GROSS RENT MULTIPLIER OF 10 BASED ON MARGET RENTS IN AS-IS CONDITION AND 16.4 BASED ON EXISTING RENTS.The property is located on a quiet street in Angelino Heights adjacent to Echo Park and Dodger Stadium.Easy commute to Downtown LA, Hollywood and the Miracle Mile. Close to shopping, restaurants andentertainment. Vintage 60's vibe and design with solid wood cabinets, wall heaters and individual wall A/Cunits. Building is well maintained but retains the original 60's ambiance.The property is subject to the LA Rent Stabilization Ordinance. Which in conjunction with COVIDrestrictions has resulted in rents well below market.The property has been managed by the owner who resides nearby and takes pride in the property. Significant management upside when COVID restrictions expire. Rents are currently below market, however, the moratorium on rental increases is currently expected to expire in January of 2024. Existing Rents average $1,128/mo./unit while Market rents are estimated to be $1,850/ mo. in as-is condition and $2,500/mo./unit if the units are renovated. Gross Income, Expenses, NOI and Cap Rate reflect estimated market rents and expenses in as-is condition. Rent collected in 2021 was $115,387.It may be possible to convert the existing carports, storage room and laundry room into 2 ADU's. Buyer to investigate the feasibility of the conversion.This is a great opportunity for either a first time orexperienced multi-family investor to acquire a fairlypriced, well located property with the potential forsignificant upside in rent and value.Drive by only. Please do not enter the property or otherwise disturbthe tenants.Please submit all offers for consideration by the Seller.
Listing courtesy of Listing Agent: Donald Hinton (don.hinton@dilbeck.com) from Listing Office: Engel & Voelkers La Canada.
Listing sold by Nicholas Fichera from Figure 8 Realty
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
