0.31 Acres Lot
0.31 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR26043357
Construction Status Updated/Remodeled,Turnkey
HOA Y/N No
Year Built 1956
Lot Size 0.308 Acres
Property Sub-Type Apartment
Property Description
Complete 2025 "Gut" Renovation with New Certificate of Occupancy: This asset offers a virtually new building experience, having undergone over $2.3 million in comprehensive upgrades. The project was a full gut renovation that included all-new plumbing, electrical systems, a new roof, drywall, paint, flooring, and cabinetry. A new Certificate of Occupancy was issued in 2025, providing investors with a turn-key asset that has minimal immediate capital expenditure requirements.
Strategic "Micro Unit" Model Maximizing Yield: The property is comprised of 47 units designed as high-density micro units, which are noted as being the easiest units to rent in the Los Angeles market. This model serves a critical budget-oriented demographic while achieving an exceptional actual rent of $6.56 per square foot. This high efficiency justifies the price per square foot of the building and positions the asset to outperform traditional studio apartments.
Robust Current Cash Flow and High CAP Rate: Offered at $7,500,000, the property delivers immediate financial performance with a current CAP rate of 7.48% and an 8.13% Cash-on-Cash return. The asset is currently 95% occupied, generating a current Net Operating Income (NOI) of $560,670. This strong initial yield provides a stable foundation for investors seeking immediate, reliable income in a competitive market.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning R3-1
Interior
Interior Features Ceiling Fan(s), Multiple Staircases, Quartz Counters, Wired for Data, Utility Room
Heating Natural Gas, Wall Furnace
Cooling Whole House Fan, Wall/Window Unit(s)
Flooring Laminate
Fireplaces Type None
Fireplace No
Appliance Built-In Range, Gas Range, Gas Water Heater, Microwave, Range Hood, Vented Exhaust Fan, Water Heater
Laundry Common Area
Exterior
Parking Features Assigned, Concrete, On Site, Off Street, Paved
Fence Wrought Iron
Pool None
Community Features Street Lights, Sidewalks, Urban, Gated
Amenities Available Picnic Area
View Y/N Yes
View City Lights, Neighborhood
Accessibility Accessible Hallway(s)
Total Parking Spaces 16
Private Pool No
Building
Lot Description Landscaped, Level, Over 40 Units/Acre, Near Public Transit, Rectangular Lot, Street Level
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled,Turnkey
Others
Senior Community No
Tax ID 5075029009
Security Features Prewired,Closed Circuit Camera(s),Carbon Monoxide Detector(s),Fire Detection System,Firewall(s),Fire Rated Drywall,Gated Community,Resident Manager,Smoke Detector(s),Window Bars
Energy Description 9155.0
Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange
Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange
Special Listing Condition Standard
