Investor Deals in DTLA

Some interesting properties on the market with built-in equity. All because interest rates are rising and sellers are getting motivated. Cash buyers will have leverage, but these are properties that even financed buyers can snap up to flip or immediately rent out.

Cornell Lofts #604 - 1+1 - 1000sf - $499K

Mill Act Tax Savings

Courtesy of Jonathan Yuen, Iota

Barker Block #102 - 2+2 - 2660sf - $1.349M

Split level rare live/work space

Courtesy of June Ahn, Coldwell Banker

Eastern Columbia #M7 - 1+1 - 1120sf - $785K

Mill Act Tax Savings

Courtesy of Yuri Huxley, Coldwell Banker

Flower Street Lofts #123 - 1+2 - 1423sf - $757K

Rare split level

Courtesy of Joe Iulucci, Keller Williams

Rowan Loft #813 - 2+2 - 1000sf - $595K

Mill Act Tax Savings

Courtesy of Cindy Lorimer, Corcoran

Interesting Properties for Sale in DTLA Right Now

257 S. Spring #4G

2 bed, 2 bath 1 underground parking space, corner unit

Mills Act Building

Walk to Grand Central Market, The Broad, Little Tokyo, Arts District, Gallery Row, Spring Arcade

Coldwell Banker - Call for pricing (310-869-2655)

1100 Wilshire #2202

2 bed, 2 bath 2 parking spaces, corner unit with 270 degree views

Down the street from Fig & 7th, Staples Center, Restaurant Row

$1.168M

Courtesy of KW Executive - Silvia Cheung

416 S. Spring #810

1 bed, 1 bath 1 parking space, charming former residence of Charlie Chaplin

Mills Act Building

Walk to Grand Central Market, The Broad, Little Tokyo, Arts District, Gallery Row, Spring Arcade

$519K

Figure8Realty - Nicole Kilmer

530 Molino #211

1 bed, 1 bath 2 parking spaces, massive loft over 3000sf

Walk to Soho House, Arts District Shops, Bestia, Bavel, Girl & Goat

$2.1M

Iota Realty - Jonathan Yuen

738 S. Los Angeles St #203

2 bed, 1 bath 1 parking space, massive private patio

Mills Act Building

Walk to Proper and Ace Hotels, Fashion District shops, Flower Market, Whole Foods

$545K

Roxana Godinez, Loftway

1130 S. Flower #102

2 bed, 2 bath 2 parking spaces, Massive patio and split level orientation

Walk to Staples Center, The Bloc, Fashion District, Whole Foods, Financial District

$998K

Lotus - Chi Lieu

Fantastic Deals in DTLA Right Now

Price/sf wise, you can't get better when the surrounding areas are easily over $1000/sf. You can get built-in equity with these prices. Investors, you especially should be looking into these move-in ready places that are beckoning renters!

Elleven #614 - SOUTH PARK
1+1+1pkg - 960SF
$565K or $588/SF
Immaculate 1 bedroom condo with a huge in-unit storage room with laundry. Features east-facing views and overlooks Grand Ave and the South Park Commons Park. LEED Certified Building. 
Coldwell Banker

Flower Street Loft #202 - SOUTH PARK

1+2+2pkg - 1188SF

$639K or $537/SF

Fantastic north-facing, private unit with no neighbors in front. Has 2 parking spaces! Located just a couple blocks from Crypto.com Arena, Whole Foods, The Bloc, Hoxton, Proper, and more.

Douglas Elliman

Cornell Loft #304 - FASHION DISTRICT

1+1+1pkg - 960SF

$525K or $546/SF

Massive windows, concrete flooring and walls for sound insulation, and Mills Act status for up to 70% off property taxes! Steps to Sonoratown, Rossoblu, Cognoscenti, Whole Foods, Holy Basil, Wood Spoon, Lala's, Verve Coffee and more.

Keller Williams

Vero #412 - CITY WEST

3+3+2pkg - 1470SF

$879K or $597/SF

Immaculate and rare 3 bed 3 bath condo with a balcony! Includes 2 parking spaces and stunning amenities. Steps to Fig &7th, Target, Restaurant Row, Financial District, etc.

