COPPER PLUMBING & SOFT-STORY RETROFIT COMPLETED...Fantastic 8-unit investment property located in the up and coming Rampart Village neighborhood, directly adjacent to Silverlake, Echo Park and Koreatown. The well-maintained mid-century apartment complex, built in 1960, offers a total of 4,446 square feet of living space on a 6,878 SF lot zoned… Read More R3, with a strong unit mix of (6) 1-bedroom/1-bath units and (2) 2-bedroom/1-bath units. The building features several recent upgrades: all above ground plumbing was replaced with copper, both soft-story retrofits were completed in 2018, the water heater was replaced in 2019, the driveway was recently re-paved, and all 9 seismic gas shut-off valves have been installed. The roof has also received regular annual maintenance. While the property is comprised of longer term tenants, about half of the units have been upgraded with new kitchens. There are two tuck-under parking areas at the front and back of the building with 12 spots in total (8 spots without tandem parking). The property is also separately metered for gas & electric. Lastly, there's an on-site laundry room which provides additional monthly income. The building has been under the same ownership for over 11 years and there is still 42% upside in rental income remaining. The property's various system upgrades and longer term tenants, combined with its excellent location near trendy neighborhoods and vibrant cultural hubs, make this a fantastic investment opportunity. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Jake Glaser 310-425-9838
Listing Snapshot
Days Online
125
Last Updated
Property Type
Other
Beds
10
Square Ft.
4,446
Lot Size
0.16 Acres
Year Built
1960
MLS Number
24439995
30 Days Snapshot Of 90026
$1,187k
0%
(avg) sold price
0
-100%
homes sold
55
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1960, Building area total: 4,446, Levels: Two, Living area: 4446, 2 stories, 1 building, Architectural style: MidCenturyModern
Heating
WallFurnace
Income
Gross income: $137,506, Net operating income: $76,114
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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