Lucrum Real Estate Group is pleased to present Longwood Terrace Apartments, a 14-unit value-add multifamily investment opportunity located at 1683 S. Longwood Avenue in the highly desirable Mid-City / Mid-Wilshire adjacent submarket of Los Angeles. Offered at an approximate current 5.89% cap rate with projected rental upside of approximately ±46%, the property presents investors with an opportunity to acquire a well-located asset featuring strong in-place cash flow, meaningful embedded NOI growth potential, and an attractive basis relative to replacement cost and competing multifamily sales that offer less long-term growth potential.
The property’s attractive pricing metrics create a compelling opportunity for an experienced multifamily investor capable of implementing strategic management, operational improvements, and targeted interior renovations designed to more fully align the asset with market potential. Current ownership has maintained stable occupancy while leaving meaningful room for future revenue growth and NOI expansion through professional management, unit turnover, and interior repositioning over time.
The offering is further enhanced by the potential for advantageous seller financing terms, providing qualified investors with additional acquisition flexibility and the ability to structure a more efficient capital stack in today’s elevated interest rate environment. Financing terms remain subject to seller approval and buyer qualification.
Originally constructed in approximately 1964, Longwood Terrace Apartments consists of approximately (13) two-bedroom / one-bath units and approximately (1) one-bedroom / one-bath unit, resulting in an approximately 92.8% two-bedroom unit mix that continues to perform exceptionally well in today’s rental market due to sustained demand from families, roommates, and workforce tenants seeking larger floorplans in centrally located Los Angeles neighborhoods. The property contains approximately 10,501 square feet situated on an approximately 11,325 square foot LARD1.5-zoned lot and is offered at approximately $261 per square foot — an attractive basis for a centrally located Los Angeles multifamily asset.
The asset offers a clear and executable value-add strategy through unit turnover, targeted interior renovations, operational improvements, and overall repositioning opportunities designed to unlock additional cash flow and long-term asset appreciation. Longwood Terrace Apartments also benefits from approximately 27 gated on-site parking spaces, an exceptional parking ratio for a Mid-City asset of this size, significantly enhancing tenant convenience, long-term competitiveness, and overall tenant retention within a dense urban rental market where parking remains a highly valuable amenity. Additional income is generated through the on-site laundry facility, further supporting operational cash flow and tenant convenience.
Situated within one of Los Angeles’ most centrally located and supply-constrained rental corridors, Longwood Terrace Apartments is well-positioned to benefit from continued renter demand driven by accessibility, relative affordability compared to coastal markets, and proximity to major employment centers including Downtown Los Angeles, Culver City, Koreatown, and the greater Westside. The combination of strong in-place fundamentals, favorable basis, operational upside, and potential financing flexibility positions the property as a compelling long-term multifamily investment opportunity within one of Los Angeles’ most durable rental markets.
1683 S. Longwood Avenue is strategically located in the highly desirable Mid-City / Mid-Wilshire adjacent submarket of Los Angeles, one of the city’s most centrally positioned and consistently demanded multifamily rental corridors. The property benefits from exceptional connectivity to many of Los Angeles’ primary employment, entertainment, and lifestyle centers, making the location highly attractive to a broad tenant base seeking accessibility, convenience, and relative affordability within the urban core.
Positioned near major transportation corridors including Pico Boulevard, Olympic Boulevard, La Brea Avenue, Venice Boulevard, and the nearby I-10 Freeway, residents benefit from efficient access to Downtown Los Angeles, Culver City, Koreatown, Beverly Hills, West Hollywood, Century City, and the greater Westside employment corridor. This central infill positioning continues to drive strong renter demand from professionals, families, and workforce tenants seeking reduced commute times and access to major employment hubs without the premium pricing associated with coastal submarkets.
The surrounding Mid-City and Picfair Village neighborhoods have experienced continued revitalization and economic investment in recent years, supported by an expanding mix of restaurants, cafés, creative office users, neighborhood-serving retail, and lifestyle amenities. The area has evolved into one of Los Angeles’ most desirable centrally located rental markets due to its accessibility, neighborhood character, and proximity to both established and emerging employment centers throughout the city.
The property is particularly well-positioned to benefit from continued economic expansion occurring throughout Culver City and West Los Angeles, where major media, entertainment, technology, and creative firms have significantly increased their presence over the past decade. Employers including those within the broader Silicon Beach and Culver City media corridors continue to attract a large professional renter population seeking centrally located housing alternatives with convenient regional access.
As housing affordability challenges continue throughout Southern California, centrally located infill submarkets such as Mid-City have demonstrated durable occupancy fundamentals and long-term rent growth characteristics driven by sustained housing demand and limited new multifamily supply. High barriers to entry, restrictive development economics, and the scarcity of well-located multifamily opportunities continue to support the long-term investment outlook for apartment assets throughout the surrounding area.
Longwood Terrace’s combination of central Los Angeles positioning, strong transportation connectivity, proximity to major employment drivers, and favorable relative affordability positions the property to continue benefiting from resilient renter demand and long-term multifamily fundamentals within one of Los Angeles’ most supply-constrained housing markets.
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