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$1,450,000
Est. payment /mo
7,940 Sqft Lot
UPDATED:
12/19/2024 08:39 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR24217608
HOA Y/N No
Year Built 1951
Lot Size 7,940 Sqft
Property Description
Whether you choose to build the ADUs and sell for a profit or retain the property for long-term income, the potential is substantial. With 6 units occupied and 1 vacant, a path to achieving a 5.6% gross rate, this investment offers immediate returns and significant upside.
Presenting a rare opportunity to acquire a well-maintained 7-unit, 2 story residential building in the heart of North Hollywood. This 4,081 sq. ft. property is situated on a 7,882 sq. ft. lot, with each unit featuring a 1-bedroom, 1-bathroom layout. The uniform floor plans offer operational efficiency and broad appeal to a diverse tenant base, ensuring ease of management.
Zoned LARD1.5, this property provides exciting development potential, making it an ideal blend of immediate cash flow and long-term growth prospects. Units are leased with dependable tenants, providing steady cash flow and peace of mind. Plans have been submitted to add two Additional Dwelling Units (ADUs) at the rear, presenting a compelling value-add opportunity.
Presenting a rare opportunity to acquire a well-maintained 7-unit, 2 story residential building in the heart of North Hollywood. This 4,081 sq. ft. property is situated on a 7,882 sq. ft. lot, with each unit featuring a 1-bedroom, 1-bathroom layout. The uniform floor plans offer operational efficiency and broad appeal to a diverse tenant base, ensuring ease of management.
Zoned LARD1.5, this property provides exciting development potential, making it an ideal blend of immediate cash flow and long-term growth prospects. Units are leased with dependable tenants, providing steady cash flow and peace of mind. Plans have been submitted to add two Additional Dwelling Units (ADUs) at the rear, presenting a compelling value-add opportunity.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Interior
Fireplace No
Appliance Dryer, Washer
Exterior
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Biking, Dog Park
Total Parking Spaces 7
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2321022022
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
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Listed by Shira Dunn • Keller Williams Coastal Properties • 424-653-0560