0.49 Acres Lot
0.49 Acres Lot
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25145990
HOA Y/N No
Year Built 1961
Lot Size 0.486 Acres
Property Sub-Type Mixed Use
Property Description
The seller purchased the building in 2019. Since the purchase, the seller has spent over $566,000 on interior and exterior renovations of the property. The Schedule of the Rehab Work is included in this Offering Memorandum. 10 units (38% of the units) have been fully renovated. Many of those rehabs included full plumbing replacement. Two years ago, the seller replaced the main roof and facia boards, painted the building, replaced the entry door and windows to the lobby, renovated the lobby, replaced the main awning over the front staircase, did an asphalt overlay of the front and rear parking lots, renovated the front fence and replaced the street entrance door, installed two new gate motors, which are enclosed in metal cages, relandscaped the front of the building, and replaced both water heaters.
The property is listed at $5,150,000, with pricing indicators of 9.57 GRM, $198,077 per unit, $246.98 per square foot, and a 5.67% Cap Rate. There is an assumable loan of $3,509,315 that is fixed at 5.90%, interest only until February 2028, at which time the loan resets. The Banc of Cal loan is not due until January 1, 2050. The assumable loan provides for good leverage, with a 31.86% down payment at the listed price.
The building has an excellent unit mix consisting of (1) studio, (7) 1bd/1ba, (16) 2bd/1ba, (1) 2bd/2ba and (1) 3bd/2ba unit. The building is 20,852 sq. ft., with an average unit size of 802 sq. ft.
At the listed price, with the loan assumption, the property should provide an approximate 5% cash on cash return from day one. There is approximately 38% rent upside. Based on the market rents, the cash-on-cash return should provide a very substantial double-digit return on market rents.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR3
Interior
Fireplace No
Laundry Common Area
Exterior
Pool Community
Community Features Suburban, Urban, Pool
Private Pool No
Building
Lot Description 26-30 Units/Acre
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5059011002
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
