Property listed by Global Platinum Properties, Inc., Julio Ruiz 424-394-1030
$2,450,000
2nd Price Reduction! Renovated 10-unit building with plans for 6 additional units cash flowing at an amazing 6.5% Cap Rate from day 1 with upside to 9% Cap on Proforma. Preliminary plans to add 6 new units in the garages to achieve a remarkable 11% Current Cap Rate, 13.4% Proforma… Read More Cap Rate, and only 179k/door after taking into account all construction costs (~415k assuming $300/SF). All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single Car Garages for additional income and ADU potential. Plans for additional units in the garages will eliminate/reduce the soft-story scope of work and cost. Easy to rent unit mix consisting of 10 large (1 bed/1 bath) units. 6 units have been fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the trendy & historic Filipino Town just minutes away from Echo Park, Silverlake, DTLA as well as many hip neighborhood attractions, restaurants, bars, and shops such as Brooklyn Bagel Bakery, Boba Guys - Rideback Ranch, HiFi Kitchen, and Laveta Coffee, popping up all around the area. Read Less
Listing Snapshot
Days Online
9
Last Updated
Beds
10
Square Ft.
6,536
Lot Size
0.15 Acres
Year Built
1954
MLS Number
26679327
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1954, Living area: 6536.0, 1 building, 2 stories, Levels: Two
Floors
Laminate
Income
Gross Income: $222,117, Net Operating Income: $159,372
Lot
0.1466 acres
Parking
8 total parking spaces
Taxes
Parcel Number: 5154006009, Zoning: LAC2
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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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