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$2,495,000
Est. payment /mo
9,196 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 9,196 sqft
Price per Sqft $271
MLS Listing ID CL26716803
HOA Y/N No
Year Built 1927
Lot Size 7,804 Sqft
Acres 0.1792
Property Sub-Type Other
Property Description
Well maintained 12-unit apartment building in a Prime Miracle Mile locationNorth of Wilshire and West of La Brea. Extremely strong rental demand area with strong income producing unit mix including (12) large 1-bedroom/1-bathroom units averaging 766 sqft. Rare opportunity to purchase a Pro Forma High 7% cap rate. Four units will be delivered vacant, providing new ownership the ability toclose escrow with 33% of the building vacant. Significant and recent (2025) capital improvements include a brand new main electrical panel, brand new sub panels, brand new electrical wiring, a brand-new roof, new horizontal sewer pipes under building, new 100-gallon water heater, and new sump pumps. Recently passed insurance inspections. Only two units have undergone light upgrades, leaving a sophisticated investor the opportunity to complete more thorough unit level and common area renovations to achieve 20% rental upside. Further opportunities to increase cash flow include implementing Ratio Utility Billing Systems (RUBS),renting out storage closets, and increasing the building's curb appeal and upgrading the building common areas. Almost all units will be eligible for rent increases on12/1/2026. Building is master metered for gas, tenants pay for trash, and there is no parking. On-site laundry machines are landlord owned. Professionally managed and cared for property. The building offers a rare value add opportunity whereby significant capital improvements have been recently completed and there is still substantial rental upside.
Location
State CA
County Los Angeles
Zoning LAR4
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5508009019
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Listed by Daniel Glaser • Glaser Property Management Inc.
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122