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Excellent opportunity to acquire a 16-unit apartment building in the West Adams district of Los Angeles by USC at a $118,750.00 cost per unit and $235.00 cost per square foot. This 8,062 sq. ft. building resides on a 6,801 sq. ft. corner lot which consists of 16 very large studios each with their own separate kitchen area. The property is located one block south of the 10 Freeway on an excellent and quiet stretch of Budlong Ave. at 24th St. and surrounded by single family homes and smaller apartment buildings. The property retains an excellent on-site manager making this a low maintenance asset for savvy investors. The building is well maintained and all units are individually metered for gas and electric with onsite laundry that brings in approximately $425.00 of additional monthly income. This "bread and butter" building has tremendous upside potential and is perfect for the investor looking to add more units in a great area to their portfolio and an excellent opportunity for a 1031 exchange buyer. Potential future student housing. Positioned in the northwest area of the 90007 zip code, 1.8 miles from USC, 2.5 miles from The Crypto.com Arena. CURRENT CAP RATE 5.0 % / CURRENT GRM 10.2 - PRO FORMA CAP RATE 10.6 % / PRO FORMA GRM 6.6
Property Type(s):
Residential Income
| Last Updated | 2/11/2025 | Year Built | 1911 |
|---|---|---|---|
| Community | Mid Los Angeles | County | Los Angeles |
Additional Details
| APPLIANCES | Dishwasher, Refrigerator |
|---|---|
| AREA | Mid Los Angeles |
| GARAGE | None |
| HEAT | Floor Furnace |
| LOT | 6801 sq ft |
| LOT DIMENSIONS | 50x135 |
| PARKING | None |
| STORIES | 2 |
| ZONING | LAR2 |
Location
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Listed with Ashby & Graff
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