Description
This historic Victorian home has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. The building was completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. The location of the property is just across the 110 Freeway from DTLA's Convention Center and just across the I-10 freeway from USC. This is perfect for a 1031 exchange or for any investor looking for reliable cash flow. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented. Gross Income is over $132k in year 1 with 5% rental increases built in. The GRM is 11.3 and the cap rate is 5.8% on the purchase.
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0BEDS
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0.08ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
This historic Victorian home has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. The building was completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. The location of the property is just across the 110 Freeway from DTLA's Convention Center and just across the I-10 freeway from USC. This is perfect for a 1031 exchange or for any investor looking for reliable cash flow. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented. Gross Income is over $132k in year 1 with 5% rental increases built in. The GRM is 11.3 and the cap rate is 5.8% on the purchase.
Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-12T17:38:00.323. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Rogers Realty Group/Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.