See all 29 photos
29 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your advisor will contact you to discuss available opportunities.
In-PersonVirtual Tour
$7,400,000
Est. payment /mo
13,424 SqFt
UPDATED:
01/23/2025 09:29 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 13,424 sqft
Price per Sqft $551
MLS Listing ID CL25481645
HOA Y/N No
Year Built 1963
Lot Size 0.345 Acres
Acres 0.35
Property Sub-Type Other
Property Description
These 22 apartment units are an incredible investment opportunity cash flowing at a remarkable Current Cap Rate of 5.5% and 12.9 GRM from day one. Priced attractively at only $336k/door for fully renovated units, this property offers a significant upside potential to achieve an impressive 6.8% Cap Rate and 10.9 GRM on the proforma. Notably, there are Preliminary Plans for 8 Detached ADUs over the open parking lot in the back that offer exceptional future upside potential. This is a rare and excellent opportunity to acquire a turnkey apartment building with value-add potential in one of LA's hottest neighborhoods, Highland Park. The property features 14 fully renovated units with permits consisting of 8 units and 4 brand-new attached ADUs. Additionally, the parking soft-story retrofit has already been completed and all units are individually metered for gas and electricity, ensuring maximum efficiency in operation costs. The property features a diverse unit mix of 2 (2 bed/2 bath), 2 (2 bed/1 bath), and 18 (1 bed/1 bath) units. 14 units have been completely renovated with permits (1 vacant) and boast a high-end aesthetic with new modern cabinets, flooring, recessed lighting, new bathrooms, stainless steel appliances, as well as major exterior capital improvements. The property is
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Building
New Construction No
Others
Tax ID 5474028013
Read Less Info
© 2025 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Armin Soleimani • Global Platinum Properties, Inc.