Excellent opportunity to acquire a 16 unit apartment building in the West Adams district of Los Angeles by USC at a $147,000 cost per unit and $291.00 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 4.05% / CURRENT GRM 14.8 - PRO FORMA CAP RATE 8.73% / PRO FORMA GRM 8.7
Property Type :
Residential Income
Subdivision :
Fallbrook
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 05/30/2024 @ 10:09
MLS: 24369091
LISTED BY: Billy Rojas, Ashby & Graff
SOURCE: CRMLS
Buyer Agency Compensation: 2%
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.
