Back on market at a large price improvement with great metrics! Bring all offers! 14 existing units in prime Mid City LA, and will be delivered with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, which would turn the building into 16 units and add substantial income, all while still having plenty of on-site tenant parking spaces post-ADU completion. This 1960's construction building has all 2 Bed/1 Bath units and is offered at a low $203k per unit, with the opportunity to make it $178k per unit post-ADU completion. In place 11.49 GRM on current rents with the upside to a 5.80 GRM, and a 5.36% cap rate on current rents and T12 actual expenses, with the upside to a 13.5% cap rate. Some highlighted features include brand new electrical subpanels in all units, both roofs were replaced in 2017 and done with permits, EQ seismic retrofit work has been completed, copper plumbing throughout, brand-new laundry room with new owner-owned washer & dryer machines (NO leases), new master water heaters, and EQ shut off valves installed on all gas meters. Some tenants are on RUBS for utility reimbursements to lower operating costs, and the building is separately metered for both gas & electricity. There's 95% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. There's everything to love about this prime and central Mid City location as it borders West Adams, Koreatown and Downtown Los Angeles and Pico Union, and is just blocks away from Country Club Park!
Additional Features
- Wall Furnace
- Two
- Parking spaces: 14.00
- Listing Status: Active
- Listing Agent: Jonathan Rawson
(lic# 02010400)
of Beverly Hills/Greater LA
- Listing Office: Avenue Realty Group
(lic# 01527499)
- CO-Listing Agent: Robert Kellner
(lic# 02201789)
of Beverly Hills/Greater LA
- CO-Listing Office: Avenue Realty Group
(lic# 01527499)
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Based on information from CRISNet MLS as of 2nd December 2024 at 7:31pm. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
