Description

Casas on Cordova Street in Los Angeles is a prime mid-city investment opportunity featuring 47 updated units with a 2025 Certificate of Occupancy. Renovations in 2023 included over $2.3 million in upgrades, resulting in essentially a brand-new building. The property offers a turn-key experience with all-new plumbing, electrical systems, roof, drywall, paint, flooring, and cabinetry. With a current occupancy of 95%, the asset boasts a solid financial performance, including a current NOI of $560,670 and a CAP rate of 7.48%. The investment pro forma predicts even stronger returns, with a CAP rate of 7.86% and a cash on cash return of 9.42%. Located in a bustling neighborhood with estimated 2026 median household incomes exceeding $53,000 within a 1-mile radius, this property presents an excellent opportunity for investors seeking a stable and profitable asset in a desirable location. 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.