OFFERING METRICS WITHOUT ADU CONVERSION
LISTING PRICE
$1,995,000
CAP RATE
6.29%
GRM
11.71
PRICE PER UNIT
$399,000
PRICE PER SF
$343.73
BUILDING SIZE
±5,804 SF
LAND SIZE
±6,794 SF
PROPERTY OVERVIEW
Located in Los Angeles, 601 49th Street is a four unit fully renovated apartment complex with a complete accessory dwelling unit for a total of five. The unit mix for the building is (1)- 1 bed / 1 bath, (2)- 4 bed / 2 bath, (1)- 5 bed / 2 bath + office and (1)- 3 bed / 2 bath ADU. This property is a ±5,546 SF building on a ±6,794 SF lot including the ADU unit.
This building is has been renovated with four of the five units featuring freshly painted units, wood flooring, brand new kitchen cabinets and sink. Each bathroom has been updated with modern finishes such as new toilets, faucets and vanities and tub/showers. Each unit also offers separate water heaters and washer/dryer hookups offering tenants the ability to have in-unit laundry. Each unit was remodeled with updated electrical panels, individual water heaters and in-unit laundry hookups.
All units are remodeled except for the 1 bed / 1 bath unit which is currently in need of renovations for a potential conversion to a 4 bed / 2 bath unit.
This building is located just a short 20-minute drive from Downtown Los Angeles and a short 10-minute drive to the University of Southern California perfect for commuting tenants entering LA or students attending USC.
OPPORTUNITY HIGHLIGHTS
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Quadruplex with completed garage conversion accessory dwelling unit. Fifth legal unit to be operational following the Close of Escrow.
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Great cash-on-cash return of 8.47% prior to renovation of the existing 1 bed / 1 bath unit to a 4 bed / 2 bath unit
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Located in an upcoming neighborhood of Los Angeles near the 110 Freeway, University of Southern California and Downtown Los Angeles
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Four of Five units offer individual water heaters, washer/dryer hookups, beautiful updated flooring with updated bathrooms
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Two upper level units include private balconies
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Opportunity for residential financing in the even Buyer would like to pursue a 30 year loan. Certificate of Occupancy to be issued following the Close of Escrow
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Property is located near several markets such as El Super, Superior Grocers and Northgate Market and surrounded by local and chain restaurants for convenience
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Building is a 10-minute drive to iconic entertainment locations such as the LA Coliseum, Natural History Museum of LA, California Science Center and the Banc of California
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