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Matt O'Brien

matt@homecrave.com +1(619) 302-3010

$ 2,495,000

Est. payment | -/mo

12 Beds

12 Baths

9,196 SqFt

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$ 2,495,000

Est. payment | -/mo

Save

12 Beds

12 Baths

9,196 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 9,196 sqft

Price per Sqft $271

MLS Listing ID 26716803

Bedrooms 12

HOA Y/N No

Year Built 1927

Lot Size 7,805 Sqft

Property Description

Well maintained 12-unit apartment building in a Prime Miracle Mile locationNorth of Wilshire and West of La Brea. Extremely strong rental demand area with strong income producing unit mix including (12) large 1-bedroom/1-bathroom units averaging 766 sqft. Rare opportunity to purchase a Pro Forma High 7% cap rate. Four units will be delivered vacant, providing new ownership the ability toclose escrow with 33% of the building vacant. Significant and recent (2025) capital improvements include a brand new main electrical panel, brand new sub panels, brand new electrical wiring, a brand-new roof, new horizontal sewer pipes under building, new 100-gallon water heater, and new sump pumps. Recently passed insurance inspections. Only two units have undergone light upgrades, leaving a sophisticated investor the opportunity to complete more thorough unit level and common area renovations to achieve 20% rental upside. Further opportunities to increase cash flow include implementing Ratio Utility Billing Systems (RUBS),renting out storage closets, and increasing the building's curb appeal and upgrading the building common areas. Almost all units will be eligible for rent increases on12/1/2026. Building is master metered for gas, tenants pay for trash, and there is no parking. On-site laundry machines are landlord owned. Professionally managed and cared for property. The building offers a rare value add opportunity whereby significant capital improvements have been recently completed and there is still substantial rental upside.

Location

State CA

County Los Angeles

Area C19 - Beverly Center-Miracle Mile

Zoning LAR4

Interior

Heating Wall Furnace

Cooling None

Fireplace No

Appliance Refrigerator

Exterior

Parking Features None

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5508009019

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Daniel Glaser Glaser Property Management Inc. #01940889

NEARBY SCHOOL & BUSINESS

+1(619) 302-3010

matt@homecrave.com

San Diego, CA, 92124

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630 S Cochran AVE Los Angeles, CA 90036