Property Detail

Description

Character 1923 Spanish triplex in the hip and centrally located West Adams neighborhood, just minutes to Mid City, Beverly Hills, USC, Koreatown, Culver City, DTLA. Uniquely situated on a spacious 8394sf lot zoned LAR3 with 2-car enclosed carport in rear and additional 6 parking spaces, plus a detached storage structure. Potential for larger development. Remodeled top floor unit with 3 bedrooms and 1 bath plus deck and balcony, is approx 1300sf and two large (approx 997sf) units below, comprising of a remodeled 2 bed, 1 bath with large side yard and another 2 bed, 1 bath. Extensive renovations include seismic retrofit, new sewer line to street, new roof in 2020, new exterior paint, brand new electrical and plumbing on two units, plus tankless water heaters for all 3 units and brand new split AC for upstairs unit. Ideal for owner-user or investor looking to buy and hold in a highly sought-after area that continues to benefit from immense development with Metro Expo rail connections, proximity to 10FWY, hip and trendy restaurants and shops. Fully tenant occupied. Approx 5.6% CAP RATE as two of the units get market rate rents, while there is huge upside potential on the right side lower floor unit.