Description
Maher Commercial Realty is pleased to present 1163 W. 38th Street, a vacant, three unit well-maintained and pride-of-ownership value-add multifamily building with a fully permitted ADU, in the fast-growing South LA submarket of Los Angeles. The subject building consists of 1 x 3 bed/3 bath unit, 1 x 2 bed/1 bath unit and a fully permitted ADU studio unit. All of the units are delivered furnished and were remodeled and painted in 2023 and include new flooring, kitchens and appliances. Unit One offers separate entrances creating flexible renting options including renting as 1 bed/1 bath units.
The property sits near the corner of W. 38th Street and S. Budlong Avenue on a large 6,209 square foot parcel zoned LAR4. The tenants benefit from a long, gated driveway, nicely landscaped front yard and covered patio between the two detached units. This building has been well-maintained and has good bones.
Excellent location in the heart of the South Figueroa Corridor just two blocks west of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is a half mile northeast of the property. Easy access to the 110 Freeway at W. Martin Luther King Jr. Blvd. brings you to downtown Los Angeles and beyond.
Property Features:
- List Price: $1,499,000
- Building Size: 1,715 Sq.Ft.
- Lot Size: 6,209 Sq.Ft.
- Price Per Sq.Ft. On Land: $241.42
- Price Per Sq.Ft. On Building: $874.05
- Zoning: LAR4
- Number of Units: 2 + ADU
- APN: 5037-014-015
- Pro-Forma Gross Operating Income: $120,600
- Total Expenses: $17,020
- Pro-Forma NOI: $103,580
- Pro-Forma Cap Rate: 6.9%
- Pro-Forma GRM: 12.43
3D Tour #2
