1371-73 S. Cloverdale Avenue, Los Angeles, CA, 90019
1371-73 S. Cloverdale Avenue
$2,150,000
11 beds
8 baths
4,904 Sq.Ft.
1926 BUILT

1371-73 S. Cloverdale Avenue

Click for PDF: OM & Rent Rolls

ANY VIRTUAL OPEN HOUSE SCHEDULED IS VIRTUAL ONLY. PLEASE VIEW PICTURES HERE OR CALL 310-228-8856 FOR OTHER VIRTUAL OPTIONS!

WOW! - PRICED UNDER-MARKET DUE TO COVID-19. STRONG SPANISH 5-PLEX IN WELL-MAINTAINED CONDITION! ACTUAL CAP RATE OF 4.7 (FUTURE PRO-FORMA 6.4 CAP).

This pride-of-ownership income property already generates strong rents (actual 4.7 GRM as-is!), yet still has future VALUE ADD potential too. PRIME LOCATION AND DESIRABLE NEIGHBORHOOD. Property is a mix of 5 units, all 2br and 3br layouts. Owner has already COMPLETED SOFT STORY RETROFIT, copper plumbing, new low-e windows, new roof. Beautiful units in Miracle Mile pocket with hardwood floors and remodeled kitchens. Very stable and easy to rent building.  Safe and stable portfolio property, easy to maintain. Great quality tenants. Always in demand.

Stated rents are accurate. 3 units are remodeled and at market rent (the other 2 units provide value-add opportunity. Original condition).  Parking provided for all units. Plus 4 storage unit single car garages. Plus, 3 units have privatized outdoor spaces.​​​​​​​

Easy access to the restaurants, shops and cafes on Pico, Picfair Village, Highly Likely, Miracle Mile, LACMA, Kasier Permanente, Culver City Art District. RARE OPPORTUNITY FOR A STRONG 5-PLEX IN TRENDY NEIGHBORHOOD.

Private remarks: Inside with Acceptable Offer only and signed PEAD. 4 ot 5 units are fully paying without issue. Unit 1371 is not paying for several months.  Seller is willing to offer future owner a credit for future relocation costs. Once unit 1371 is relocated, new owner can quickly realize a $21,600 NET increase in gross annual income.

***AGENT REMARKS:  Inside with Acceptable Offer only and signed PEAD. 4 ot 5 units are fully paying without issue. Unit 1371 is not paying for several months. Seller is willing to offer future owner a credit for future relocation costs. Once unit 1371 is relocated, new owner can quickly realize a $21,600 NET increase in gross annual income. Seller added a second bathroom to 2 of the units. It was done in workman-like manner by licensed contractor, but without the benefit of permits. This is hereby fully disclosed, and seller will not permit or provide any concessions regarding this in escrow.

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""Excellent 5-plex Opportunity with Prime Location and Future Upside.""
Jerry

Key Details

Bedrooms
11
Bathrooms
8
Year Built
1926
Living Space
4,904 Sq.Ft.
Total Area
7,834 Sq.Ft.
Architecture
Mediterranean

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