324 W 51st Street

Description

We are pleased to present an exceptional investment opportunity at 324 W 51st St, a fully gut-rehabbed property in the 90037 zip code of Los Angeles. The sellers, who are experienced developers, transformed a four-unit building into a 'like-new' property, meticulously rehabilitating it down to the studs and enhancing the unit count to six with the addition of two Accessory Dwelling Units (ADUs). The original property, purchased in October 2021, consisted of four sizeable one-bedroom units. During the renovation, these units were each converted into three-bedroom units, with two of them gaining an extra half-bath. This thoughtful conversion, along with the addition of two-bedroom, one-bathroom ADUs each measuring 641.5 SF, will inevitably lead to increased rental income for future investors. All equipment and systems across the six units are brand new, designed to help the landlord minimize expenses and maximize returns. Furthermore, the property is individually metered for all utilities, including water, and it has no common area electrical meter, ensuring minimal landlord expenses. The City has provided individual trash cans for each unit, eliminating the significant cost associated with City trash services. As of this writing, leases for four of the six units have been signed. The remaining two leases are expected to be finalized, perfectly aligning with the opportunity for a new investor to take over a fully leased, cash-flowing, 'like new' asset. This property is an exceptional find in an area that typically lacks such offerings, despite its close proximity to many of the city's major attractions and entertainment centers.