Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
129 North Avenue 64 . Los Angeles , CA 90042
For sale 13 units apartment building in Los Angeles, California. For more information on this listing please contact the listing agents, Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc. •310-666-2246 (agent) •arminsoleimani@gmail.com (agent) Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc.
Posted: 09/11/2023 1:04 pm
| On HOMEiZ: 240 days |
Updated: 3 weeks ago
| Views: 525
| Saved to favorites: 1
Location Map
Property Type
Price reduced
Property Price
$3695000
$2825000
06/09/2022
0.29
Acres
$345
10705
2.5%
6.80%
$0
$251260
11.10
$0
1.25%
$46188
Property Location & Description
For sale 13 units apartment building in Los Angeles, California. For more information on this listing please contact the listing agents, Listed by Armin Soleimani •DRE #01846872 • Global Platinum Properties, Inc. •310-666-2246 (agent) •arminsoleimani@gmail.com (agent) Listed by Julio Ruiz •DRE #01911261 • Global Platinum Properties, Inc.
Rent Control
Global Platinum Properties is pleased to present a unique ultra value-add opportunity in Highland Park! The offering consists of 13 very large residential units with substantial rental and ADU upside. To further boost the already attractive metrics, the buyer can begin construction on 5 RTI ADUs shortly after closing (currently pending THP clearance, but can be delivered RTI), which would boost the unit count by nearly 50% to 18 units. Factoring in construction costs for these ADUs at $250/SF ($484k total), the all-in-cost per door comes down significantly to approximately $249k/door at a very attractive cap rate of 6.8% or 11.1 GRM - virtually unheard of in Highland Park. These are not "pro forma" figures and are not reliant on unit turns, and they take into account the cost of building the ADUs. The seller has priced the asset for the buyer to capture an instant equity spread from the construction of the ADUs. Furthermore, new owners can capture incredible upside potential by raising rents in the existing large units which cover an average area of over 800 square feet each. The size of the units results in quick lease-ups, and the property has the additional upside to a 13.7% cap rate and 6.0 GRM.
The property is situated close to the vibrant York Blvd and Figueroa Street. Tenants will enjoy living close to trendy shops, galleries, pubs, and gourmet eateries such as Casa Bianca, Sage Bistro, Scoops, Guisados, Owl Bureau, Highland Park Bakery, and The York, located near the 110 (Arroyo Seco Parkway) and just 10 minutes from Downtown Los Angeles! Close to the Gold Line Lightrail, Metro Bus Stops, and major thoroughfares.
13
$284231
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
5
708
2.
2+1
8
987
3.
4.
5.
549-2035-026
LARD1.5
93%
Wood & Stucco
2
1962
Good
5 near RTI ADU's allow the buyer to instantly add tremendous value to the property (solely lacking THP clearance, but can be delivered RTI).
Huge units exceeding 800 square feet on average.
Beautiful pool, and individually metered for gas and electricity.
Beautiful pool, and individually metered for gas and electricity.
Tremendous upside exceeding 13.7% cap rate (6.0 GRM) at proven market rents.
Property Information
Gated entry
Pool
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
12
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
https://gppla.com/
Listing Presented by
Disclimer: Any information relating to a property referenced on HOMEiZ.com comes from
the listing provider who wishes to post a listing on HOMEiZ.com. The accuracy of all
information, regardless of source, including but not limited to square footages and lot
sizes, is deemed reliable but not guaranteed and should be personally verified through
personal inspection by and/or with the appropriate professionals. HOMEiZ does not verify
the property information submitted in HOMEiZ.com and cannot guarantee the accuracy of
the information. No warranties or representations are made of any kind. Any
dissemination of this information is in violation of copyright laws and is strictly
prohibited.
Copyright © 2016 HOMEiZ A Media Group LLC. All rights reserved. TOLL FREE 1-818-857-8255