Description
We are pleased to present a 5-unit (4 units + Single Family Home) property located in West LA for only $1,595,000 with 3 of 5 units NOT subject to rent control and 2 units delivered VACANT! This opportunity is located one block north of Santa Monica Blvd, just west of the 405, and in very close proximity to Sawtelle Blvd, one of the trendiest corridors in Los Angeles with numerous iconic Sawtelle Japantown restaurants including Mizu 212, Sushi Tsujita, Wine Kitchen House, Hermanito, Donting Noodle, and Tempura House. The building currently operates at a 5.57% CAP on current rents (assuming market rents for the vacant units), with rental upside potential to a 6.25% CAP on pro-forma rents. The property consists of two separate structures, with a two-story four unit in the front and a single-story house in the rear, built in 1940, along with 7 onsite gated parking spaces. The unit mix consists of 4 studios (2 extra-large) and 1 two-bedroom two bath unit (situated in the rear freestanding house). 3 out of 5 units are NON-RENT CONTROL, as they are subject to a luxury exemption, which includes the two-bedroom two bath unit. This offering is well positioned for a local operator looking to increase their holdings and continue driving returns within a highly coveted and proven submarket.
Features
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