FANTASTIC INVESTMENT with excellent cash flow near Downtown Los Angeles!
This charming updated Craftsman style five-unit property consists of two structures, two-story front building with three units and a detached single story duplex in the back. It's well located on Vernon Avenue near Expo Line and 110 freeway. It provides excellent cash flow with additional 15% upside potential in rents and very low maintenance. Three units (3+2, 2+den+1, 1+1) have been recently remodeled with new kitchens and bathrooms, flooring and stainless steel kitchen appliances. The 3+2 remodeled unit has laundry inside. The property is located in fast growing neighborhood of Downtown Los Angeles Live Hub, USC, public transportation, new metro lines, schools, libraries, hospitals, shopping centers, entertainment and it has easy access to all major freeways. All units are tenant occupied, NO vacancies. Drive by only, offers subject to interior inspection. Please do not disturb the tenants.
HIGHLIGHTS:
• Current GRM: 12
• Current CAP: 6%
• Proforma GRM (At Market Rents): 10
• Proforma CAP (At Market Rents): 8%
• Highly Desirable Rental Area
• Building Size: 3,116sqf
• Lot Size: 5,006sqf Zoned LAR3
• Year Built: 1921
• Numerous Upgrades
• Separately Metered For Gas & Electricity • Gated 2-Car Parking
• Additional 15% Rental Upside
• Prime Location Near Downtown LA & USC
• Close To Shops, Restaurants & Public Transportation
INCOME
Gross Monthly Income: $7,055/Month
• Proforma Gross Monthly Income $8,600/Month
RENT ROLL:
• Unit #1: 3+2 – $2,345 (Remodeled)
• Unit #2: 3+1 – $1,820 (Remodeled)
• Unit #3: 1+1 – $1,200 (Remodeled)
• Unit #4: 1+1 – $803
• Unit #5: 1+1 – $887
TOTAL – $7,055
EXPENSES:
Water & Trash: $250/Month
• Insurance: $155/Month
• Property Taxes: $1,120/Month
Gabriela Manakova
310.699.6946
gabriela@ips-la.com
CalBRE# 01980120