BRAND NEW CONSTRUCTION (NON RENT CONTROLLED APARTMENT BUILDING) at under $300 per Sq. ft. in booming neighborhood of RAMS Stadium. Only 3 min walk from new Florence/West LA metro station. Instant equity for buyer, (appraised for $4,970,000 by Lender for refinance on 02/06/2020). Certificate of Occupancy has been received in November 2019 and all the units has been rented. With Actual rents and expenses, this is available at actual CAP of 5.22 and GRM of 13.94. Seller is currently under refinance process for non-recourse assumable loan for 3,378,000 which will be transferred to buyer and buyer will have to bring in only difference for equity. There are total 12 very spacious unit - 9 units are 3 Bed/2 bath ranging from 1150 to 1350 sq. ft. , 2 units are 2 bed/2 bath at 950 sq. ft and one unit is 1 Bed/1 Bath on ground floor. Every unit comes with it's own private balcony and covered Reserved parking. Out of this, 2 units are reserved for affordable housing. Building has Recreational room and onsite Laundry.
Location - Just under 2 miles to brand new 80,000 seat NFL Rams stadium, less than 2 miles away from the planned Hollywood Park development which will include about 500,000 SF retail & entertainment and more than 2500 residential units, this property's location screams for investors attention. This could be your best Investment for next 5-10 years as prices are going up consistently and growth in this area is higher as compared to other areas of LA.
Based on information from California Regional Multiple Listing Service, Inc. as of April 4th, 2020 at 8:36pm CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.