Property listed by Glaser Property Management Inc., Daniel Glaser 310-367-9946
$2,700,000
Well maintained 12-unit apartment building in a Prime Miracle Mile location North of Wilshire and West of La Brea. Extremely strong rental demand area with strong income producing unit mix including (12) large 1-bedroom/1-bathroom units averaging 766 sqft. Rare opportunity to purchase a Pro Forma 7% cap rate. Four units… Read More will be delivered vacant, providing new ownership the ability to close escrow with 33% of the building vacant. Significant and recent (2025) capital improvements include a brand new main electrical panel, brand new subpanels, brand new electrical wiring, a brand-new roof, new horizontal sewer pipes under building, new 100-gallon water heater, and new sump pumps. Recently passed insurance inspections. Only two units have undergone light upgrades, leaving a sophisticated investor the opportunity to complete more thorough unit level and common area renovations to achieve 20% rental upside. Further opportunities to increase cash flow include implementing Ratio Utility Billing Systems (RUBS), renting out storage closets, and increasing the building's curb appeal and upgrading the building common areas. Almost all units will be eligible for rent increases on 12/1/2026. Building is master metered for gas, tenants pay for trash, and there is no parking. On-site laundry machines are landlord owned. Professionally managed and cared for property. The building offers a rare value add opportunity whereby significant capital improvements have been recently completed and there is still substantial rental upside. Read Less
Listing Snapshot
Days Online
38
Last Updated
Beds
12
Square Ft.
9,196
Lot Size
0.18 Acres
Year Built
1927
MLS Number
26716803
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1927, Living area: 9196.0, 1 building, 2 stories, Levels: Two
Cooling
None
Heating
WallFurnace
Income
Gross Income: $241,792, Net Operating Income: $151,639
Lot
0.1792 acres
Parking
None
Taxes
Parcel Number: 5508009019, Zoning: LAR4
Tenant Pays
Electricity, TrashCollection
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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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