-40 Units/Acre
Sewer
Public Sewer

Other Property Details

Area Name
699 - Not Defined
Association Amenities
Sidewalks, Urban
Garage
No
Parking
Attached Carport, Detached Carport
View
N
County
Los Angeles
Water Source
Public
Pool
No
Pool Description
None
Total Stories
2
Zoning
HAR3YY
Buyer Agency Compensation
1.000

Listed by Lyon Stahl Investment Real Estate, Inc., Martin Ensbury,
Listing Contact: 310-880-0132 

Based on information from California Regional Multiple Listing Service, Inc. as of 2/3/23. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

©2023 California Regional Multiple Listing Service. All rights reserved.

Data last updated 12:56 PM UTC, 2/3/23

Compass
Accardo Real Estate Company
Contact