49th QUADRAPLEX WITH HUGE UNITS & "RTI" ADU

601 West 49th Street

Los Angeles, CA 90037

Photo Aug 25, 10 57 16 AM.jpg

OFFERING METRICS

LISTING PRICE

$1,050,000

CAP RATE

7.04%

GRM

10.24

PRICE PER UNIT

$210,000

PRICE PER SF

$189.33

PROPERTY OVERVIEW

THE ASSET

Located at 601 West 49th Street in Los Angeles, California, this four-unit apartment complex offers a “ready-to-issue” garage conversion accessory dwelling unit for a legal market-rate fifth unit. Currently, three of the four units are vacant offering huge upside to a new buyer. Inclusive of the fifth unit ADU, the building offers a total square footage of ±5,546 on a ±6,794 square foot lot.
 

POTENTIAL FOR ADDITIONAL BEDROOMS IN EXISTING UNITS

Each of the existing four units are large with a possibility to create additional bedrooms for higher potential rent (buyer to verify). Furthermore, each unit offers separate water heaters and washer/dryer hook-ups allowing for an owner to provide premium finishes for a new potential renter.
 

RESIDENTIAL FINANCING

Currently, the asset qualifies for a 30-year fixed residential financing. With proper timing, there is potential for a Buyer to lock in double digit cash flows for the following 30 Years (Buyer to verify). By refinancing the asset prior to the issuance of the ADU's certificate of occupancy, a Buyer may finance their new five-unit asset with residential financing (Buyer to Verify).

 

OPPORTUNITY HIGHLIGHTS

  • Four units with "ready-to-issue" plans for a garage conversion accessory dwelling unit
     

  • Existing 1-bedroom units are approximately ±1,150 SF allowing possibilities for a buyer to increase bedroom counts to two or three bedroom units (buyer to verify)
     

  • Great per per SF inclusive of the accessory dwelling unit of $189.33
     

  • Each unit maintains a separate water heater and washer/dryer hook-ups

  • Located in vastly improving marketplace with the asset's location near 110 Freeway, University of Southern California, and Downtown Los Angeles
     

  • The upper level units maintain private balconies
     

  • Kitchens offer private dining nooks with built in seating. 
     

  • Potential for thirty-year residential financing with five units (buyer to verify). 

 

LOCATION MAP

 

CONTACTS

CASEY PICARD
Managing Partner

626.376.9224

Casey.Picard@AggregateIP.com

Cal BRE #01921866