LP.com

14 existing units in prime Mid City LA with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, (1) 3+1 & (1) 1+1, which would turn the building into 16 units and add substantial income all while still having plenty of on-site tenant parking spaces post-ADU completion. There is assumable financing available with the current lender with an interest rate in the high 3%'s to help weather the state of the current debt market. This 1960's construction building has all 2 Bed/1 Bath units and is offered at a low $242,143 per unit, with the opportunity to make it $211,875 per unit post-ADU completion. 11.43 GRM and 5.55% cap rate on current rents post-ADU completion, assuming all rents stay the same. The roofs were replaced in 2017, has copper plumbing, and the EQ retrofitting has been completed. There's 100% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. Existing units and tenants are eligible for rent increases in February of 2024. Separately metered for gas & electricity, brand new main hot water heater, and an on-site laundry room with brand new machines collecting monthly income.