$3,200,000
4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property's twenty units and invested in major capital improvements including a new roof, plumbing upgrades, upgraded electrical, and a bolted foundation reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04%cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis.
Listed by Douglas Steinriede with Dover Management Corp. (818) 843-5200
Property Type
Residential Income
Status
Active
MLS Number
26875237
Year Built
1928
Lot Size
10,855 sq ft
Click to interact with map
1825 Redesdale Ave, Los Angeles
Listed by James Harm with Compass
695 S Norton Ave, Los Angeles
Listed by H. Jason Yang with GAIA
1943 Vista Del Mar, Los Angeles
Listed by Rickird Rey Ramirez with Ally Commercial Real Estate
1151 S Ardmore Ave, Los Angeles
Listed by Daniel Lalezari with Keller Williams Hollywood Hills
4261 Leimert Blvd, Los Angeles
Listed by Stephen Takahashi with Lyon Stahl Investment Real Estate, Inc.
4635 Lexington Ave, Los Angeles
Listed by Eric Cuevas with Bauhaus Group
5433 Harold Way, Los Angeles
Listed by David White with Element RE, Inc
1284 S Cloverdale Ave, Los Angeles
Listed by Ken Dennis with The Collective Realty
