Excellent opportunity to acquire a 16-unit apartment building in the West Adams district of Los Angeles by USC at a $118,750.00 cost per unit and $235.00 cost per square foot. This 8,062 sq. ft. building resides on a 6,801 sq. ft. corner lot which consists of 16 very large studios… Read More each with their own separate kitchen area. The property is located one block south of the 10 Freeway on an excellent and quiet stretch of Budlong Ave. at 24th St. and surrounded by single family homes and smaller apartment buildings. The property retains an excellent on-site manager making this a low maintenance asset for savvy investors. The building is well maintained and all units are individually metered for gas and electric with onsite laundry that brings in approximately $425.00 of additional monthly income. This bread and butter building has tremendous upside potential and is perfect for the investor looking to add more units in a great area to their portfolio and an excellent opportunity for a 1031 exchange buyer. Potential future student housing. Positioned in the northwest area of the 90007 zip code, 1.8 miles from USC, 2.5 miles from The Crypto.com Arena. CURRENT CAP RATE 5.0 % / CURRENT GRM 10.2 - PRO FORMA CAP RATE 10.6 % / PRO FORMA GRM 6.6 Read Less
Property listed by Ashby & Graff, Billy Rojas 310-856-9153
Listing Snapshot
Days Online
67
Last Updated
Property Type
Other
Beds
16
Square Ft.
8,062
Lot Size
0.16 Acres
Year Built
1911
MLS Number
25497021
30 Days Snapshot Of 90007
$963k
0%
(avg) sold price
0
-100%
homes sold
51
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dishwasher, Refrigerator
Building
Built in 1911, Building area total: 8,062, Levels: Two, Living area: 8062, 2 stories, 1 building
Heating
FloorFurnace
Income
Gross income: $186,676, Net operating income: $94,155
Lot
0.1561 acres, 6,801 square feet, Size: 6,801
Parking
None
Property
Zoning: LAR2
Tenant Pays
CableTv, Electricity, Gas
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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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