4-Bedroom Residential Income — 4408 Lockwood Avenue, Los Angeles, CA
$3,200,000
4408 Lockwood Avenue, Los Angeles, CA
About this property
4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property's twenty units and invested in major capital improvements including a new roof, plumbing upgrades, upgraded electrical, and a bolted foundation reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04%cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis.
Property details
Location
4408 Lockwood Avenue • Los Angeles, CA 90029
Listed by
Douglas Steinriede · