Rehab or Redevelopment Opportunity

Detail

Updated on January 26, 2021 at 10:15 pm

Land Area: 7,000 sq ft
Property Size: 4,872 sq ft
Price: $3,500,000
Year Built: 1933

Description

• 2-story, 10-unit apartment building
• Ideal for rehabilitation or redevelopment
• Just 2 blocks south of Metro Purple Line subway extension at Wilshire Blvd and Federal Ave (under construction)
• Two 2-bedroom units; four 1-bedroom units; four single units (all units have one bathroom)
• Property is in excellent condition
• Parking for 10 vehicles
• Under market rents; fantastic upside potential!
• Prime westside location just north of Santa Monica Blvd and two block east of Barrington Ave
• Adjacent to Brentwood, Westwood and Santa Monica
• Current actual $78,032 net annual income: 2.23% cap rate
• Pro forma $175,902 net annual income (market rates): 5.03% cap rate
• Please do not disturb the tenants; call broker to show