Price Reduction! Well-maintained 14-unit 11,555 SF building cash flowing at an amazing Current Cap Rate of 5.23% and 13 GRM from day 1 with an incredible 66% upside to 10% Cap Rate and 7.8 GRM on proforma in prime Hancock Park/Larchmont Village area. Attractively priced at only 275k/door and 333/SF with an excellent and large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 6 (1bed/1bath) units. Nearly RTI plans to add 3 attached ADUs in the garages to improve the numbers to only 226k/door, 7.1% Cap Rate, and 10.2 GRM on Current with upside to 11.9% Cap Rate and 6.7 GRM on proforma after building the ADUs. 2 of the units have been completely renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior capital improvements. Amenities include a renovated pool and courtyard with seating areas, on-site laundry facilities, secure entry, and 13 covered parking spaces for convenience. Individually metered for gas & electricity with soft-story retrofit already completed. Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential. Located in the heart of Hancock Park just minutes away from Larchmont Village, Koreatown, Hollywood, and Melrose as well as many hip neighborhood attractions, restaurants, bars, and shops such as Wilshire Country Club, Paramount Studios, H Mart, Levain Bakery, Salt & Straw, and Great White, popping up all around the area.
|
DAYS ON MARKET
|
57
|
LAST UPDATED
|
3/6/2024
|
|
YEAR BUILT
|
1961
|
COMMUNITY
|
Hancock Park-Wilshire
|
|
COUNTY
|
Los Angeles
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STATUS
|
Active
|
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PROPERTY TYPE(S)
|
Residential Income
|
|
|
| APPLIANCES |
Refrigerator |
| AREA |
Hancock Park-Wilshire |
| BUYER'S BROKERAGE COMPENSATION |
2.500 % |
| GARAGE |
Attached Carport, Yes |
| HEAT |
Wall Furnace |
| INTERIOR |
Ceiling Fan(s) |
| LOT |
0.33 acre(s) |
| PARKING |
Attached Carport |
| STORIES |
2 |
| ZONING |
LAR3 |
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Listed with Global Platinum Properties, Inc.
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Based on information from California Regional Multiple Listing Service, Inc. as of 5/2/24 1:18 AM PDT 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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