Description
Huge 400k Price Reduction! Value-Add 10-unit building with 4 fully renovated units with permits (100% occupied) in the historic Filipino Town priced at only $199k/door and $305/SF. Amazing Current Cap Rate of 6% and 11.5 GRM with an incredible 69% upside to 11.7% Cap Rate and 6.8 GRM on proforma. All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single CarGarages for additional income and ADU potential. Preliminary 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. 4units 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 heart of LA 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.
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10BEDS
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0.15ACRES
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0BATHS
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01/2 BATHS
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6,536SQFT
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$305$/SQFT
School Ratings & Info
Description
Huge 400k Price Reduction! Value-Add 10-unit building with 4 fully renovated units with permits (100% occupied) in the historic Filipino Town priced at only $199k/door and $305/SF. Amazing Current Cap Rate of 6% and 11.5 GRM with an incredible 69% upside to 11.7% Cap Rate and 6.8 GRM on proforma. All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single CarGarages for additional income and ADU potential. Preliminary 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. 4units 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 heart of LA 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.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-21T07:41:09.35. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.