Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

7

Building size

5,115 sqft

Lot size

7,478 sqft

Year built

1963

Stories

2

Garage spaces

0

Pool

None

Status

Active

Days on market

1

MLS #

247576593

About this property

7 unit (all 2 bed 1 bath) value-add apartment located in Glassell Park, one of the hottest neighborhoods of Los Angeles bordered by Glendale, Silver Lake, Eagle Rock, Highland Park, Cypress Park, Mt. Washington and Atwater Village. Its centralized LA County location provides extended proximity to Hollywood, Koreatown, Downtown LA, Monterey Park, Alhambra and Pasadena. It is a hilly neighborhood with modest homes and fashionable neighbors, serviced by many locally owned eateries, coffee shops and shopping boutiques. Residents are further benefited by public transportation and quick access to the 2 and 5 Freeways. This continually flourishing sub-market coupled with a property generating income well-below market, presents an investor with a considerable opportunity worth seizing. In recent years the owners have spent significant funds in improving the property. In addition, seismic gas shut-off valves and completing soft-story seismic retrofit (permitted 03/2020) was also completed. There are 7 parking spaces equally assigned to each unit. There is a dedicated on-site laundry room, which currently has no machines. Charging for parking and providing laundry machines are opportunities to immediately enhance yield. Additionally, market rents are projected at $2,500 for all the 2BR units after full renovation, which equates to over 200% in rental upside. The property is subject to The City of LA Rent Stabilization Ordinance (RSO).

Location

2677 Moss Avenue

Los Angeles, Los Angeles, CA, 90065