Description
A+ locale 2 blocks South of Wilshire & only $325k/door or build the 2 ADUs and the price drops to $252k/door! Priced at nearly LAND VALUE - Compare to recently sold comps 1333 Brockton & 1721 Armacost and acquire this value add asset to your portfolio with over 70% upside in rents. Don't miss this extremely rare & unique 7-unit apartment "compound" comprised of 4 standalone buildings including a triplex with 2-1+1s and a studio unit, a duplex with a remodeled 1+den+1 and gigantic private patio (delivered vacant) and another studio unit upstairs, and 2 freestanding 1+1 bungalows! Seller is finalizing RTI plans for two (2) ADU's (~$ 4300/month add'l income) utilizing the existing 5 vacant garages thereby reducing the build out cost (~$50k/unit to finish)! PROFORMA without 2 ADUs is $154800 GOI, $105935 NOI, 4.32% CAP, or $206400 GOI, $155535 NOI, and approx 5.8% CAP with ADUs! Or, develop into an amazing condo/townhouse project on this 50'x140' [Q]R3-1 corner lot with rear alley access. Centrally located between Brentwood, Westwood, and Santa Monica in a high demand rental area, this exceptional property offers a plethora of possibilities and upside making this the perfect owner/user, developer, or 1031 exchange property. On-site laundry & NO soft story retrofit requirement. Please do not disturb tenants or walk the property.
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6BEDS
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0.16ACRES
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0BATHS
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01/2 BATHS
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3,657SQFT
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$608$/SQFT
School Ratings & Info
Description
A+ locale 2 blocks South of Wilshire & only $325k/door or build the 2 ADUs and the price drops to $252k/door! Priced at nearly LAND VALUE - Compare to recently sold comps 1333 Brockton & 1721 Armacost and acquire this value add asset to your portfolio with over 70% upside in rents. Don't miss this extremely rare & unique 7-unit apartment "compound" comprised of 4 standalone buildings including a triplex with 2-1+1s and a studio unit, a duplex with a remodeled 1+den+1 and gigantic private patio (delivered vacant) and another studio unit upstairs, and 2 freestanding 1+1 bungalows! Seller is finalizing RTI plans for two (2) ADU's (~$ 4300/month add'l income) utilizing the existing 5 vacant garages thereby reducing the build out cost (~$50k/unit to finish)! PROFORMA without 2 ADUs is $154800 GOI, $105935 NOI, 4.32% CAP, or $206400 GOI, $155535 NOI, and approx 5.8% CAP with ADUs! Or, develop into an amazing condo/townhouse project on this 50'x140' [Q]R3-1 corner lot with rear alley access. Centrally located between Brentwood, Westwood, and Santa Monica in a high demand rental area, this exceptional property offers a plethora of possibilities and upside making this the perfect owner/user, developer, or 1031 exchange property. On-site laundry & NO soft story retrofit requirement. Please do not disturb tenants or walk the property.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-06-08T17:38:46.657. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Forss Realty Group. Licensed in the State of California, USA.