10 Units | South LA | Record Price
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The successful sale of this 10-unit apartment building located at 343 West 89th Street in the 90003 zip code of Los Angeles.
Offering Description
The 7,861 square foot property sits on a double lot that measures 10,500 square feet and with a very attractive unit mix of all 2 Bedroom / 1 Bathroom units, making it perfect for families and/or tenants living with roommates. The property also provides ample on-site parking for tenants in the rear of the building. The property is currently 100% occupied and with all Section 8 tenants, providing the investor with strong, secure cash flow which can be hard to come by in this post-pandemic era!
The property is purely value-add, so a new investor can add significant value to the asset by making simple touch-ups and renovations to improve the systems and aesthetics of the property. Another way an investor could create additional value would be to add ADU’s onto the rear parking lot. The new ADU program that was rolled out state-wide at the beginning of 2020 has offered investors an easy road map to increase income, and the ease in which investors are able to get plans for ADU’s permitted and approved has alleviated potential suitors a lot of the stresses that come along with developing and dealing with the city.
Deal Story
The successful sale of this 10-unit apartment building located at 343 West 89th Street in the 90003 zip code of Los Angeles.
Offering Description
The 7,861 square foot property sits on a double lot that measures 10,500 square feet and with a very attractive unit mix of all 2 Bedroom / 1 Bathroom units, making it perfect for families and/or tenants living with roommates. The property also provides ample on-site parking for tenants in the rear of the building. The property is currently 100% occupied and with all Section 8 tenants, providing the investor with strong, secure cash flow which can be hard to come by in this post-pandemic era!
The property is purely value-add, so a new investor can add significant value to the asset by making simple touch-ups and renovations to improve the systems and aesthetics of the property. Another way an investor could create additional value would be to add ADU’s onto the rear parking lot. The new ADU program that was rolled out state-wide at the beginning of 2020 has offered investors an easy road map to increase income, and the ease in which investors are able to get plans for ADU’s permitted and approved has alleviated potential suitors a lot of the stresses that come along with developing and dealing with the city.
