Description

Stunning late 1930's architecture with 12 existing units + full RTI's and permits from the city to immediately begin building (2) 3 Bed/2 Bath ADU's in the back above the garages to make it 14 units, which will allow the Buyer to capture immediate rental upside. Once completed, the ADU's will take the unit count to 14, add more rentable square footage to the property, and generate substantial additional cash flow. 10.99 GRM & 6.32% cap rate once ADU's are completed/rented, and assuming all other currently occupied units/rents stay the same. Approximately 35% rental upside excluding ADU additions, and roughly 80% rental upside when including the ADU additions. The building sits on a large lot, and has a great in-place unit mix with (5) 1 Bed/1 Bath, (4) 2 Bed/1 Bath, (2) 3 Bed/1 Bath and (1) 3 Bed/2 Bath units. Tenants enjoy the perks of a doorbird entry system for secure entry & tenant safety, and 12 on-site & gated parking spaces in the back. On-site laundry room for tenant convenience and additional monthly income. The property is located in the sought-after Adams Corridor with easy access to all of the recent retail & restaurant developments. Tenants can enjoy being blocks away to eat at the new popular restaurants in West Adams , such as: Johnny's Pastrami, Tartine West Adams, Cento Pasta Bar, MIAN West Adams, and much more! This location is a minute drive away to the nearest entrance/exit for the 10 Freeway, and 1 mile from the Expo/Crenshaw Station, which allows tenants quick & easy access to get around while being centrally located in the heart of Los Angeles!