Description

We are pleased to present a rare opportunity to acquire this nine (9) unit multifamily investment property, formerly operated as a motel. Ideally positioned in the vibrant Exposition Park submarket, the property is just blocks from the University of Southern California and only steps from the Expo/Western Metro Station - making it a prime location for students, commuters, and young professionals alike. Originally built in 1965, this wood-frame and stucco property sits on a raised foundation and offers approximately 2,406 square feet of rentable space on a 4,320-square-foot LAC2-zoned lot (Hotel/Motel use). In 2004, the building underwent a comprehensive renovation, featuring upgraded electrical systems and new copper plumbing throughout - both vertical and horizontal ensuring long-term durability and functionality. In 2018, a 200-amp solar panel system was installed, enhancing energy efficiency and reducing utility costs. The building has been structurally reinforced and upgraded to meet current city codes and regulations. It features an attractive unit mix of eight (8) studio units with kitchenettes and one (1) spacious two-bedroom + one-bathroom unit. The property is fully occupied, generating a strong gross monthly income of $13,676. Priced at a current 8% cap rate and a 9.6x gross rent multiplier (GRM), this asset offers an excellent cash-flow investment opportunity. For the full Executive Summary and Financial Analysis, please contact listing agent.