Property Detail

Description

Huge ~600k Price Reduction! Once in a lifetime 100% Fully Renovated 7-unit apartment building with permits cash flowing at an amazing Current 7.75% Cap Rate and 9.7 GRM from day 1! Fully Approved RTI plans to add 6 detached ADUs to achieve a remarkable 10.8% Cap Rate and 7.2 GRM after taking into account all constructions costs (~566k assuming $250/SF). All 7 units have been completely remodeled from the studs with permits and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, HVAC systems as well as major exterior capital improvements. Diverse unit mix of 4 (1bed/1bath) units, 2 (2bed/1bath) units, and 1 spacious brand-new (3bed/2bath) unit. Additionally, the major systems have been updated including electrical, plumbing, windows, etc. Individually Metered for Gas & Electricity. Large 7,084 SF R3-1 Lot TOC Tier 2 with future development potential. Excellent Westlake location just steps away from the trendy Echo Park, FilipinoTown, DTLA, and Koreatown.