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Property Description

TWO WEEK CALL FOR OFFERS! LARGE PRICE ADJUSTMENT WITH NEW & IMPROVED METRICS! BRING ALL OFFERS! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber’s! Great price per door of $153K. In-place GRM of 8.22 with the upside to a 5.67 GRM, and an in-place cap rate of 8.02% with the upside to a 12.62% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There’s a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated and done with permits, in addition to extensive plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU’s/units (no in-place permits or RTI’s), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!

Features
: Wall Furnace
3
: Dryer Included, Washer Included, Community
0
Additional Information
Avenue Realty Group
0
CLW-C135603
CLW-X8278801
Jonathan
5124018009
: Standard
Multi/Split
32

Multi-Family For Sale

1984 Park Grove Avenue, Los Angeles, California 90007

14,549 Sqft
$4,000,000
Listing ID #24350759
Basic Details
Status : Active
DaysOnMarket : 100
Property Type : Multi-Family
Listing Type : For Sale
Listing ID : 24350759
Price : $4,000,000
Living Area : 14,549 Sqft
Lot Size : 5,941 Sqft
Year Built : 1912
Country : US
State : California
County : Los Angeles
City : Los Angeles
Zipcode : 90007
Price Per Square Foot : $275
ModificationTimestamp : 2024-05-02 09:08:26
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