2325 S Ridgeley Drive, Los Angeles, California 90016
$1,825,000
- Property Type
- Residential Income
- Bedrooms
- 16
- Bathrooms
- 8
- Square Feet
- 7,152 sqft
- City
- Los Angeles
- Status
- Active
2nd Price Reduction! Large 7,152 SF 8-Unit value-add building cash flowing at a Current 4.5% Cap Rate with a whopping 97% upside to a 11% Cap on Proforma! Attractively priced at only $228k/unit for entirely 2-bedroom units and only $255/SF. Large 9,500 SF lot with plans to add 8 detached ADUs to achieve an incredible 9.7% Current Cap Rate, 14.2% Proforma Cap, $158k/unit, and only $258/SF after taking into account all the construction costs (~715k assuming $250/SF). The exterior of the property has undergone detailed renovations and features on-site parking as well as an updated laundry room. Electricity and gas are individually metered which minimizes operating expenses. Prime Mid-City location just minutes away from Beverly Hills, Culver City, West Adams, as well as many hip neighborhood attractions, restaurants, bars, shops, such as Cento Pasta Bar, The Blending Lab Winery, Tartine Bakery, Farmhouse Kitchen Thai Cuisine, Mu. S Coffee, Cumulus luxury 31-story 1,210 unit mixed-use project, 260 units Habitat Residences campus with retail and creative office, and much more.
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About
Listed by Armin Soleimani with Global Platinum Properties, Inc.
Quick Facts
MLS Property Type
Residential Income
Status
Active
MLS Number
26102592
Year Built
1965
Units
8
Lot Size
9,500 sq ft
Location
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Details
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