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$ 3,500,000
Est. payment | /mo
1 Bed
2 Baths
10,557 Sqft Lot
$ 3,500,000
Est. payment | /mo
1 Bed
2 Baths
10,557 Sqft Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26075542
Bedrooms 1
Lot Size 10,557 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
7.75% In-Place CAP Rate - 11.16% Cash-on-Cash Return! 15-Unit Turnkey Investment with 2 Brand New ADUs & RTI Expansion Plans. Heavily Upgraded Single-Story Spanish Mission Style Apartment. Ideal 1031 Exchange Property. Turnkey 15-unit (10 Renovated Units + 2 brand new ADUs) Single-Story apartment building cash flowing at a whopping 7.75% In-place CAP Rate providing over 11% Cash-on-cash return. The Spanish Mission Style property has been completely upgraded with many significant CapEx such as: brand new gate, new exterior paint, 2 brand new ADUs (Not subject to rent control), new dual pane windows throughout, and new minimal landscaping, 10 out of the 13 units have been completely upgraded with high-end finishes. It offers significant upside to 9.38% Proforma CAP Rate upon the remaining 3 non-upgraded units turnover. Combine this high return + its newer year built + ease of maintenance, this offering is perfect for a 1031 exchange buyer or an experienced investor looking for high cash flow + easy to maintain assets. The main property was built in 1923 and completely renovated with permits in 2023. Major capital improvements completed including new roofs, new electrical, new plumbing, new double pane windows throughout, new exterior paint, new entrance gate, new landscaping, and 10 of the units have been completely upgraded + 2 New ADUs in the back. The building offers efficient unit mix for the area, consisting of ten (10) 1bed+1bath and five (5) Studio units. The property sits on a large 10,554 SF C2 zoned lot and includes RTI plans to convert 2 brand new ADUs into 6 ADUs,
Location
State CA
County Los Angeles
Zoning Assessor
Direction 110 FWY, EXIT SLAUSON GO WEST AND THEN SOUTH ON HOOVER ST.
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 1
Level or Stories 1
Others
Senior Community No
Tax ID 6004031040
Acceptable Financing Cash
Listing Terms Cash
Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10536
Listed by Handoko Chen, DRE#01749321 Growth Investment Group Pasade
Nearby Locations
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