Amazing opportunity to acquire a recently renovated six unit building in South Los Angeles with significant upside on rents. Less than 4 miles to SoFi Stadium and 8 miles from LAX, this centrally located asset provides tenants with easy access to the remainder of Southern California via nearby 110, 105 and 10 freeways. All units are two bedrooms with one bath, presenting a stable and in-demand unit mix that will command increasing rents for the foreseeable future. The property was recently improved with a new roof, new rain gutters, new sewer line cleanout, new electrical panels, and new paint. With below-market rents and nearly 35% in remaining upside to market potential, this property presents a tremendous opportunity to piggyback on the recent renovations and reposition the leases into market rate for an instant jolt of equity. Additionally, there may be an opportunity to maximize the 7,000sf lot by adding an ADU for an additional stream of income and equity addition (buyer to verify). Property is subject to L.A. City Rent Stabilization Ordinance.
Disclaimer: Based on current information and belief. Information has not been verified by Broker. Buyer must independently verify all information.
Sale Type: 1031
Asking Price: $1,650,000 ($399.71/sf)
Building Size: 4,128 sf
Lot Size: 7,000 sf
Year Built: 1957
Proforma NOI: $124,030
Cap Rate: 4.73%
Market Cap Rate: 7.52%
Below-market rents and nearly 35% in remaining upside to market potential
Opportunity to maximize the 7,000sf lot by adding an ADU for an additional stream of income
542 West 76th Street, Los Angeles, California 90044, United States