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Listed by Logan Altman, DRE #01965826 • Altman Apartments LLC
$ 3,000,000
Est. payment | /mo
6,253 Sqft Lot
$ 3,000,000
Est. payment | /mo
6,253 Sqft Lot
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSR26039501
Style Spanish
Year Built 1925
Lot Size 6,253 Sqft
Source California Regional MLS
Property Description
Investment Highlights . Comprehensive 2024 Gut Renovation with New COFO: The entire building was gut renovated, resulting in a new Certificate of Occupancy issued in 2024. Over $1.2 million in capital improvements were completed, including all-new plumbing, electrical systems, drywall, paint, flooring, and cabinetry. This turnkey status provides investors with a high-quality asset and minimal immediate maintenance requirements. . Proven Micro-Unit Model with Strong Rental Yield: The building features 23 units comprised primarily of micro-units (87% studios) designed to serve budget-oriented residents in Los Angeles. This high-efficiency model yields an impressive rent of $5.28 per square foot, justifying the property's valuation through proven rental demand for smaller, affordable living spaces. . Immediate Financial Performance and High Returns: At an asking price of $3,000,000, the property offers a current CAP rate of 6.62% and a 5.29% Cash-on-Cash return, with substantial mark-to-market upside as legacy leases are brought to the property's own recently-achieved renovated rents. . Substantial Built-In Revenue Upside: There is significant potential for growth, with the pro forma CAP rate projected at 8.19% and a Cash-on-Cash return of 10.52%. Financial projections show t
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Rooms
Kitchen Oven Range - Gas, Refrigerator, Oven - Gas
Interior
Heating Gas, Wall Furnace
Cooling None
Flooring Laminate
Laundry Laundry Area, Community Facility
Exterior
Parking Features No Parking
Pool 31, None
View Hills, Local/Neighborhood
Roof Type Flat / Low Pitch
Building
Lot Description Grade - Level
Water District - Public
Architectural Style Spanish
Others
Tax ID 5128009006
Special Listing Condition Not Applicable
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