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Amazing Current Cap Rate of 7.3% and 10 GRM with 43% upside to 11% Cap Rate and 7.2 GRM on proforma! Now offered with Higher Rents and 2 New Vacancies. Value-Add 10-unit building with 4 Fully renovated units with permits and 2 upcoming vacancies that can be renovated and leased for $2,407 per month (Previous rents were only $808). Priced at only $220k/door and $336/SF plus Fully Approved RTI plans to add 2 attached ADUs to improve the numbers to only 183k/unit, 10% Cap Rate, and 7.7 GRM on Current with upside to 14% Cap Rate and 5.8 GRM on Proforma after ADUs. All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single Car Garages for additional income and ADU potential. RTI plans to add 2 Attached ADUs in the garages will eliminate/reduce the soft-story scope of work and cost. Easy to rent unit mix consisting of 10 large (1 bed/1 bath) units. 4 units have been fully remodeled with permits and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the historic Filipino Town just minutes away from Echo Park, Silverlake, DTLA as well as many hip neighborhood attractions, restaurants, bars, and shops such as Brooklyn Bagel Bakery, Boba Guys - Rideback Ranch, HiFi Kitchen, and Laveta Coffee, popping up all around the area.
Property Type(s):
Residential Income
| Last Updated | 10/9/2024 | Year Built | 1954 |
|---|---|---|---|
| Community | Downtown L.A. | County | Los Angeles |
Price History
| Prior to Oct 9, '24 | $2,275,000 |
|---|---|
| Oct 9, '24 - Today | $2,200,000 |
Additional Details
| APPLIANCES | Refrigerator |
|---|---|
| AREA | Downtown L.A. |
| GARAGE | Yes |
| LOT | 6388 sq ft |
| STORIES | 2 |
| ZONING | LAC2 |
Location
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Listed with Global Platinum Properties, Inc.
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