6519 Crenshaw Blvd is a 14-unit apartment building in Hyde Park, offered at $2,275,000. Built in 1941, the property has an excellent unit mix of six 1 bed / 1 bath units, two 2 bed / 1 bath units, three 3 bed / 1 bath units and three singles, totaling approximately 7,576 square feet of gross leasable area on a large 10,765 square foot lot zoned LAC2. It can be purchased individually or as part of a portfolio.
The property is 100% occupied and delivers excellent cash flow from day one, priced at a 7.94% current cap rate and a 7.71 GRM ($162,500 per unit and $300 per square foot). With approximately 15% upside left in the rents, a new owner can keep growing income as units turn over, for a 9.69% cap rate and 6.71 GRM at pro forma rents.
Hyde Park sits in the heart of South Los Angeles, bordered by Leimert Park and Baldwin Hills to the north and the City of Inglewood to the south and west. The property is just south of Hyde Park Blvd and a short walk to the Metro K Line Hyde Park Station at Crenshaw and 67th St, with a direct rail connection to the E Line, Inglewood and LAX. Minutes away, Inglewood’s sports and entertainment district, including SoFi Stadium, Intuit Dome and the Kia Forum, continues to draw investment to the area. Please contact the listing agents for showing instructions and available financing options.
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