Description
Two tenants have verbally agreed to cash for keys. Potential possibility to vacate more units, too. Charming fourplex located on a large 7,502 square foot C2 TOC Tier 3 parcel in Vermont Square. This is a rare opportunity to purchase a property that makes sense both as an existing building at a 5% cap rate, and as a development site allowing for 32 units + 9 ADU’s using the TOC menu; or, 55 units as a 100% affordable project.
As a development site, the C2 zoning with the TOC Tier 3 incentives allow a developer to build approximately 32 units and eight ADU’s, totaling 40 units, making this asking price $27,500/buildable door- an impressive metric. A developer can also pursue a 100% affordable project (no market rate units) and likely build 55 units on this property.
As an existing building, the property exudes charm and character. This two-story 1922-built structure has an attractive unit count with three 2-bedroom units, and one 1-bedroom unit with an average unit size of 856 square feet. There are six parking spaces and ample open-space common area. At the current asking price, the property is an attractive 5% cap rate, but has approximately 39% upside in income.
Property Features:
- Purchase Price: $1,100,000
- Price/Unit: $275,000
- Number of Units: 4
- Cap Rate: 5%
- Number of 1 Bed/1 Bath: 1
- Number of 2 Bed/1 Bath: 3
- Building Size: ±3,430 Sq. Ft.
- Land Area: ±7,503 Sq. Ft.
- Zoning: LAC2, TOC: Tier 3
- Parking: 6 Spaces
- Year Built: 1922
- Development Potential: 32 Units
Property Highlights:
- Two-story fourplex located on a large 7,503 square foot C2 TOC Tier 3 Zoned parcel
- Potential development site allowing for 32 units + 9 ADU’s using the TOC menu; or, 55 units as a 100% affordable project
- The C2 zoning with the TOC Tier 3 incentives allow a developer to build approximately 32 units and eight ADU’s, totaling 40 units, making this asking price $27,500/buildable door
- A developer can also pursue a 100% affordable project (no market rate units) and likely build 55 units on this property
- Attractive 5% cap rate, but has approximately 39% upside in income
- Three 2-bedroom units, and one 1-bedroom unit with an average size of 857 square feet
- Six parking spaces and ample open-space common area
- Minutes from USC, the LA Memorial Coliseum, and the Natural History Museum of Los Angeles
