Description

PRICED TO SELL - 9.3 GRM and 6.6% CAP against in place rents with upside to an 8.2 GRM and 8.0% CAP. 12 units in Los Angeles subject to City of LA Rent Control (RSO). 10 of 12 units have been heavily updated with new kitchens, baths, flooring, etc. Only units 4 & 12 remain to be updated. The electrical and plumbing for those 10 units have been updated as well - Buyer to verify. Previous owner spent over $700K on rehab. The parking has also received the City of LA mandatory retrofit. The property features 17 onsite parking spaces (6 tandem spaces and 5 single spaces) which is a huge value add for this apartment dense location with impacted parking. The property has an excellent unit mix of 1, 2 and 3 bedroom units and an onsite laundry room. Section 8 is a big housing provider in this area and will pay up to $2,490 per month for a 2 bedroom unit. There is a ton of redevelopment within 1 mile of the property. The Baldwin Hills Crenshaw Plaza and 5035 Coliseum Street mixed-use projects are in development, representing an estimated $1.5 billion in investment. These developments will deliver nearly 1,800 new residential units, a Costco, a 400-room hotel, expanded retail, office space, restaurants, and new public gathering areas, fundamentally reshaping the Baldwin Hills/Crenshaw corridor. Excellent lender financing available for qualified Buyers - 30% down, 6.1% fixed for 5 years, Interest Only.