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$5,495,000
Est. payment /mo
12,628 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,628 sqft
Price per Sqft $435
MLS Listing ID CL25553225
HOA Y/N No
Year Built 1961
Lot Size 0.329 Acres
Acres 0.33
Property Sub-Type Other
Property Description
Price Reduction! Well maintained 17-unit building in prime Hancock Park/Larchmont Village area cash flowing at an amazing Current Cap Rate of 5.3% from day 1 with upside to 7.5% Cap Rate on Proforma. Approved RTI plans to add 4 detached ADUs to achieve a remarkable 7% Current Cap Rate, 9.2% Proforma Cap Rate, and only 277k/door after taking into account all constructions costs (~340k assuming $250/SF). Large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 9 (1bed/1bath) units including 3 newly-built attached ADUs. Select units have been renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior capital improvements. Amenities include a renovated pool and courtyard with seating areas, on-site laundry facilities, secure entry, and parking for convenience. Individually metered for gas & electricity with soft-story retrofit already completed. Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential. Located in the heart of Hancock Park just minutes away from Larchmont Village, Koreatown, Hollywood, and Melrose as well as many hip neighborhood attractions, restaurants, bars, and shops such as Wilshire Country Club, Paramount Studios, H Mart, Levain Bakery, Salt & Stra
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Heating Electric
Fireplace No
Building
New Construction No
Others
Tax ID 5517004011
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Listed by Armin Soleimani • Global Platinum Properties, Inc.
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