1020 Broad

Description

$100K Price Reduction!! Priced well below the cost of replacement, this unique 8 units Apartment Building with ALL 2 Bedroom units has amazing long term upside potential with current rents far below market (approximately 40% upside in rents). Although the asset is subject to LA City Rent Control, the positive side of owning this asset is exceptionally low turnover, low move out, low maintenance expenses, ease of management, and downside protection - (when or if) standard market rents / vacancies pose a challenge to keep up with, these rents can only go UP (most likely). Upgrades & Attributes: The asset has an exceptional units mix with all 2 Bedrooms that are larger than the normal size for the area. All electrical panel have been replaced (2025), the SB721 Balcony Inspection has been completed (2025), New Roof (2020) and still under warranty, NO Soft Story Construction (this is an obstacle with many buildings in CA and not a variable with this asset as all parking is open - no tuck under parking). Large Laundry Room (4 machines) on MTM Lease with WASH, separate utility meters for gas and electric, and most of the building appears to be copper plumbed (Buyer to verify). Area: Gateway to Los Angeles: Wilmington is a neighborhood in Los Angeles, California with a population of 51,815. Wilmington is in Los Angeles County. Living in Wilmington offers residents a dense suburban feel and most residents rent their homes. In Wilmington there are a lot of coffee shops and parks. The public schools in Wilmington are considered above average.