Description
10-unit building with 6 fully renovated units (100% occupied) Cash flowing at an amazing 7% Cap Rate from day 1 with upside to 10.8% Cap on Proforma. Fully Approved RTI plans to add 2 Attached ADUs to achieve a remarkable 8.8% Current Cap Rate, 12.6% Proforma Cap Rate, and only 214k/door after taking into account all constructions costs (assuming $250/SF). All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single Car Garages for additional income and ADU potential. RTI plans to add 2 Attached ADUs in the garages will eliminate/reduce the soft-story scope of work and cost. Easy to rent unit mix consisting of 10 large (1 bed/1 bath) units. 6 units have been fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the trendy & historic Filipino Town just minutes away from Echo Park, Silverlake, DTLA as well as many hip neighborhood attractions, restaurants, bars, and shops such as Brooklyn Bagel Bakery, Boba Guys - Rideback Ranch, HiFi Kitchen, and Laveta Coffee, popping up all around the area.
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