Description
Maher Commercial Realty is proud to announce the sale of 1110 S. Sierra Bonita Avenue, a six unit multi-family building located in the prime Mid-Wilshire area of Los Angeles. Unit mix consists of six 1 bed / 1 bath and a large detached four car garage that can be converted into a one or two bedroom ADU. Only half a mile from retail and restaurants along S Fairfax Ave and one mile from the Mid-town Shopping Center.
The property suffered from a large amount of deferred maintenance and low rents.
The Buyer purchased this property in an “all cash” transaction with no contingencies and a five day close of escrow. Maher Commercial Realty represented both Buyer and Seller.
Property Overview
Only $361 per foot, $266K/door, with a true 8.3% pro forma cap rate- this is the BEST value add deal in this market!
Six unit multi-family building located in prime Mid-Wilshire of Los Angeles. The subject site is a major value-add site with approximately 110% upside in rent. Pro Forma cap rate is 8.3%! The unit mix consists of six 1bed / 1 bath and a large detached four car garage (currently not used as parking by any tenants) that can be converted into a one or two bedroom ADU. The units are large at approximately 760 square feet each. Only half a mile from retail and restaurants along S. Fairfax Avenue and one mile from the Mid-Town Shopping Center. Great location close to retail on both La Cienega Blvd. and La Brea Ave. Just 1.1 miles from the Los Angeles County Museum of Art.
Only half a mile from retail and restaurants along S. Fairfax Avenue and one mile from the Mid-Town Shopping Center. Great location close to retail on both La Cienega Blvd. and La Brea Ave. Just 1.1 miles from the Los Angeles County Museum of Art.
Property Features
CAP Rate: 3.4%
Pro-Forma Cap Rate: 8.3%
GRM: 17.66
NOI: $52,753
Lot Size: 5,208 SF
Building Size: 4,420 SF
Price Per Sq. Ft.: $361
Total Units: 6
Price Per Unit: $266,666
Total Bedrooms: 6
Total Bathrooms: 6
Unit Type: 1 Bed, 1 Bath
Parking: 4 Car Garage (currently not used as parking by any tenants)
Zoning: LAR3
