Rare opportunity to acquire a large fourplex with substantial rental upside in a highly central Los Angeles location with potential Development Opportunity. The property consists of four spacious 2-bedroom, 1-bathroom units totaling approximately 5,276 square feet on a 9,602-square-foot lot. Two units have recently been extensively renovated and leased at… Read More market rents, while the remaining two units are approximately 90% below their potential market rents, creating significant future income upside. The property is currenlty operating at 5.1% CAP with proforma CAP rate of 7.4%. The renovated residences feature updated kitchens and bathrooms, new flooring, stainless steel appliances, in-unit laundry and bright, oversized living spaces while preserving the property's classic architectural details. Each unit averages approximately 1,300 square feet, providing unusually spacious floor plans for the area. The property further benefits from 8 garage parking spaces, separate gas and electric meters, and a large lot. An excellent opportunity for an investor seeking a combination of strong in-place income, proven market rents and substantial remaining value-add potential in one of Los Angeles' most centrally located rental markets. Development Opportunity: Situated on an approximately 9,602 SF LAR3-zoned lot, the property offers significant future redevelopment potential. Based on the underlying R3 density of one dwelling unit per 800 SF of lot area, the site may accommodate approximately 12 units before applicable density bonuses and housing incentives. The property may also benefit from additional density, FAR, height and parking incentives available through City and State affordable-housing programs. Read Less
Courtesy of LA Premier Realty 855-525-7653
Listing Snapshot
Days Online
12
Last Updated
Property Type
Other
Beds
8
Square Ft.
5,276
Lot Size
0.22 Acres
Year Built
1922
MLS Number
BB26204733MR
Additional Details
Building
5,276 sq ft, Built in 1922, Detached/No Common Walls
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