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$ 1,949,500
Est. payment | /mo
7 Beds
0.47 Acres Lot
$ 1,949,500
Est. payment | /mo
7 Beds
0.47 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25057071
Bedrooms 7
HOA Y/N No
Lot Size 0.472 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
Dont miss this very interesting one-of-a-kind opportunity in the 90037 area code. This 20,539 sq. ft. R3-zoned, street to alley multifamily lot has huge upside potential. Super low rents with approximately 50% upside. An astute investor can purchase the property for income now with the potential to build new units down the road. 8.15 GRM at Market Rents and close to a 9% CAP Rate at Market Rents. In the Tier-3 TOC with zoning allowing for the potential construction of a three-story, 25-unit building Prior to developing, buyers can take advantage of the desirability of owning and remodeling a much sought after property featuring bungalow units (which tenants are often willing to pay a premium rent). Residents benefit from the propertys prime location with easy access to public transportation and major freeways, commuting to Downtown Los Angeles and located within 1 mile of the U.S.C. campus. Property consists of 8 separate single-story buildings on a 20,539 sq. ft. street to alley R3 Lot. The 20,539 sq. ft. includes an approximately 5,000 sq. ft. parking area in the back (off of the alley), on which a buyer could possibly consider building ADU's. Tenants' benefit from a gated entrance front and rear There are three large 2-bedroom units (each approximately 1,000 sq. ft.) and eight 1-bedroom units (each approximately 659 sq. ft.). Separately metered for gas and electricity Rents are super low. Even better for Investors is the fact that three of the 1-bedroom units will be delivered vacant (all in need of work) at the close of escrow. Each tenant has one allocated spot in the
Dont miss this very interesting one-of-a-kind opportunity in the 90037 area code. This 20,539 sq. ft. R3-zoned, street to alley multifamily lot has huge upside potential. Super low rents with approximately 50% upside. An astute investor can purchase the property for income now with the potential to build new units down the road. 8.15 GRM at Market Rents and close to a 9% CAP Rate at Market Rents. In the Tier-3 TOC with zoning allowing for the potential construction of a three-story, 25-unit building Prior to developing, buyers can take advantage of the desirability of owning and remodeling a much sought after property featuring bungalow units (which tenants are often willing to pay a premium rent). Residents benefit from the propertys prime location with easy access to public transportation and major freeways, commuting to Downtown Los Angeles and located within 1 mile of the U.S.C. campus. Property consists of 8 separate single-story buildings on a 20,539 sq. ft. street to alley R3 Lot. The 20,539 sq. ft. includes an approximately 5,000 sq. ft. parking area in the back (off of the alley), on which a buyer could possibly consider building ADU's. Tenants' benefit from a gated entrance front and rear There are three large 2-bedroom units (each approximately 1,000 sq. ft.) and eight 1-bedroom units (each approximately 659 sq. ft.). Separately metered for gas and electricity Rents are super low. Even better for Investors is the fact that three of the 1-bedroom units will be delivered vacant (all in need of work) at the close of escrow. Each tenant has one allocated spot in the 50 by 100 gated parking lot in the back of the property. building presents an exciting opportunity to increase rents and add value. Located less than one block from Manual Arts High School.
Dont miss this very interesting one-of-a-kind opportunity in the 90037 area code. This 20,539 sq. ft. R3-zoned, street to alley multifamily lot has huge upside potential. Super low rents with approximately 50% upside. An astute investor can purchase the property for income now with the potential to build new units down the road. 8.15 GRM at Market Rents and close to a 9% CAP Rate at Market Rents. In the Tier-3 TOC with zoning allowing for the potential construction of a three-story, 25-unit building Prior to developing, buyers can take advantage of the desirability of owning and remodeling a much sought after property featuring bungalow units (which tenants are often willing to pay a premium rent). Residents benefit from the propertys prime location with easy access to public transportation and major freeways, commuting to Downtown Los Angeles and located within 1 mile of the U.S.C. campus. Property consists of 8 separate single-story buildings on a 20,539 sq. ft. street to alley R3 Lot. The 20,539 sq. ft. includes an approximately 5,000 sq. ft. parking area in the back (off of the alley), on which a buyer could possibly consider building ADU's. Tenants' benefit from a gated entrance front and rear There are three large 2-bedroom units (each approximately 1,000 sq. ft.) and eight 1-bedroom units (each approximately 659 sq. ft.). Separately metered for gas and electricity Rents are super low. Even better for Investors is the fact that three of the 1-bedroom units will be delivered vacant (all in need of work) at the close of escrow. Each tenant has one allocated spot in the 50 by 100 gated parking lot in the back of the property. building presents an exciting opportunity to increase rents and add value. Located less than one block from Manual Arts High School.
Location
State CA
County Los Angeles
Area Los Angeles (90037)
Zoning Assessor
Exterior
Parking Features Unit1:Assigned
Building
Lot Description Curbs, Sidewalks
Story 1
Level or Stories 1 Story
Others
Acceptable Financing Cash
Space Rent $1,534
Listing Terms Cash
Listed by Michael Millea • Lyon Stahl Investment Real Estate, Inc.
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Coronado Premier Properties
Broker Associate | Lic# 01976606
info@coronadopremierproperties.com
503-B Grand Caribe Causeway, Coronado, CA, 92118