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Fully Rented 2021 Apt. Bldg. in West Adams - 27 Units + 2 RTI ADUs

$9,495,000

3524 Chesapeake Avenue, Los Angeles, CA 90016

Active
Last Updated: 06/26/2025

5.69

Cap Rate

540,378

NOI

Details:
Cap Rate:    5.69%
NOI:    $540,378
Pro Forma Cap Rate :    6.53%
Building Size:    23,358 sqft
Lot Area:    6,404 sqft
Occupancy:    96%
Units:    27
GRM:    11.63
Year Built:    2021
Price Per Sqft:    $412
Price Per Unit:    $351,667
Floors:    4
Parking Spots:    16
Number of Elevators:    1
Highlights:
  • 2021 Construction with Modern Systems
  • 27 Units + 2 Ready-to-Issue ADUs
  • City Views from Many of the Units
  • 16 Side-by-Side Parking Spaces Secure Controlled Access
  • Prime Location - Easy Access to Metro E (Expo) Line
  • Convenient access to DTLA, USC, and Culver City
  • 76 "Very Walkable" Walk Score®
Description:

PartnersCRE is proud to present for sale a 2021 New Construction, 27-unit luxury apartment complex located in the West Adams submarket of Los Angeles.

The property is ideally situated at 3524 Chesapeake Ave. (a quiet, residential street) and 3 doors down from Exposition Blvd., with the Metro (E) Expo Line Station just one block away.

Built with modern systems and expectations, this building has pristine comfortable apartments, an incredible unit mix and views over neighboring properties from many units.

The property boasts Eighteen 1 bedroom, 1 bathroom units, and Nine 2 bedroom, 2 bathroom units (3 of which are deemed affordable). Amenities include common area benches and tables, and a gym. The densely populated location with easy access to the 10 freeway and the Metro (E) Expo Line ensures a constant demand to lease up vacancies, allow for tenant comfort and investor stability.

The area has undergone a major economic renaissance during the past decade, with development as the driving force. The new apartment and mixed-use developments in the immediate area have provided an overwhelming increase in the demand for high end rental units and retail.

This central-courtyard building has a gated garage with 16 side-by-side parking spaces (with separate income), a gym, fire sprinklers, and an inviting entryway that leads to a mail room and elevator.

All units have a washer & dryers and balconies, as well as all the modern conveniences of living in a brand-new building.

The property comes with Ready-to-Issue Plan Check to convert the recreation room and storage space to two Accessory Dwelling Units, which would bring the total unit count of the building to 29 units.

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Documents:
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Chesapeake3524_OM.pdf
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