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Listed by Andrew McAllister • eXp Realty of Greater L.A
$2,150,000
Est. payment /mo
7,199 SqFt
UPDATED:
01/14/2025 11:29 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,199 sqft
Price per Sqft $298
MLS Listing ID CRRS24247822
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1954
Lot Size 0.264 Acres
Property Sub-Type Other
Property Description
*Price Reduction Motivated Seller *Rare chance to acquire a meticulously maintained 9-unit complex, offered for the first time in nearly 30 years. Located just blocks from Ladera Heights and steps from Amazon Fresh, Chipotle, and Starbucks, this pride-of-ownership property presents significant upside potential. Amenities include an on-site laundry facility, nine parking spaces, and a common-area pool. Eight of the nine units have been renovated between 2009 and 2021, yet current rents remain approximately 35% below market despite increases in September 2024. Recent Upgrades (2013–2022): - Pool and deck resurfacing, drainage to code - Roof replacement (2014/2019) - New handrails, entry gate, and LED carport lighting - Walkway resurfacing, concrete leveling, and exterior paint - SB721 compliant: owner has completed the required inspections of balconies, decks, and elevated walk ways. Additional Value-Add Potential: Under CA State Bill SB1211, the property qualifies for the addition of (4) 450 sq. ft. 1BD/1BA ADUs, boosting cash-on-cash returns to 8.44% at pro forma rents. Beginning January 2025, rental increase limits will align with California’s 5% + CPI cap, providing a pathway to market rents faster.
Location
State CA
County Los Angeles
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Laundry Other
Building
Water Public
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