Wilshire Metro

DTLA is Bouncing Back - Recent Sales

Sales are happening, as homebuyers and investors become more confident in the market. There seems to be more owner-occupying buyers than investors for now though, no doubt due to the all the eviction moratorium activity that's in flux.

We do love owner occupied buyers in DTLA! It's these stakeholders who make the area a community, and spur on things like small businesses, artist galleries, pedestrian events, and more residents into the neighborhoods. 

Recent notable sales:

Eastern Columbia #311 - SOLD FOR $1.65M - 1740sf 

Stunning remodel of a true loft in the only Art Deco condo building in the Historic Core

Coldwell Banker

https://my.matterport.com/show/?m=dnJZvjfEBJ8

Textile Loft #906 - SOLD FOR $635K - 890sf 

Corner loft with views views views in the beloved Textile Building in the Fashion District

Coldwell Banker

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-690300

Rowan Loft #705 - SOLD FOR $835K - 1260sf 

Rare park-facing loft in the Rowan Building in the Historic Core

Compass

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-711532

Flower Street Loft #402 - SOLD FOR $1.280M - 2075sf 

Rare split level top floor loft in the heart of South Park

Compass

https://www.themls.com/mlslistingphoto/listing/slideshow/#/PW21074216MR

Elleven Loft #1101 - SOLD FOR $1.42M - 2100sf 

Rare southwest corner loft in the heart of South Park

Compass

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-672888

Eckardt Loft #201 - SOLD FOR $563K - 960sf 

Unique T-shaped floorplan in the Fashion District

Coldwell Banker

https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-745308

While Prices are Flexible, Buyers are Taking Advantage in DTLA

The suburbs are going crazy with multiple offers and way over-bids. A recent 2 bed 2 bath Mt. Washington house went from $995k to a final sale price of $1.485M. The activity in DTLA has been mellow since the middle of 2020, and now it's starting to pick up. Buyers who are still hardcore about walkability and centrality are taking advantage of the lack of bidding wars in an area that is still exciting, and where there's development happening in the background. And the best kept secret: The highest concentration of Mills Act Buildings and residences in all of LA.

Recent Sales in DTLA of unique properties:

Textile Lofts #405 - Cutest light-filled corner unit in the fashion district. Parking, storage unit, and Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

Textile Lofts #404 - Cutest light-filled corner unit in the fashion district. Parking, storage unit, and Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-585120

Flower Street Lofts #312 - Craziest price/sf in South Park. Includes 2 parking spaces. Amazing deal. https://www.themls.com/mlslistingphoto/listing/slideshow/#/AR20193757MR

Rowan Lofts #102 - Sexy 2-story, 2 bath loft with rare outdoor space, one of only a dozen! And Mills Act! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-610336

Recently in escrow:

Barker Block Lofts #502 - Someone got a deal on 1330sf! https://www.themls.com/mlslistingphoto/listing/slideshow/#/19-524406

Higgins Loft #1001 - Penthouse loft, these are almost never on sale. Private rooftop patio. Mills Act too. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-682076

Available for sale:

1100 Wilshire #1705 & 1706 - Rarely on the market, only 5 of these with a terrace in the entire building! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-622374

https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-660640

Douglas Loft #4D - Charming, includes rare underground parking space, Mills Act. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-685716

Molino Loft #113 - Arts District gem with a patio! Nearly 1800sf! https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-635760

Eckardt Loft #707 - Top floor unit in a Mills Act Building! https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-677502

Elleven #1006 - Beautifully maintain loft in a top notch LEED certified building in South Park. https://www.themls.com/mlslistingphoto/listing/slideshow/#/21-682634

Eastern Columbia Loft #1210 - First time on the market, 4-level penthouse in Mills Act gem. https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-652400

Pan American Loft #509 - First time on the market, rare Mill Act penthouse with private rooftop patio. https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-655240

Bartlett Loft #1402 - Another Mills Act loft with a private rooftop patio!  https://www.themls.com/mlslistingphoto/listing/slideshow/#/20-595482

Deals in DTLA

With prices averaging about $650/sf in downtown, it's hard to find a "deal" these days. Prices have been increasing since 2009 and are expected to increase a further 3-5% next year. That's unless the interest rates go up then things may finally plateau.

