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1719 Miramar Street, located in the heart of Los Angeles, presents a clean investment opportunity with significant rental upside. This 4-unit building features a total of 3,540 sq. ft. of rentable space on a 4,200 sq. ft. lot, with a mix of large units two currently operating as 2-bedroom, 1-bathroom units, and two as 3-bedroom, 1-bathroom units. Tax records show all units are 1 bedroom / 1 bathroom. Originally built in 1910, the property has been well-maintained with recent termite tenting, a new roof, copper plumbing, and an ABS main line. Each unit is individually metered, and the property offers ample parking at the rear. Currently generating $7,446 per month ($89,352 annually) with $60,899 in net income, the property has a 5.24% cap rate and a 12.87 GRM. With a 21% rental upside, the potential gross income could rise to $9,000 per month ($108,000 annually) with a net income of $79,322, boosting the cap rate to 6.84% and improving the GRM to 10.65. Priced at $1,150,000, this property reflects approximately $325 per rentable square foot and $287,500 per door, making it an attractive proposition for investors looking for immediate cash flow with significant upside potential in an up and coming Los Angeles location.
Property Type(s):
Residential Income
| Last Updated | 10/15/2024 | Year Built | 1910 |
|---|---|---|---|
| Community | Downtown L.A. | County | Los Angeles |
Additional Details
| AREA | Downtown L.A. |
|---|---|
| GARAGE | Driveway |
| HEAT | Wall Furnace |
| LOT | 4202 sq ft |
| PARKING | Driveway |
| STORIES | 2 |
| ZONING | LAR3 |
Location
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Listed with Lyon Stahl Investment Real Estate, Inc.
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