Description

We are pleased to announce the opportunity to purchase 19 multifamily units at 8419 and 8425 S. Western Avenue located in the Manchester Square neighborhood of South Los Angeles. With 15 out of 17 original units renovated and two new ADUs, this opportunity will not require any heavy lifting and as most of the work has already been completed. With the overwhelming need for affordable housing in the area, investors can realize an additional 25% upside as units turn over and can maximize on the increasing payments standards from HACLA and Section 8. This opportunity also offers an assumable loan of $2,422,000 with extremely attractive terms that will allow an investor to yield over an 8% cash-on-cash return. Built in 1959 and 1960, the two adjacent properties are comprised of two-story structures that include a unit mix of sixteen 1bed/1bath units and three 2bed/1bath units. Of these units, two of the 1bed/1bath are newer ADUs with split system HVAC. The properties provide tenants with twelve parking spaces that include a combination of tuck-under and open spaces at the rear and 84th Place side of the property. There is no landscaping, and all units are individually metered for gas and electricity. Seismic retrofitting has already been completed and 8425 S. Western has received electrical upgrades. Plumbing upgrades have been completed as units have been renovated. Located east of Western and north of Manchester, 8419 and 8425 S Western is located on one of the main thoroughfares in the city of Los Angeles. Residents of this property are within a short distance to multiple bus stops located on Manchester and St. Andrews Recreation Center. This opportunity is located 2 miles east, or an 8-minute car drive, from The Forum, Sofi Stadium, YouTube Theater, Hollywood Park Casino, and many more restaurants, retail, and places of business located in Inglewood between Century Blvd and Manchester. The property is within a short distance to the 110 Freeway allowing tenants who are commuters with ease of access throughout the city of Los Angeles.