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9 units located in Historic Pico Union being offered at a below market $182,222 Price Per Unit! This professionally managed 1960's construction asset has a great top-heavy unit mix with (7) 2 Bed/1 Bath, (1) 1 Bed/1 Bath & (1) Single with some parking in the back being rented out by tenants. The entire building was re-piped to copper plumbing throughout in 2016 with permits pulled. Unit #9, 1 Bed/1 Bath, is new construction as the owner converted tuck-under parking into an ADU (new C of O and permits issued). On-site laundry room has brand new digital pay washer & dryer machines that are Landlord owned with NO laundry leases. EQ retrofit work has been completed, EQ shut off valves have been installed on the gas meters, and the master water heater was recently replaced -- all work done with permits. Separately metered for gas & electricity, and some units are on RUBS for utility reimbursements to help keep operating costs down. In-place 5.12% cap rate and 11.65x GRM on current rents and 2024 actual expenses (+ including new tax rate & assessments based on list price). 75% rental upside remaining to a stabilized 10.86% cap rate and 6.8x GRM. Tenant safety features include a gated & secured perimeter and located just 1/2 mile from both LAFD Station 13 and Olympic Community Police Station. Tenants enjoy being centrally located just blocks from both the 10 and 110 freeway entrance/exits, and just over 1 mile from Downtown LA, LA Live, Crypto.com Arena, and more!
Property Type(s):
Residential Income
| Last Updated | 3/10/2025 | Year Built | 1961 |
|---|---|---|---|
| Community | Mid Los Angeles | County | Los Angeles |
Additional Details
| APPLIANCES | Dishwasher, Microwave, Refrigerator |
|---|---|
| AREA | Mid Los Angeles |
| GARAGE | Assigned |
| HEAT | Wall Furnace |
| INTERIOR | Ceiling Fan(s) |
| LOT | 6553 sq ft |
| PARKING | Assigned |
| POOL DESCRIPTION | None |
| STORIES | 2 |
| ZONING | LARD1.5 |
Location
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Listed with Avenue Realty Group
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