Description​​​

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Nice curb appeal and well-manicured neighboring properties make these spacious garden-style, walk-up apartments very desirable. 

3920 Hillcrest Dr. is an 8 unit building in the dynamic and evolving Baldwin Village submarket, which sits at the base of Baldwin Hills (known for its expansive views of LA). With numerous developments transitioning the area this property is poised to be an excellent long-term play as units turn and the area continues to improve. The corner property features four 1BR+1BA units and four 2BR+1BA units that average 946 SF. This is ideal for an investor seeking a value-add opportunity, as many tenants are long-term and paying below-market rents. The property has been professionally managed for many years and there are currently zero vacancies. Prior to COVID, there were no collection issues. The building passed its SCEP in 2020, which is a huge value to the experienced landlord. The property features gated entries and parking garages. The spacious units allow for a low price per square foot and low price per unit, given the high bedroom counts. Additionally, the pro forma GRM is sub 9, which is fantastic, especially considering multiple vacancies may be on the horizon soon due to COVID. The property offers a clear path to repositioning this asset and cash flowing extremely well within the next 6-18 months. 

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Location

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Located in Baldwin Village on the corner of Hillcrest and Palmyra, at the base of Baldwin Hills, which is also known as "the Dons" or the "Black Beverly Hills."  Baldwin Hills is the 2nd richest black community in the U.S.

 

Walking distance to Martin Luther King Jr. Blvd, appx. halfway between La Brea & Crenshaw.

1 mile to both the La Brea & Crenshaw stops on the Expo Line and less than 1 mile to the Farmdale stop. The nearby Expo Line has created a surge in development in the area, of both multifamily and commercial developments. 3/4 mile to the Baldwin Hills Crenshaw Plaza, which is a huge mall on the corner of Martin Luther King Jr. Blvd. 

 

Marlton Square, a 22-acre site adjacent to Kaiser & Baldwin Hills Crenshaw Plaza, has a proposal to develop the site into a Bioscience Facility including incubator space, offices, labs, retail plaza, and parking.