Multifamily properties continue to be a popular investment choice for buyers in Southern California, and recent properties hitting the market are only adding to the potential future investment opportunities.
One property to recently land on the market is The Mint, a 42-unit property in the City West neighborhood of downtown Los Angeles. According to a marketing brochure for the property from CBRE, the apartment complex has been placed on the market for $20.98 million, or about $499,524 per unit.
According to public records, the property, which is located at 1136 West 6th Street, last traded in 2016. At that time, it was purchased for $17.3 million, or about $411,905 per unit by Holualoa Companies, a commercial real estate investment company based in Tucson, Arizona.
Since then, the eight-story property has received a $12 million renovation which includes structural upgrades as well as modern design finishes.
“Built in 1923 and extensively renovated at a cost of over $12 million in 2016, The Mint combines architecturally distinct aesthetically pleasing exterior elements with modern interior unit designs that feature ample natural light, polished concrete floors, and spectacular city views,” the offering memorandum states.
Overall, the building offers a mix of studio, one- and two-bedroom units as well as 42 garage parking spaces. On average, apartment units are 776 square feet and rental rates average $2,509 per month.
According to CBRE, the apartment complex has had a historically high occupancy rate and is currently 98 percent occupied.
The property is located within a highly walkable area of Los Angeles, just several blocks from the Downtown Financial District and near a number of shopping and dining amenities. While walkable, the area is also serviced by several major freeways, including I-10, I-110 and I-101.
The area is also home to a large and continually growing population. According to CBRE, the downtown area has grown from about 25,000 residents in 2000 to approximately 83,000 in 2022. As population increases, the area continues to show high occupancy rates of about 94 percent. At the same time, rental rates have also grown by about 9.9 percent annually.
