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$6,975,000
Est. payment /mo
13,424 SqFt
UPDATED:
12/01/2024 04:36 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 13,424 sqft
Price per Sqft $519
MLS Listing ID CL24430563
HOA Y/N No
Year Built 1963
Lot Size 0.345 Acres
Acres 0.35
Property Description
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 $317k/door for fully renovated units, this property offers a significant upside potential to achieve an impressive 7.3% Cap Rate and 10.3 GRM on the proforma. 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. Notably, there are Preliminary Plans for 2 additional Detached ADUs over the open parking lot in the back that offer exceptional future upside potential. The p
Location
State CA
County Los Angeles
Area Listing
Zoning LARD
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Building
New Construction No
Others
Tax ID 5474028013
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Listed by Armin Soleimani • Global Platinum Properties, Inc.
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