4119 Santo Tomas Drive, Los Angeles, CA 90008

Value Add Opportunity: 12-units located in the emerging Baldwin Village neighborhood of Los Angeles.  Current rents are approximately 65% under market providing a new investor the opportunity to renovate units and common areas to maximize rental income

Attractive Deal Metrics: Priced below replacement cost at $158,333 per unit and $158.68 per foot

 

Favorable Unit Mix: Building consists of (6) one-bedroom/one-bathroom units and (6) two-bedroom/one-bathroom units

Property Features: The apartments boast spacious layouts with plenty of natural lighting.  The property is fully-parked, with (12) covered garage spaces split into (6) two-car garage units

36-Unit Portfolio Opportunity: Can be purchased with 4073 West Boulevard, 24-units located just two blocks away (36-unit portfolio)

Land/Zoning: The 11,974 sf building sits on a large 19,260 sf lot that is LAR3 zoned (Tier 2 TOC) and located in an Opportunity Zone

Emergence of Baldwin Village: Located in area that has seen tremendous growth over the past decade such as Kaiser Permanente Baldwin Hills-Crenshaw Medical Facility and opening of the new Metro K Line.  Many large development plans on the horizon such as new Costco mixed-use project and the redevelopment of Crenshaw Mall property

Excellent Central Location: Property is conveniently located near the 10 freeway and just a short drive to major job centers such as Culver City, Century City, Beverly Hills, Hollywood, Inglewood and Downtown LA

Proximity to Public Transportation – New Metro K Line: The property is also 0.9 miles from the Martin Luther King Metro K Line Station offering a viable public transportation option to virtually all areas of the city via rail

Property Description

Marcus & Millichap/Arroyo Real Estate is pleased to present 4119 Santo Tomas Drive, a 12-unit value-add apartment building located in the emerging Baldwin Village neighborhood of Los Angeles, CA.  Built in 1948, the property consists of (6) one-bedroom/one-bathroom units and (6) two-bedroom/one-bathroom units.  Current rents are approximately 65% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income.  The apartments boast spacious layouts with plenty of natural lighting.  The property is fully-parked, with (12) covered garage spaces split into (6) two-car garage units.  There is a generous front lawn with frontage along both Santo Tomas Drive and Buckingham Road.  The 11,974 sf building sits on a large 19,260 sf lot that is LAR3 zoned (Tier 2 TOC) and located in an Opportunity Zone.  This property can be purchased along with 4073 West Boulevard, a 24-unit apartment building just two blocks away (36-unit portfolio). 4119 Santo Tomas Drive is located in emerging Baldwin Village, an area that has seen tremendous growth in the past decade with several large development projects on the horizon.  In 2017, Kaiser Permanente opened the Baldwin Hills-Crenshaw Medical Facility (KPBHC) just a few blocks from the subject property.  KPBHC is a cutting edge four-story, 100,000 square foot medical office building which has increased the quality of healthcare in the area while adding many excellent high paying jobs.  In October 2022, the Los Angeles Metropolitan Transportation Authority began operating its new light rail line known as the K Line (or Crenshaw/LAX line).  The 5.9-mile light rail runs north-south between Jefferson Park through various South Los Angeles neighborhoods and the city of Inglewood.  The K Line will eventually connect to the new LAX Automated People Mover which is scheduled to open in 2025.   In 2023, Costco announced its plans to redevelop a five-acre property at 5035 W. Coliseum Street in Baldwin Village.  The proposed project includes 800 apartments in a new building with a ground-floor Costco store expected to create up to 400 jobs.  Also in 2023, plans were announced to redevelop part of the Crenshaw Mall property into a mixed-use complex consisting of a pair of eight story buildings featuring 636 apartment units situated above 58,000 square feet of ground floor commercial space.  The proposed project would be the first components for the larger plan for the 42-acre mall property, including more than 330,000 square feet of shops and restaurants, more than 140,000 square feet of offices, up to 400 hotel rooms and 961 homes. 4119 Santo Tomas Drive is located in close proximity to grocery stores, restaurants and retail along both Crenshaw Boulevard and La Brea Avenue.  The property is conveniently located near the 10 freeway and just a short drive to major job centers such as Culver City, Century City, Beverly Hills, Hollywood, Inglewood and Downtown LA.  The property is also 0.9 miles from the Martin Luther King Metro K Line Station offering a viable public transportation option to virtually all areas of the city via rail.