Thank you
Armin Soleimani
Global Platinum Properties, Inc.
424-394-1030
17-unit value-add opportunity priced at only 214k/door with a remarkable Current Cap Rate of 6.25% and 11.4 GRM and an incredible upside potential to 10.48% Cap Rate and 7.61 GRM on proforma. The property consists of 14 units plus 3 brand-new attached ADUs currently under construction. Additionally, 5 of the 14 units have been already fully remodeled with permits and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. Each unit is individually metered for gas and electricity while tenants cover garbage fees - saving you money on utilities from day one. The large 10,015 SF lot comes complete with gated parking spaces that can accommodate up to multiple cars and requires no soft-story retrofitting. Plus, there are Nearly RTI plans to add 2 additional detached ADUs (2bed/2bath & 3bed/3bath) over the carport to improve the numbers to only 192k/unit, 324/SF, 8.2% Cap Rate, and 9 GRM on current with upside to 12% Cap Rate and 6.6 GRM on proforma after building the detached ADUs. And let's not forget about its unbeatable location near popular neighborhood attractions like Alibi Coffee Co., Starbucks, Koreatown, DTLA, Culver City, and public transportation options all while being in close proximity to major freeways ensuring smooth travel times within Los Angeles city limits. Don't wait another moment to grab this rare opportunity before it slips away!
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Total Bedrooms : 16
Total Baths: 18
Full Baths: 0
Half Baths: 0
Wall Furnace
Has Heating
Year Built: 1963
Building Area Total: 9,311
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.2299
Lot Size Source: Owner
Lot Size Square Feet: 10015
Original List Price: 3,650,000
Listing Contract Date: 2024-03-04
Listing Agreement: Seller Reserved
Parcel Number: 5074018025
Garage Description: Covered,Gated,Uncovered
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C16 - Mid Los Angeles
Postal Code Plus 4: 5232
Directions: From Western Ave., Turn East onto Venice Blvd., the property is on the South West Corner of Hobart & Venice.
Zoning: LAC1
Source Property Type: Residential Income
Area: C16 - Mid Los Angeles
Property Age: 61
Year Built Source: Vendor Enhanced
Total Square Feet Living: 9311
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1637 S Vermont Avenue, Los Angeles, CA,90006 | $2,600,000 | -- | -- | -- | 12750 Sqft |
1833 W Pico Boulevard, Los Angeles, CA,90006 | $1,350,000 | -- | -- | -- | 6247 Sqft |
980 S Oxford Avenue #403, Los Angeles, CA,90006 | $770,000 | 3 | 2 | 1,324 | 15497 Sqft |
1661 S Normandie Avenue, Los Angeles, CA,90006 | $1,200,000 | 2 | 1 | 3,396 | 6208 Sqft |
1421 Courtland Avenue, Los Angeles, CA,90006 | $900,000 | -- | -- | 2,087 | 3941 Sqft |
1144 Elden Avenue, Los Angeles, CA,90006 | $3,000,000 | 18 | -- | 9,758 | 7000 Sqft |
1138 S Mariposa Avenue, Los Angeles, CA,90006 | $1,499,000 | 8 | -- | 4,064 | 5904 Sqft |
1125 S Lake Street, Los Angeles, CA,90006 | $968,000 | 9 | 4 | 4,117 | 8579 Sqft |
943 S Normandie Avenue #1, Los Angeles, CA,90006 | $420,000 | 1 | 1 | 338 | 4140 Sqft |
1217 S Kingsley Drive, Los Angeles, CA,90006 | $890,000 | 3 | -- | 1,597 | 5899 Sqft |
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ByOwner last updated this listing 05/16/2024 @ 02:50
MLS: 24364967
LISTED BY: Armin Soleimani, Global Platinum Properties, Inc.
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.