Description
Maher Commercial Realty is pleased to offer an excellent opportunity to purchase a fully vacant five-unit apartment building with a stabilized GRM of 8.14 and stabilized cap rate of 7.88%. Two units are completely remodeled with modern finishes including hardwood floors and stainless steel appliances. Gated off-street parking and an on-site storage unit is available for each unit.
The property is currently striped with 7 parking spaces, has a separate building that includes four storage closets, and has a charming backyard area that can be enjoyed by all residents. If a new owner wanted to add washer and dryer hookups, and AC Units, they might be able to ask as much as $2,407 per month, the Section 8 maximum for 1 bedroom units. Buyer shall determine for themselves how much rent they can obtain from Section 8.
The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes or potentially more using AB2345 or other affordable city and state laws.
Excellent location in the heart of the South Figueroa Corridor just one block south 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 one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.
Property Features:
- Sale Price: $1,162,500
- Building Size: 2,200 Sq.Ft.
- Lot Size: 6,751 Sq.Ft.
- Zoning: LARD1.5 Toc Tier 3
- Development Potential: 7-8 Small Lot Homes
- Number of Units: 5
- APN: 5019-023-005