For now, the deals are basically anything under $550/sf. See below:

Flower Street Lofts #115 - 2 bed, 2 bath, 2 parking, 2149sf - $950k (or $442/sf)

Vero Condos #535 - 1 bed, 2 bath, 2 parking, 1120sf- $575k (or $508/sf)

Grand Lofts  #A602 - 2 bed, 2 bath, 2 parking, 1740sf - $920k (or $528/sf)

Elleven  #406 - 1 bed, 2 bath, 2 parking, 1700sf - $910k (or $535/sf)

Eastern Columbia  #M11 - 2 bed, 2 bath, 2 parking, 1830sf - $999k (or $545/sf)

Want Over 1300sf of Space? There are Currently A Few Gems Available.

I keep reiterating that things are getting smaller in DTLA. It's a fact that nearly all the new residential development will have studios and "1-bedrooms" starting around 550sf. That sounds small--because it is. Even the converted historic spaces are getting smaller as land and construction costs are going up, so developers are chopping up the units. Their bottom line is to get as many livable units onto a floor as building codes will allow.

That said, things that are close to 1000sf will become more desirable. An 800sf 1-bedroom is being considered ample now. And anything over 1200+sf is considered spacious. Currently available "oversized" lofts in unique buildings:

Douglas Penthouse #MN

Corner unit, Skylight, rare 2 parking spaces, Mills Act

2100sf, Asking $2.1MM

Little Tokyo Loft #106

End unit, Skylight, 2 parking spaces, Private Outdoor Space, 2 Levels

1800sf, Asking $1.058MM 

Tomahawk Loft #6

Entire Floor Unit (Street to Street), Private Elevator Stop

1640sf, Asking $1.049MM 

Barker Block #443

City Views, Original Rafter Ceilings

1510sf, Asking $995k

Flower Street Lofts #118

2 Levels, 2 Parking Spaces

1420sf, Asking $699k

940 E. 2nd #8

3 Levels, Private Rooftop Deck, Skylight

1330sf, Asking $879k

Currently Available Industrial Lofts in DTLA

Simply put, there are usually two kinds of lofts--industrial and architectural. The architectural ones are generally the conversions from former bank buildings, offices (think Rowan Lofts, Douglas Lofts, Eastern Columbia Lofts) that have a lot of beautiful character intact, both inside and out. The industrial ones are often conversions too, but have generally been adapted from factories, warehouses or showrooms (think Biscuit Company Lofts, Toy Factory, Barker Block, Textile Lofts).

Below are industrial lofts currently available for sale in these unique buildings:

FLOWER STREET LOFTS IN SOUTH PARK (Formerly a UPS Shipping Hub)

Penthouse Loft #416 - 1648sf - $800k

Loft #215 - 1260sf - $750k

Loft #117 - 1483sf - $683k

BARKER BLOCK LOFTS IN THE ARTS DISTRICT (Formerly the Barker Brothers Furniture Factory & Warehouse)

Loft #424 - 1070sf - $849k

Rising Prices in South Park

Just last year, South Park prices were hovering around $580-$640/sf. This year, a 1 bedroom condo at EVO sold for one the highest prices in EVO history at $714/sf. Luma and Elleven prices, along with Grand Lofts and Flower Street Lofts have increased in value. And the prices haven't slowed down largely due to the amazing transformation happening in the immediate neighborhood.

Just to name a few game-changing projects that are underway:

1. Metropolis luxury condos on Franscisco Street
2. Fig Central Condos and Roberto Cavalli Hotel on Figueroa & 11th
3. Ten50 Condos on Grand & 11th
4. Whole Foods Market on 8th & Grand
5. Fig South condos and retail on Figueroa & 12th

SOLD - Industrial Penthouse Loft in the Heart of South Park - Flower Street Lofts #408

True live/work loft for lease in the legendary Flower Street Lofts building. Once a UPS shipping hub, the building boasts lush foliage and shaded areas that make it feel like you're in an oasis in the middle of the city. This stunning penthouse features skyline views, extra tall 14" ceilings and an open and airy layout with the bedroom in a separate nook. The spans almost 1400sf and comes with 2 covered  and assigned side-by-side parking spaces. Walk to Restaurant Row, the new Whole Foods, Ralphs, Staples Center, Historic Core, Central Library and more. Listed at $625k. 

 Courtesy of Anh Tran, Keller Williams Larchmont