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$4,250,000
Est. payment /mo
7,700 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,700 sqft
Price per Sqft $551
MLS Listing ID CL26830501
HOA Y/N No
Year Built 1922
Lot Size 5,414 Sqft
Acres 0.1243
Property Sub-Type Other
Property Description
Price Reduction! Renovated 20-unit apartment building cash flowing at an amazing Current 8.5% Cap Rate from day 1! Fully Approved RTI plans to add 4 attached ADUs to achieve a remarkable 10.5% Cap Rate after taking into account all constructions costs (~322k assuming $350/SF). The property features 20 Spacious and easy to rent studios each with their own separate kitchen and bathrooms. Almost every single unit (95%) has been upgraded with updated cabinets, flooring, kitchens, bathrooms, as well as exterior improvements including renovated hallways. The property also offers an on-site laundry room, which could be re-opened to generate additional income. Located in the heart of Westlake, just steps away from trendy Echo Park, FilipinoTown, DTLA, and Koreatown. Highly walkable area surrounded by shops, restaurants, and major transit lines, the property combines steady cash flow with exceptional long-term upside in a prime urban corridor.
Location
State CA
County Los Angeles
Zoning LACW
Interior
Heating Wall Furnace
Fireplace No
Building
New Construction No
Others
Tax ID 5152003013
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Listed by Armin Soleimani • Global Platinum Properties, Inc.