We just improved the pricing by $300k on this unique ultra value-add opportunity in Highland Park! The offering consists of 13 very large residential units with substantial rental and ADU upside. To further boost the already attractive metrics, the buyer can begin construction on 5 RTI ADUs shortly after closing (currently pending sanitation clearance, but can be delivered RTI), which would boost the unit count by nearly 50% to 18 units. Factoring in construction costs for these ADUs at $300/SF ($580k total), the all-in-cost per door comes down significantly to approximately $237k/door at a very attractive cap rate of 7.1% or 10.73 GRM - virtually unheard of in Highland Park. These are not "pro forma" figures and are not reliant on unit turns, and they take into account the cost of building the ADUs. The seller has priced the asset for the buyer to capture an instant equity spread from the construction of the ADUs. Furthermore, new owners can capture incredible upside potential by raising rents in the existing large units which cover an average area of over 800 square feet each. The size of the units results in quick lease-ups, and the property has the additional upside to an 14.6% cap rate and 5.65 GRM. The property is situated close to the vibrant York Blvd and Figueroa Street. Tenants will enjoy living close to trendy shops, galleries, pubs, and gourmet eateries such as Casa Bianca, Sage Bistro, Scoops, Guisados, Owl Bureau, Highland Park Bakery, and The York, located near the 110 (Arroyo Seco Parkway) and just 10 minutes from Downtown Los Angeles!Close to the Gold Line Lightrail, Metro Bus Stops, and major thoroughfares.
Additional Features
- Wall Furnace
- Two
- City Lights
- Parking spaces: 16.00
- Listing Status: Active
- Listing Agent: Armin Soleimani
(lic# 01846872)
of Beverly Hills/Greater LA
- Listing Office: Global Platinum Properties, Inc.
(lic# 02062910)
- CO-Listing Agent: Julio Ruiz
(lic# 01911261)
of Beverly Hills/Greater LA
- CO-Listing Office: Global Platinum Properties, Inc.
(lic# 02062910)
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Based on information from CRISNet MLS as of 28th April 2024 at 1:47pm. 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.
