4234 Montclair St., Los Angeles, CA
Multi-family for Sale - $1,695,000 - 10,646 Sq. Ft. on 8102 acres
Property Info
CIMLS# | 752179 |
Location 4234 Montclair St. Los Angeles CA 90018 | |
Updated | October 10th, 2014 |
Type | Multi-family |
Price | $1,695,000 |
Building | 10,646 Sq. Ft. |
Land | 8102 acres |
Property Description
20 Unit Multi-Family Investment Opportunity
Excellent financial indicators:
Above 6% CAP
9 X Gross
Less than $85k CPU
This 20 Unit wood frame and stucco Apartment Building consists of 17 single units and 3 1Bd/1Ba units and is located in the Los Angeles neighborhood of Jefferson Park - which we believe is one of the premier locations for future
upside potential in Los Angeles.
The property is currently master metered for gas and electric which provides an opportunity for the new owner to install separate meters which should substantially decrease monthly expenses and increase positive cash flow.
There is also a possible development play for an experienced and savvy developer to build up to 32 apartment units or a mixed use development as the C2 zoned 6,500 square foot lot next door is vacant and available for purchase for $300,000 ($46.15 PSF) which would provide for 13,000 square feet of C2 land.
Financials
CAP RATE: 5.75% (PRO FORMA) 6.36% (MARKET)
GRM: 9.28 (PRO FORMA) 8.63 (MARKET)
COC: 5.80% (PRO FORMA) 7.83% (MARKET)