Property listed by Avenue Realty Group, Jonathan Rawson 310-433-4293
$1,640,000
9 units located in Historic Pico Union being offered at a below market $182,222 Price Per Unit! This professionally managed 1960's construction asset has a great top-heavy unit mix with (7) 2 Bed/1 Bath, (1) 1 Bed/1 Bath & (1) Single with some parking in the back being rented out… Read More by tenants. The entire building was re-piped to copper plumbing throughout in 2016 with permits pulled. Unit #9, 1 Bed/1 Bath, is new construction as the owner converted tuck-under parking into an ADU (new C of O and permits issued). On-site laundry room has brand new digital pay washer & dryer machines that are Landlord owned with NO laundry leases. EQ retrofit work has been completed, EQ shut off valves have been installed on the gas meters, and the master water heater was recently replaced -- all work done with permits. Separately metered for gas & electricity, and some units are on RUBS for utility reimbursements to help keep operating costs down. In-place 5.12% cap rate and 11.65x GRM on current rents and 2024 actual expenses (+ including new tax rate & assessments based on list price). 75% rental upside remaining to a stabilized 10.86% cap rate and 6.8x GRM. Tenant safety features include a gated & secured perimeter and located just 1/2 mile from both LAFD Station 13 and Olympic Community Police Station. Tenants enjoy being centrally located just blocks from both the 10 and 110 freeway entrance/exits, and just over 1 mile from Downtown LA, LA Live, Crypto.com Arena, and more! Read Less
Listing Snapshot
Days Online
24
Last Updated
Property Type
Other
Beds
15
Square Ft.
4,809
Lot Size
0.15 Acres
Year Built
1961
MLS Number
25505735
30 Days Snapshot Of 90006
$875k
+27%
(avg) sold price
1
-83%
home sold
23
-59%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dishwasher, Microwave, Refrigerator
Building
Built in 1961, Building area total: 4,809, Levels: Two, Living area: 4809, 2 stories, 1 building
Community
Gated
Fireplaces
None
Heating
WallFurnace
Income
Gross income: $140,810, Net operating income: $83,913
Interior Features
CeilingFans
Lot
0.1504 acres, 6,553 square feet, Size: 6,553
Parking
3 totals parking, Assigned
Pool
None
Property
Zoning: LARD1.5
Security Features
GatedCommunity
Spa
None
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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