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1532 S Wilton Place

Los Angeles (City), CA 90019
  • $2,750,000
  • STATUS: Active
  • ON SITE: 109 Days
  • ID#: 24419799
UPDATED: 67 min ago
$2,750,000
  • 28
    BEDS
  • 0.3
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 9,916
    SQFT
  • $277
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1960
County:

School Ratings & Info

Listing Agent(s): Jonathan Rawson of Avenue Realty Group (310-310-8624) and Robert Kellner of Avenue Realty Group(310-310-8624)


Description

HUGE PRICE IMPROVEMENT & PRICED TO SELL! Bring all offers! 14 existing units in prime Mid City LA, all 2 Bed/1 Bath with 14 on-site parking spaces, and being offered at a low $196k per door and $277 per foot! The property will be delivered with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, which would turn the building into 16 units and add substantial income, all while still having plenty of on-site tenant parking spaces post-ADU completion. Opportunity to make it $171k per door post-ADU completion. In place 11.06 GRM on current rents with the upside to a 5.54 GRM, and a 5.61% cap rate on current rents and T12 actual expenses, with the upside to a 13.84% cap rate. 8.83 GRM and 7.53% cap rate after ADU completion, assuming all other rents remain the same. Some highlighted features include brand new electrical subpanels in all units, both roofs were replaced in 2017 and done with permits, EQ seismic retrofit work has been completed, copper plumbing, brand-new laundry room with new owner-owned washer & dryer machines (NO leases), new master water heaters, and EQ shut off valves have been installed on the gas meters. Some tenants are on RUBS for utility reimbursements to lower operating costs, and the building is separately metered for both gas & electricity. There's 95% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. There's everything to love about this prime and central Mid City location as it borders West Adams, Koreatown and Downtown Los Angeles and Pico Union, and is just blocks away from Country Club Park!

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-12T10:28:27.203. 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 deemed reliable but is not guaranteed accurate by the MLS or CFC Realty, Inc. Licensed in the State of California, USA.
www.cfc-realty.com/homes/152973937
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1532 S Wilton Place Los Angeles (City), CA 90019

  • Price: $2,750,000
  • Status: Active
  • On Site: 109 Days
  • Updated: 67 min ago
  • ID#: 24419799
28
Beds
0
Baths
0
½ Baths
0.3
Acres
9,916
SQFT
$277
$/SQFT
1960
Built
Neighborhood:
C16 - Mid Los Angeles
County:
Los Angeles
Area:
C16 - Mid Los Angeles
Property Description
HUGE PRICE IMPROVEMENT & PRICED TO SELL! Bring all offers! 14 existing units in prime Mid City LA, all 2 Bed/1 Bath with 14 on-site parking spaces, and being offered at a low $196k per door and $277 per foot! The property will be delivered with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, which would turn the building into 16 units and add substantial income, all while still having plenty of on-site tenant parking spaces post-ADU completion. Opportunity to make it $171k per door post-ADU completion. In place 11.06 GRM on current rents with the upside to a 5.54 GRM, and a 5.61% cap rate on current rents and T12 actual expenses, with the upside to a 13.84% cap rate. 8.83 GRM and 7.53% cap rate after ADU completion, assuming all other rents remain the same. Some highlighted features include brand new electrical subpanels in all units, both roofs were replaced in 2017 and done with permits, EQ seismic retrofit work has been completed, copper plumbing, brand-new laundry room with new owner-owned washer & dryer machines (NO leases), new master water heaters, and EQ shut off valves have been installed on the gas meters. Some tenants are on RUBS for utility reimbursements to lower operating costs, and the building is separately metered for both gas & electricity. There's 95% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. There's everything to love about this prime and central Mid City location as it borders West Adams, Koreatown and Downtown Los Angeles and Pico Union, and is just blocks away from Country Club Park!
Exterior Features

Entry Location Main Level Open Parking Spaces 8 Parking Features AssignedCoveredDrivewayOne Space Parking Total 14

Interior Features

Appliances DishwasherDisposalMicrowaveRefrigeratorDryerWasher Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes Interior Features Ceiling Fan(s)

Property Features

Additional Parcels YN No Association YN No Buyer Financing Cash Cap Rate 5.61 Community Features Gated Gross Income 248584 Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 154220 New Construction YN No Rent Control YN Yes Security Features Gated Community Senior Community YN No Special Listing Conditions Standard Tenant Pays ElectricityGas Vacancy Allowance Rate 1 Zoning LAR3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-11-12T10:28:27.203. 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 deemed reliable but is not guaranteed accurate by the MLS or CFC Realty, Inc. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_373109691-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_373109691-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_2_373109691-2.jpg
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CFC Realty, Inc
931 Pueblo Drive
Lake Havasu City AZ, 86406
Listing Agent(s): Jonathan Rawson of Avenue Realty Group (310-310-8624) and Robert Kellner of Avenue Realty Group(310-310-8624)