Property Detail

Description

We are proud to present 4701 & 4709 S Figueroa St (MUST BE SOLD TOGETHER, $1.995M asking price), an 11-unit multifamily community, offered at an 8.15 GRM and an 8.29% CAP Rate on current rents. Offered with an attractive, in-place high yield on a fully occupied property, this opportunity consists of an adjacent 3-unit and 8-unit property with two separate parcels, allowing for multiple exit strategies for the next owner, including but not limited to, acquiring both properties together, selling the 3-unit separately for a premium and further reducing your cost basis on the 8-unit property and continuing to drive returns. Collectively, the 11 units offer a total of +/-7,375 rentable square feet with a unit mix of (2)3BD+1BA, (1)2BD+2BA, (2)2BD+1BA and (6)1BD+1BA units which sit on a combined +/-16,218 square foot LAC2 zoned double corner lot with a total of +/- 13 uncovered onsite parking spaces which can continue to serve as parking and/or for future ADU(s). The 3-unit consists of two separate, single-story structures built in 1919 totaling 2,911 retable square feet with the (2)3BD+1BA and (1)2BD+2BA units whereas the 8-unit property consists of a single, two-story structure built in 1926 with 4,464 rentable square feet with the (2)2BD+1BA and (6)1BD+1BA units. As a long-term development site, but utilizing TOC, one can potentially develop up to 66 units, however, there is the ability to utilize the 100% affordable ED1 development standards and achieve 80-90 units on-site. PROPERTIES MUST BE SOLD TOGETHER WITH A COMBINED ASKING PRICE OF $1.995M.