424 S Broadway, also known as The Judson, is a 60-unit DTLA multifamily trophy property offering investors a rare blend of scale, architectural pedigree, and freedom from LA rent control. Originally constructed in 1906 and meticulously restored in 2006 by David Gray Architects, The Judson is a cornerstone of the Broadway Theatre District. Historic charm meets the momentum of Downtown revitalization at this iconic location.

For Los Angeles multifamily investors, 424 S Broadway represents a unique opportunity. The Judson combines the prestige of a fully renovated historic landmark with the financial advantages of rent control exemption and Mills Act tax savings. This combination of heritage, scale, and regulatory flexibility is increasingly rare in the Los Angeles multifamily market.

Architectural Character and Historic Significance

The Judson stands out for its distinctive Beaux Arts design, complete with an ornate façade, original cornices, and a grand lobby that evokes early 20th-century craftsmanship. The 1906 construction and 2006 restoration by David Gray Architects created a property that honors its historic roots while meeting modern standards.

424 S Broadway is a cornerstone of the Broadway Theatre District, a neighborhood experiencing significant revitalization. The historic character of The Judson appeals to tenants seeking authentic urban living with architectural distinction. This appeal supports both occupancy and rental rate stability.

Unit Mix and Interior Design

The Judson has been reimagined for the modern renter with expansive loft-style units averaging over 1,000 square feet. Each unit at 424 S Broadway features oversized industrial-style windows, soaring ceilings, polished concrete floors, Caesarstone countertops, and stainless steel appliances.

The unit design at The Judson blends old-world elegance with contemporary finishes. This combination appeals to tenants seeking both character and modern convenience, supporting premium rental rates for a Los Angeles multifamily property.

Amenities and Building Infrastructure

Residents at 424 S Broadway enjoy access to premium amenities including a rooftop sundeck and spa with panoramic views of Downtown Los Angeles, a gym, recreation room, private storage, controlled-access entry, two elevators, and a skylit central staircase.

The amenity package at The Judson enhances tenant experience and supports retention. The rooftop sundeck and spa are particularly valuable in DTLA, where outdoor space is limited. These amenities position 424 S Broadway competitively within the Los Angeles multifamily market.

The Judson includes assignable rights to 60 parking spaces at the adjacent Broadway Spring Center garage, secured through a long-term covenant with the CRA. Parking availability is a meaningful amenity in DTLA and supports tenant satisfaction.

Financial Advantages and Tax Benefits

424 S Broadway benefits from Mills Act tax savings, significantly reducing annual property tax liability. For Los Angeles multifamily investors, this tax advantage meaningfully improves cash flow and overall returns. The Judson is also exempt from LA rent control, allowing for market-rate rent increases. This regulatory flexibility removes a significant constraint on income growth that affects most Los Angeles multifamily properties.

The financial metrics reflect 424 S Broadway's position as a fully renovated, rent-control-exempt, legacy-caliber DTLA multifamily asset. The property is priced at $275,000 per unit with a 6.38% CAP rate and 9.80 GRM on in-place rents. This pricing well below replacement cost positions The Judson attractively for long-term investors.

Location and Market Context

424 S Broadway is located in the Broadway Theatre District, a neighborhood experiencing significant revitalization. The district is home to historic theaters, galleries, restaurants, and mixed-use developments that are attracting younger professionals and creative tenants to DTLA.

For Los Angeles multifamily investors, the location of The Judson offers both current appeal and long-term appreciation potential. The Broadway Theatre District's transformation positions 424 S Broadway to benefit from continued neighborhood investment and tenant demand.

Conclusion

424 S Broadway, known as The Judson, represents a trophy Los Angeles multifamily opportunity in one of DTLA's most transformative neighborhoods. The combination of historic architectural significance, 60 units, fully modern interiors, premium amenities, rent control exemption, Mills Act tax savings, and strong financial metrics makes The Judson attractive for long-term investors seeking a legacy-caliber asset.

With historic charm, modern infrastructure, and strong income metrics, 424 S Broadway checks every box for sophisticated Los Angeles multifamily investors seeking both financial performance and architectural distinction.