9 units located in Historic Pico Union being offered at a below market $182,222 Price Per Unit! This professionally managed 1960's construction asset has a great top-heavy unit mix with (7) 2 Bed/1 Bath, (1) 1 Bed/1 Bath & (1) Single with some parking in the back being rented out… Read More by tenants. The entire building was re-piped to copper plumbing throughout in 2016 with permits pulled. Unit #9, 1 Bed/1 Bath, is new construction as the owner converted tuck-under parking into an ADU (new C of O and permits issued). On-site laundry room has brand new digital pay washer & dryer machines that are Landlord owned with NO laundry leases. EQ retrofit work has been completed, EQ shut off valves have been installed on the gas meters, and the master water heater was recently replaced -- all work done with permits. Separately metered for gas & electricity, and some units are on RUBS for utility reimbursements to help keep operating costs down. In-place 5.12% cap rate and 11.65x GRM on current rents and 2024 actual expenses (+ including new tax rate & assessments based on list price). 75% rental upside remaining to a stabilized 10.86% cap rate and 6.8x GRM. Tenant safety features include a gated & secured perimeter and located just 1/2 mile from both LAFD Station 13 and Olympic Community Police Station. Tenants enjoy being centrally located just blocks from both the 10 and 110 freeway entrance/exits, and just over 1 mile from Downtown LA, LA Live, Crypto.com Arena, and more! Read Less
Courtesy of Avenue Realty Group 310-433-4293
Listing Snapshot
Days Online
35
Last Updated
Property Type
Other
Beds
15
Square Ft.
4,809
Lot Size
0.15 Acres
Year Built
1961
MLS Number
25505735
30 Days Snapshot Of 90006
$883k
-12%
(avg) sold price
2
0%
homes sold
47
-46%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Dishwasher, Microwave, Refrigerator, Freezer, Range/Oven, Ceiling Fan
Building
4,809 sq ft, Built in 1961, Levels: Two, Attached
Cooling
Ceiling Fan, Air Conditioning
Disclosures
As Is
Fireplaces
None
Garage
Assigned
Heating
Wall
Lot
LotAcreage: 0.1504, LotSizeArea: 6,553
Parking
TotalParking: 3
Pool
PoolYN: False, None
Property
NumberOfUnits: 9, Zoning: LARD1.5
Spa
Has spa, None
Utilities
Central Water Heater
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