Price Reduction! Renovated 15-unit building (13 Units + 2 Brand New Non-RSO ADUs) cash flowing at a whopping 8% In-place CAP Rate providing over 12% Cash-on-cash return. Major capital improvements completed including new roofs, new electrical, new plumbing, new double pane windows throughout, new exterior paint, new entrance gate, new… Read More landscaping, and 10 of the 13 units have been completely upgraded + 2 New ADUs in the back (Not Subject to Rent Control). It offers significant upside to a 9.4% Proforma CAP Rate upon the remaining 3 non-upgraded units turnover. Combine this high return + its newer year built + ease of maintenance, this offering is perfect for a 1031 exchange buyer or an experienced investor looking for high cash flow + easy to maintain assets. The main property was built in 1923 and completely renovated with permits in 2023. The building offers single-story spanish style units with an efficent mix for the area, consisting of ten (10) 1bed+1bath and five (5) Studio units. The property sits on a large 10,554 SF C2 zoned lot and includes RTI plans to convert 2 brand new ADUs into 6 ADUs, adding additional 4 units. It is centrally located in a highly desirable area just minutes away from the home of LAFC our city’s premier professional soccer team, BMO Stadium, USC, Crypto Arena, Home of the Lakers, Clippers, and LA Kings. ) Expo Park and the Metro Green Line. These properties are in a high density and high demand area which provides a consistent flow of renters for future vacancies. The units are individually metered for electricity and gas and tenants pay for trash therefore minimizing the operating expenses. Read Less
Property listed by Growth Investment Group Pasade, Handoko Chen 310-259-7556
Listing Snapshot
Days Online
1
Last Updated
Property Type
Apartment
Lot Size
0.24 Acres
Year Built
1923
MLS Number
AR26137954
Additional Details
Property Access
Frontage Type: CityStreet, Road Surface: Paved
Appliances & Equipment
GasRange, Refrigerator, RangeHood
Building
Built in 1923, 3 buildings, Building faces West, 1 storey, Levels: One, Entry level: 1, Entry location: 1, Construction Materials: Stucco
Community
Urban
Cooling
WallWindowUnits
Disclosures
AccessoryDwellingUnit, RentControl
Expenses
Insurance: $8,028, Operating: $84,457
Fence
WroughtIron
Fireplaces
None
Floors
Laminate, Vinyl, Wood
Heating
WallFurnace
Home Owner's Association
Association Fee: $0
Income
Gross Income: $366,732, Gross ScheduledIncome: $366,732, Net Operating Income: $272,085
CableConnected, ElectricityConnected, NaturalGasConnected, PhoneNotAvailable, SewerConnected, WaterConnected, Water Source: Public, Standard, 15 separate electric meters, 15 separate gas meters
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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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