$2,450,000
2nd Price Reduction! Renovated 10-unit building with plans for 6 additional units cash flowing at an amazing 6.5% Cap Rate from day 1 with upside to 9% Cap on Proforma. Preliminary plans to add 6 new units in the garages to achieve a remarkable 11% Current Cap Rate, 13.4% Proforma Cap Rate, and only 179k/door after taking into account all construction costs (~415k assuming $300/SF). 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. Plans for additional units 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. 6 units have been fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the trendy & 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.
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Listed by Julio Ruiz with Global Platinum Properties, Inc. (424) 394-1030
Property Type
Residential Income
Status
Active
MLS Number
26679327
Year Built
1954
Lot Size
6,386 sq ft