Property Detail
Description
Huge 450k Price Reduction! Value-Add 10-unit building with 4 fully renovated units with permits (100% occupied) in the historic Filipino Town priced at only $195k/door and $298/SF. Amazing Current Cap Rate of 6.4% and 11 GRM with an incredible 88% upside to 14% Cap Rate and 5.9 GRM on proforma. Plus, there are Fully Approved RTI plans to add 2 attached ADUs to improve the numbers to only 162k/unit, 9.4% Cap Rate, and 8 GRM on Current with upside to 17% Cap Rate and 4.9 GRM on Proforma after ADUs. All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single Car Garages for additional income and ADU potential. RTI plans to add 2 Attached ADUs in the garages will eliminate/reduce the soft-story scope of work and cost. Easy to rent unit mix consisting of 10 large (1 bed/1 bath) units. 4 units have been fully remodeled with permits and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the heart of LA just minutes away from Echo Park, Silverlake, DTLA as well as many hip neighborhood attractions, restaurants, bars, and shops such as Brooklyn Bagel Bakery, Boba Guys - Rideback Ranch, HiFi Kitchen, and Laveta Coffee, popping up all around the area.
Map Location
Listing provided courtesy of Armin Soleimani of Global Platinum Properties, Inc.. Last updated 2024-04-29 08:12:00.000000. Listing information © 2024 CRMLS.
Address
930 Prospect St. La Jolla CA 92037
Coldwell Banker Realty, CalBRE# 00616212
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