Property listed by Dover Management Corp., Douglas Steinriede 818-843-5200
$3,200,000
4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property's twenty units and invested in major capital improvements including a new roof, plumbing upgrades, upgraded electrical, and… Read More a bolted foundation reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04%cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis. Read Less
Listing Snapshot
Days Online
43
Last Updated
Beds
4
3/4 Baths
20
Square Ft.
12,580
Lot Size
0.25 Acres
Year Built
1928
MLS Number
26875237
Additional Details
Building
Built in 1928, Living area: 12580.0, 1 building, Levels: Two
Heating
Baseboard
Income
Gross Income: $348,780, Net Operating Income: $193,241
Interior Features
CeilingFans
Lot
0.2492 acres
Parking
6 total parking spaces
Taxes
Parcel Number: 5539009002, Zoning: LARD1.5
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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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