Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

30

Building size

35,499 sqft

Lot size

22,103 sqft

Year built

1988

Stories

3

Heating

Wall Furnace

Status

Active

Days on market

0

MLS #

248756807

About this property

Rare opportunity to acquire The Canfield, a RSO exempt 30-unit trophy multifamily asset in the coveted Castle Heights neighborhood of Los Angeles' Westside. Built in 1988 exempt from LA RSO the property spans approximately 35,499 SF on a 22,097 SF LAR3 lot and features exceptionally spacious residences: 28 two-bedroom/two-bath units averaging 1,100 SF, one 1,800 SF three-bedroom/two-bath, and one one-bedroom, many with private balconies and updated modern interiors. Residents enjoy a resort-style courtyard with sparkling pool and sundeck, elevator, controlled access, on-site laundry, and subterranean parking. The location is the definition of prime Westside: a quiet residential enclave minutes to Culver City, Beverly Hills, Century City, and Santa Monica, a 2-minute drive to downtown Culver City's dining and creative scene, a 13-minute walk to the Metro E Line, and easy access to the 10 and 405 freeways. Tenant demand is anchored by Sony Pictures Studios, the Culver City creative economy, Century City, and Kaiser Permanente West LA, in a zip code with a $105,701 median household income, 76% renter occupancy, and a $2.1M median home price. The offering presents stable in-place income with a clear path to upside current rents average $3.06/SF against $3.37/SF at market, growing NOI from $806,482 to $928,178 and the cap rate from 4.89% to 5.63% with none of the rent-increase limitations of LA's pre-1979 housing stock. An exceptional opportunity for investors seeking scale, quality 1988 construction, and operational freedom in one of Los Angeles' most supply-constrained submarkets.

Location

3144 S Canfield Avenue

Los Angeles, Los Angeles, CA, 90034