These 22 apartment units are an incredible investment opportunity cash flowing at a remarkable Current Cap Rate of 5.5% and 12.9 GRM from day one. Priced attractively at only $336k/door for fully renovated units, this property offers a significant upside potential to achieve an impressive 6.8% Cap Rate and 10.9… Read More GRM on the proforma. Notably, there are Preliminary Plans for 8 Detached ADUs over the open parking lot in the back that offer exceptional future upside potential. This is a rare and excellent opportunity to acquire a turnkey apartment building with value-add potential in one of LA's hottest neighborhoods, Highland Park. The property features 14 fully renovated units with permits consisting of 8 units and 4 brand-new attached ADUs. Additionally, the parking soft-story retrofit has already been completed and all units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. The property features a diverse unit mix of 2 (2 bed/2 bath), 2 (2 bed/1 bath), and 18 (1 bed/1 bath) units. 14 units have been completely renovated with permits (1 vacant) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. The property is steps away from all the hip restaurants, bars, and shops on Famous York Blvd. With its vibrant lifestyle close to Downtown Los Angeles, Highland Park has fast emerged as one of the most sought-after areas in town. The neighborhood offers easy access to entertainment venues and cultural hotspots, making it an ideal spot for young professionals and creatives seeking an urban lifestyle with all amenities nearby. For investors looking for high-quality investments in prime locations that offer long-term value potential while tapping into current trends, this property ticks all the boxes. The apartments are well-appointed with modern finishes that have been carefully curated to cater to today's discerning tenants' needs and tastes whether they be millennials or older adults seeking community living spaces that provide convenience along with style at every turn. Overall, these apartments represent an excellent investment opportunity that investors should consider taking advantage of now before it's too late! Read Less
Property listed by Global Platinum Properties, Inc., Armin Soleimani 424-394-1030
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Beds
26
Square Ft.
13,424
Lot Size
0.34 Acres
Year Built
1963
MLS Number
25481645
30 Days Snapshot Of 90042
$821k
-26%
(avg) sold price
1
-95%
home sold
96
+71%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1963, Building area total: 13,424, Levels: Two, Living area: 13424, 2 stories, 1 building
Cooling
WallWindowUnits
Heating
WallFurnace
Income
Gross income: $571,485, Net operating income: $409,959
Lot
0.345 acres, 15,030 square feet, Size: 15,030
Parking
13 totals parking, None
Property
Zoning: LARD3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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