49th QUADRAPLEX WITH HUGE UNITS & "RTI" ADU
601 West 49th Street
Los Angeles, CA 90037
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
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Four units with "ready-to-issue" plans for a garage conversion accessory dwelling unit
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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)
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Great per per SF inclusive of the accessory dwelling unit of $189.33
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Each unit maintains a separate water heater and washer/dryer hook-ups
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Located in vastly improving marketplace with the asset's location near 110 Freeway, University of Southern California, and Downtown Los Angeles
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The upper level units maintain private balconies
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Kitchens offer private dining nooks with built in seating.
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Potential for thirty-year residential financing with five units (buyer to verify).