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The Montecito presents a rare investment opportunity that marries both a charming Spanish style front duplex with a newly developed and modern rear duplex comprised of two new spacious Townhome ADUs. Priced to sell at an attractive 6.58% cap rate.This investment opportunity presents an ideal income property for a savvy investor looking to acquire a well-positioned asset with a 9.90% rental upside potential with an attractive private financing option.This high-income producing 4-plex is comprised of 2 (3+2) units in a one-story building built in 1923, averaging ±918 sq ft, and 2 (3+2) newly developed townhouse ADU units built in 2024 averaging ±1,200 sq ft each. The combined building structure is ±4,236 square feet. The structures sit on a ±6,055 square foot lot, zoned LAR2. Additionally, 50% of the units are non-rent control.Unit Improvement Summary includes:3-Bedroom + 2-Bath Units:One of the front units has been highly improved with new countertops, wood like flooring and stainless steel appliances. Both units offer laundry rooms with washer/dryer hookups and individual hot water heaters. In 2016, the roof was replaced, and in 2024, ownership upgraded the electrical panels.3-Bedroom + 2-Bath Tri-Level Townhome Units:Both newly constructed Townhome ADUs are immaculate and were developed in 2024 with sophistication and efficiency in mind. Each unit offers soaring 16’ vaulted ceiling, accompanied by recessed lighting that illuminates the wide plank eco-friendly vinyl wood flooring with in-suite washer and dryer hook-ups.Both townhomes are equipped with fire suppression systems and ownership installed solar panels, along with tankless water heaters, making these units not only beautiful, but energy efficient. The solar panels are owned. There is no debt or lease obligation associated with the solar panels.Location DescriptionThe Montecito is located at 5507-09 S. Manhattan Place in the vibrant and emerging submarket of South Los Angeles adjacent to Park Mesa Heights. The property is conveniently close to Leimert Park and just south of The University of Southern California. Located on the 5500 block of S. Manhattan Place, the property is situated between W. 54th St and W. Slauson Ave., just east of S. Van Ness Ave.
Property Type(s):
Residential Income
| Last Updated | 2/19/2025 | Year Built | 1923 |
|---|---|---|---|
| Community | Park Hills Heights | County | Los Angeles |
Additional Details
| AREA | Park Hills Heights |
|---|---|
| GARAGE | On Street |
| LOT | 6055 sq ft |
| LOT DESCRIPTION | Rectangular Lot |
| PARKING | On Street |
| POOL DESCRIPTION | None |
| SEWER | Public Sewer |
| STORIES | 3 |
| WATER | Public |
| ZONING | LAR2 |
Location
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Listed with Equity Union
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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