Amazing opportunity to acquire a recently upgraded and stabilized five unit building in South Los Angeles, with still additional upside remaining on rents. Spanning two structures on a huge corner lot, this property is comprised of two 3-bed units, three 2-bed units, as well as three attached garages. Ideally situated across the street from the Algin Sutton Recreation Center, a serene park, this property presents a stable unit mix and in-demand location that will command rising rents for the foreseeable future. Located in a Tier 1 Transit Oriented Community and less than 3 miles to SoFi Stadium, 6 miles to the Crypto.com Arena, 7 miles to LAX, and 8 miles to Dodger Stadium, this centrally located asset provides tenants with easy commute and access to the whole of Southern California via nearby 110, 105 and 10 freeways. Recently upgraded, each apartment has a newer kitchen with newer cabinets and granite countertops, newer bathroom with white-stone, as well as durable and hypoallergenic ceramic flooring. Additional improvements include newer composition roofs, copper plumbing, gas lines, abs drainage, sewer lines, electrical sub panel and main box upgrades, LED lighting fixtures throughout interior and exterior, and tankless water heaters for all units. With room to run remaining, this property presents a tremendous opportunity to piggyback on the recent renovations to capture market rate leases and maximize return. Additionally, there may be an opportunity to further maximize investment by adding an ADU for an additional stream of income and equity addition (buyer to verify).
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: $1,699,000 ($453.55/sf)
Building Size: 3,746sf
Lot Size: 5,864 sf
Year Built: 1923
Proforma NOI: $125,528
Cap Rate: 5.73%
Market Cap Rate: 7.17%
Ideally situated across the street from the Algin Sutton Recreation Center
Further maximize investment by adding an ADU for an additional stream of income
711 West 90th Street, Los Angeles, California 90044, United States