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Description

Now offered with Higher Rents and 1 New Vacancy! Value-Add 10-unit building with 4 fully renovated units with permits and an upcoming 5th vacancy that can be renovated and leased for $2,407 (Previous rent was only $808). Priced at only $212k/door and $325/SF with an amazing Current Cap Rate of 6.77% and 10.6 GRM with 57% upside to 11.9% Cap Rate and 6.7 GRM on proforma. Plus, there are Fully Approved RTI plans to add 2 attached ADUs to improve the numbers to only 177k/unit, 9.5% Cap Rate, and 8 GRM on Current with upside to 14.6% Cap Rate and 5.6 GRM on Proforma after ADUs. 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. RTI plans to add 2 Attached ADUs 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. 4 units have been fully remodeled with permits and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the 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.
10-unit building with high potential for value-add and increased rental income
4 fully renovated units with permits, providing immediate income and higher rents
Upcoming 5th vacancy that can be renovated and leased for a significant increase in rental income
Prime location with strong rental demand, making it a desirable investment opportunity
Affordable price at only $212k per unit and $325 per square foot, offering potential for a high return on investment
Current cap rate of 6.77% and GRM of 10.6, with potential to reach 11.9% Cap Rate and 6.7 GRM on proforma

Location - Historic Filipino Town

The convenient location makes it easy to access the 101 and 110 freeways. With a variety of public transportation options, including buses, shuttles, and light rail lines, anyone can get around easily. The local streets are lined with beautiful palm trees and great restaurants. The creative and cultural heart of the city is alive and well here, making it a great place to live for anyone looking to explore all that Los Angeles has to offer. There are also plenty of unique restaurants, boutiques, and nightlife options available in this vibrant part of town. From trendy taco spots to artisanal coffee shops, there is something for everyone in this unique area. Whether you're looking for art galleries or funky bars, you can find what you're looking for while exploring hip neighborhoods like Downtown LA.