949.689.1669 | email ROSS
949.689.1669 | email ROSS
Los Angeles, CA90007
| 8062 sqft | MLS# 24369091
Tract:
For Sale $2,050,000
Description
Excellent opportunity to acquire a 16-unit apartment building in the West Adams district of Los Angeles by USC at a $128,125.00 cost per unit and $254.00 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 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. Positioned in the northwest area of the 90007 zip code, 1.8 miles from USC, 2.5 miles from The Crypto.com Arena and just minutes from Koreatown. CURRENT CAP RATE 4.68% / CURRENT GRM 12.9 PRO FORMA CAP RATE 10.01% / PRO FORMA GRM 7.6
Facts
| Built in 1911 | Lot Size: 6801.00 sqft | HOA Dues: $0/month
Features
Listing provided by Billy Rojas, Ashby & Graff
Based on information from California Regional Multiple Listing Service, Inc. as of August 5, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Listing provided by: Brian Fischer, Surterre Properties Inc, 949-545-2000, source: Listhub