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$ 1,850,000
Est. payment | /mo
16 Baths
8,062 SqFt
$ 1,850,000
Est. payment | /mo
16 Baths
8,062 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,062 sqft
Price per Sqft $229
MLS Listing ID 26653611
HOA Y/N No
Year Built 1911
Lot Size 6,799 Sqft
Property Description
RENTAL INCOME: $187,968.00 per year / $15,664.00 per month. Excellent opportunity to acquire a 16-unit apartment building in the West Adams district of Los Angeles by USC at a $115,625.00 cost per unit and $229.47 cost per square foot. This 8,062 sq. ft. building resides on a 6,801 sq. ft. corner lot which consists of 16 very large studios each with their own separate kitchen area. The property is located one block south of the 10 Freeway on an excellent and quiet stretch of Budlong Ave. at 24th St. and surrounded by single family homes and smaller apartment buildings. The property retains an excellent on-site manager making this a low maintenance asset for savvy investors. The building is well maintained and all units are individually metered for gas and electric with onsite laundry that brings in approximately $425.00 of additional monthly income. This "bread and butter" building has tremendous upside potential and is perfect for the investor looking to add more units in a great area to their portfolio and an excellent opportunity for a 1031 exchange buyer. Potential future student housing. Positioned in the northwest area of the 90007 zip code, 1.8 miles from USC, 2.5 miles from The Crypto.com Arena. CURRENT CAP RATE 6.04 % / CURRENT GRM 9.8 PRO FORMA CAP RATE 11.49 % / PRO FORMA GRM 6.4
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR2
Interior
Heating Floor Furnace
Fireplace No
Appliance Dishwasher, Refrigerator
Laundry Common Area
Exterior
Parking Features None
Building
Lot Description Corners Marked
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5054018012
Security Features Resident Manager
Special Listing Condition Standard
Listed by Billy Rojas Ashby & Graff #01395544
Nearby Locations