1984 Park Grove Avenue Los Angeles, CA 90007
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$20,759$445k PRICE REDUCTION WITH NEW & IMPROVED METRICS! BRING ALL OFFERS! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber's! Great price per door of $175,000, and 4 units are currently vacant (2 of 4 are move-in-ready) for Buyer to hand-pick their own tenants. In-place GRM of 9.41 with the upside to a 6.45 GRM, and an in-place cap rate of 6.84% with the upside to a 10.95% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There's a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated, in addition to plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU's/units (no in-place permits or RTI's), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!
3 weeks ago | Listing updated with changes from the MLS® | |
4 weeks ago | Price changed to $4,550,000 | |
a month ago | Price changed to $4,750,000 | |
2 months ago | Price changed to $4,895,000 | |
3 months ago | Listing first seen online |
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