Property Detail

Description

Located on a quiet residential street just north of Melrose Avenue and east of Highland Avenue, this mid-century, two-story, 8-unit apartment building is situated approximately three blocks north of Wilshire Country Club. The property offers approximately 6,315 square feet of living space and consists of (3) two-bedroom/two-bathroom units, (4) one-bedroom/one-bathroom units, and (1) studio apartment. Currently 100% occupied, the building generates approximately $182,893 in annual scheduled rental income ($15,241/month). Property features include separately metered electricity, on-site parking, a community laundry room, and a completed soft-story seismic retrofit. The location provides convenient access to the shops and restaurants along Melrose Avenue, Larchmont Village, Paramount Studios, Hollywood, and nearby employment centers, along with public transportation and major thoroughfares. Professionally managed, with rental and operating records available for review. Offered at approximately a 5.4% projected cap rate, based on estimated stabilized operating expenses, including property taxes reassessed at 1.25% of the asking price and annual insurance of $11,000. Property is subject to the LA Rent Control. Buyer to independently verify all property information, income, expenses, projected returns and applicable regulations. Please do not disturb tenants. Interior access by appointment only, after an offer is received.