Cash Flowing 14 Units with Upside
275k/door (mostly 2-beds) and 333/SF - Existing 5.23% Cap Rate w upside to 10.08%
204 N Manhattan Place Los Angeles CA 90004
$3,850,000
Price
5.23 %
Cap Rate
13.08
GRM
14
Number of Units
Description
  • Price Reduction! Well-maintained 14-unit 11,555 SF building cash flowing at an amazing Current Cap Rate of 5.23% and 13 GRM from day 1 with an incredible 66% upside to 10% Cap Rate and 7.8 GRM on proforma in prime Hancock Park/Larchmont Village area. Attractively priced at only 275k/door and 333/SF with an excellent and large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 6 (1bed/1bath) units. Nearly RTI plans to add 3 attached ADUs in the garages to improve the numbers to only 226k/door, 7.1% Cap Rate, and 10.2 GRM on Current with upside to 11.9% Cap Rate and 6.7 GRM on proforma after building the ADUs. 2 of the units have been completely renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior capital improvements. Amenities include a renovated pool and courtyard with seating areas, on-site laundry facilities, secure entry, and 13 covered parking spaces for convenience. Individually metered for gas & electricity with soft-story retrofit already completed. Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential. Located in the heart of Hancock Park just minutes away from Larchmont Village, Koreatown, Hollywood, and Melrose as well as many hip neighborhood attractions, restaurants, bars, and shops such as Wilshire Country Club, Paramount Studios, H Mart, Levain Bakery, Salt & Straw, and Great White, popping up all around the area.
Highlights
  • Well maintaned 14-unit 11,555 SF building in prime Hancock Park/Larchmont Village area cash flowing at an amazing Current Cap Rate of 5.23% and 13 GRM from day 1 with 66% upside to 10% Cap Rate and 7.8 GRM on proforma
  • Attractively priced at only 275k/door and 333/SF with excellent and large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 6 (1bed/1bath) units.
  • Nearly RTI plans to add 3 attached ADUs in the garages to improve the numbers to only 226k/door, 7.1% Cap Rate, and 10.2 GRM on Current with upside to 11.9% Cap Rate and 6.7 GRM on proforma after ADUs.
  • 2 of the units have been completely renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior capital improvements.
  • Amenities include a renovated pool and courtyard with seating areas, on-site laundry facilities, secure entry, and 13 covered parking spaces for convenience.
  • Individually metered for Gas & Electricity with soft-story retrofit already completed.
  • Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential.
  • This property is located in the heart of Hancock Park just minutes away from Larchmont Village, Koreatown, Hollywood, Melrose as well as many hip neighborhood attractions, restaurants, bars, and shops such as Wilshire Country Club, Paramount Studios, H Mart, Levain Bakery, Salt & Straw, and Great White, popping up all around the area.
Excellent Hancock Park location!
  • Centrally located in the vibrant neighborhood of Hancock Park, this exceptional property offers a prime position just minutes away from an array of desirable destinations. Situated at the heart of it all, residents will find themselves within easy reach of renowned Larchmont Village, Koreatown's bustling streets, and the glitz and glamour of Hollywood. Additionally, Melrose Avenue awaits with its trendy boutiques and captivating art scene. Embracing the pulse of this hip community, an abundance of local attractions await exploration - from iconic Paramount Studios to Wilshire Country Club for golf enthusiasts. Indulge your culinary cravings at H Mart or treat yourself to heavenly delights at Levain Bakery. Enjoy a scoop (or two) at Salt & Straw or relax with friends over delicious food and drinks at Great White—the options are endless in this thriving locale where new hotspots continue to emerge effortlessly.
FOR MORE DETAILS CONTACT
Armin Soleimani
Realtor
(310) 666-2246
ziuroiluj@gmail.com
Lic: 01846872
Julio Ruiz
Broker
(818) 524-0706
ziuroiluj@gmail.com
Lic: 01911261