Prime mid-city! Trophy spanish 4-plex in beautifully remodeled condition.
Well-maintained Spanish Fourplex with great rents, further upside potential, and character details galore. 2 of 4 units are remodeled. 5,826 square feet interior on a spacious 8,400 square feet lot. Units are a mix of 2 and 3 bedroom units. Western two units fully renovated in 2017, and eastern 2 units have classic original details. Hardwood floors, new recessed LED lighting, tankless hot water heaters, new low-e vinyl windows, fully remodeled kitchens with quartz counters and stainless appliances, remodeled bathrooms with subway tile, walk-in showers and new vanities.
Stated rents are accurate. 2 Units are at market rent, and other 2 units have long-term stable tenants (Under market. Value-add opportunity. Original condition.). Building currently grosses $10,182 per month with an attractive Cap Rate of 5.15% (with further upside!) and a GRM of 14.73.
Hot rental market situated in Mid-City Heights with 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 4-plex in trendy neighborhood.
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