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Sherry Ramos

sherry.ramos@engelvoelkers.com +1(818) 429-2793

$ 19,000,000

Est. payment -/mo

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Active

2056 2118 W Century BLVD Los Angeles, CA 90047

61,356 SqFt

UPDATED:

09/30/2024 05:39 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 61,356 sqft

Price per Sqft $309

MLS Listing ID OC24146738

HOA Y/N No

Year Built 1948

Lot Size 3.000 Acres

Property Description

Century Group Apartments is a 68-unit multifamily investment property located in Los Angeles, CA. Century Group Apartments benefits from its close proximity to several key Los Angeles developments and economic hubs. The property is just over 1 mile from the recently completed SoFi Stadium, a 70,240 seat sports and entertainment center that acts as a cultural and economic hub for the city. Additionally, Century Group Apartments is within 1.50 miles of Intuit Dome, a 17,700+ seat indoor arena that recently opened in August of 2024. Furthermore, the property is just over 3.50 miles from Los Angeles International Airport, the largest international airport on the west coast and the 8th busiest airport in the world in 2023 (according to Airports Council International rankings). Finally, residents benefit from the property’s close proximity to an abundance of major retail centers located on Century Boulevard, with major retailers including Target, Costco, Aldi, Home Depot, and more. Situated on 3 adjacent parcels measuring a combined 3 acres, Century Group Apartments offers an attractive mix of one and two-bedroom floor plans. Current ownership has invested significant capital into upkeep and improvements at the property including fresh exterior paint, building and carport roofs, porticos, light fixtures, mailboxes, asphalt, tankless water heaters in laundry rooms, and more. Residents benefit from the property’s desirable amenities including gated pedestrian access, spacious professionally landscaped common areas, ample covered and surface parking, and three on-site laundry facilities. With an abundance of major developments in close proximity, strong rental demographics, and low in-place rents, Century Group Apartments represents a unique value-add opportunity. Through a comprehensive unit renovation plan, new ownership could achieve significant rental premiums on renovated units, substantially increasing rental income. Additionally, Century Group Apartments’ spacious parcels provide unique opportunities for new ownership to increase total unit count and rental income through the development of accessory dwelling units (ADUs).

Location

State CA

County Los Angeles

Area 699 - Not Defined

Zoning LCR3YY

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Fireplace No

Laundry Common Area

Exterior

Pool None

Community Features Curbs, Gutter(s), Sidewalks

Private Pool No

Building

Lot Description Street Level

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 6058001023

Energy Description 12313.0

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Tyler Leeson • Marcus & Millichap RE Invest • tleeson@marcusmillichap.com

Sherry Ramos

Advisor | License ID: 01271018

+1(818) 429-2793

Sherry Ramos

2056 2118 W Century BLVD Los Angeles, CA 90047

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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2056 2118 W Century BLVD