Property listed by CB Richard Ellis, Inc., James Keady
$1,650,000
PRIVATE PROPERTY. DO NOT DISTURB TENANTS. Tours by appointment only. Contact James Keady at 310 550 2615 or [email protected] for more information. CBRE is excited to present a unique investment opportunity to acquire a 10-unit multifamily property at 944 South Park View Street in the vibrant MacArthur Park neighborhood of… Read More Los Angeles. This historic building, constructed in 1909, offers a total living space of 10,598 SF on a 6,801 SF lot, and is situated in a historic neighborhood with excellent views of the Downtown Los Angeles skyline. PRIME INVESTMENT OPPORTUNITY: This property stands out with its THREE VACANT UNITS, presenting an exceptional chance for investors to acquire a value-add asset at an excellent cost basis. The vacancies include: One rent-ready one-bedroom unit: Ready for immediate leasing at current market rates. Two two-bedroom units: Vacant and in need of renovation, offering the perfect opportunity for investors to customize interiors to their liking and attract tenants of their choosing. Additionally, there is still 44% RENTAL UPSIDE available to a new owner as tenants turnover, even with the three vacancies leased at market rents. With a strong scheduled CAP rate of 6.13% and a very attractive pro-forma CAP rate of 10.29%, positive leverage may be available to qualified borrowers, making this an ideal investment for those looking to maximize returns. PROPERTY HIGHLIGHTS: Location: Just outside Downtown Los Angeles, providing easy access to major employment centers and lifestyle attractions. Accessibility: Close to freeways I-10, I-110, and I-101, connecting residents to Century City, Culver City, West Los Angeles, Hollywood, the San Fernando Valley, and the South Bay. Unit Mix: Four spacious two-bedroom, one-bathroom units and six spacious one-bedroom, one-bathroom units, offering versatility for potential tenants. Interior Features: Excellent interior lighting, large kitchens, dining rooms, bedrooms, and living rooms. Investment Potential: New apartment construction nearby indicates strong future prospects for local real estate investments. The property presents value-add opportunities through renovation, with three vacant units ready for immediate leasing at current market rates. Read Less
Listing Snapshot
Days Online
7
Last Updated
Property Type
Other
Beds
14
Square Ft.
10,598
Lot Size
0.16 Acres
Year Built
1909
MLS Number
25490129
30 Days Snapshot Of 90006
$906k
+34%
(avg) sold price
4
+100%
homes sold
142
+158%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1909, Building area total: 10,598, Levels: One, Living area: 10598, 1 story, 1 building, Architectural style: Craftsman
Cooling
WallWindowUnits
Floors
Carpet, Wood
Heating
WallFurnace
Income
Gross income: $177,479, Net operating income: $101,160
Lot
0.1561 acres, 6,801 square feet, Size: 6,801
Parking
None
Property
Zoning: LAR4, CityLights
Tenant Pays
Electricity, Gas
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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