FULLY VACANT ASSET WITH RTI ADU-COVID 19 RESISTANT
961 West 47th Street
Los Angeles, CA 90037
OFFERING METRICS
LISTING PRICE
$940,000
CAP RATE
8.91%
GRM
8.45
PRICE PER UNIT
$188,000
PRICE PER SF
$278.77
PROPERTY OVERVIEW
Located on West 47th Street in Los Angeles, California, this fully vacant quadraplex offers a true COVID-19 hedge with "ready-to-issue" plans for a legal ADU. The asset offers an amazing unit mix with (4) - 2 Bed / 1 Bath and RTI plans for a (1) - 3 Bed / 2 Bath ADU.
This asset offers huge cash flows for a potential Buyer with an all-in cap rate of 8.91% inclusive of a capital expenditure allowance of $130,000. By capturing Section 8 rents, a potential Buyer will have the opportunity to cash-flow over 11.75%.
Currently, the asset qualifies for a 30 year fixed residential financing. With proper timing, there is potential for a potential 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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Fully vacant Quadraplex with RTI plans for legal fifth unit with ADU
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Located in a Tier 3 TOC
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Utilize residential financing with a legal five unit (Buyer to verify)
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Great Unit mix of (4) - 2 Bed / 1 Bath & (1) - 3 Bed / 2 Bath ADU
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Central location with easy access to LA Memorial Coliseum, Natural History Museum, USC, and 110 Freeway
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Less than two miles from Slauson Super Mall
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Three separate structures on one lot
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Amazing value-add opportunity with a post renovation 8.91% cap rate using comparable max Section 8 rents in the area