Description

ACTUAL 9.4 GRM / 7.0% CAP RATE! Can Deliver 7 Units Vacant! 701 Crenshaw is located in the highly affluent and desirable Windsor Village/Hancock Park neighborhood in Los Angeles. This oversized apartment offers a tremendous investment opportunity for a first time or experienced investor in the area. This 2-story building was built in 1939 with a total size of 6,789 SF, and consists of large units that have been split into (4) 2/1 units and (4) studios plus a separate (1) studio owner’s unit above the garage. 7 out of the 9 current units have been lightly remodeled and can be delivered vacant at close of escrow, or kept as midterm rentals. There are 6 rear garage + 2 onsite parking spaces, and there is an opportunity to convert the garages into an ADU as an additional rental unit. Recent upgrades include updated electrical in progress. On a big 7,499 SF lot zoned LA-R3, the property is directly next to the Metro lot with future development plans underway. Prime Location in Hancock Park near Koreatown, Miracle Mile, Mid-Wilshire, Beverly Hills, Grove, & Downtown LA ... Incredible opportunity to capitalize on the upcoming World Cup and Olympics!