424 S Broadway, also known as The Judson, is a 60-unit Downtown Los Angeles multifamily trophy asset offering a rare combination of scale, architectural pedigree, and exemption from LA rent control. Originally constructed in 1906 and comprehensively restored in 2006 by David Gray Architects, 424 S Broadway stands as a cornerstone of the historic Broadway Theatre District, where early-century design intersects with the momentum of Downtown revitalization.

For Los Angeles multifamily investors, 424 S Broadway represents a highly differentiated opportunity. The property combines the permanence of a fully restored historic landmark with the financial advantages of rent control exemption and Mills Act property tax savings. This blend of scale, heritage, and regulatory flexibility is increasingly difficult to replicate in the DTLA multifamily market.

Architectural Character and Historic Significance at 424 S Broadway

The Judson is distinguished by its Beaux Arts architecture, featuring an ornate façade, original cornices, and a grand lobby that reflects early 20th-century craftsmanship. The 1906 construction, paired with a thoughtful 2006 restoration, preserved the building’s historic integrity while modernizing its infrastructure to contemporary standards.

Located within the Broadway Theatre District, 424 S Broadway benefits from its role as a contributing historic asset in one of Downtown Los Angeles’ most culturally significant corridors. The architectural character appeals to tenants seeking authentic urban living with a strong sense of place, supporting both occupancy stability and long-term rental performance.

Unit Mix and Interior Design at 424 S Broadway

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

The unit interiors strike a deliberate balance between historic character and modern functionality. This design approach attracts tenants seeking distinctive living environments that differ from conventional apartment product, supporting premium rental positioning within the DTLA multifamily market.

Amenities and Building Infrastructure

Residents at 424 S Broadway enjoy a comprehensive amenity package that enhances both tenant experience and retention. Amenities include a rooftop sundeck and spa with panoramic views of Downtown Los Angeles, a fitness center, recreation room, private storage, controlled-access entry, two elevators, and a dramatic skylit central staircase.

Outdoor space is a particularly valuable asset in DTLA, and the rooftop sundeck and spa provide a meaningful competitive advantage. These features position 424 S Broadway favorably against newer construction while reinforcing its appeal as a full-service urban residential offering.

The property also includes assignable rights to 60 parking spaces at the adjacent Broadway Spring Center garage through a long-term covenant with the CRA. Parking availability remains a significant amenity in Downtown Los Angeles and supports tenant satisfaction and leasing velocity.

Financial Advantages and Tax Benefits at 424 S Broadway

424 S Broadway benefits from Mills Act tax savings, materially reducing annual property tax liability and improving overall cash flow. In addition, the property is exempt from LA rent control, allowing for market-rate rent increases and eliminating a major regulatory constraint that affects most Los Angeles multifamily assets.

The property is offered at approximately $275,000 per unit, with a 6.38% CAP rate and 9.80 GRM on in-place rents. These metrics reflect the building’s position as a fully renovated, rent-control-exempt, legacy-caliber DTLA asset priced well below replacement cost, supporting long-term value preservation and income growth.

Location and Market Context

424 S Broadway is situated in the heart of the Broadway Theatre District, an area experiencing sustained revitalization driven by historic adaptive reuse, mixed-use development, and cultural investment. The district is home to historic theaters, galleries, restaurants, and creative office conversions that continue to attract a younger, professional tenant base to Downtown Los Angeles.

For Los Angeles multifamily investors, the location of 424 S Broadway offers both immediate renter appeal and long-term appreciation potential. Continued investment in the Broadway corridor positions the asset to benefit from neighborhood momentum while maintaining its status as a stabilized, income-producing property.

Conclusion

424 S Broadway, known as The Judson, represents a trophy-level Los Angeles multifamily opportunity in one of Downtown’s most transformative neighborhoods. The combination of 60 units, historic architectural significance, fully modernized interiors, premium amenities, rent control exemption, Mills Act tax savings, and strong in-place financial performance positions the asset for long-term ownership.

With enduring character, modern infrastructure, and favorable regulatory treatment, 424 S Broadway stands out as a legacy-caliber DTLA multifamily investment for buyers seeking both income stability and architectural distinction.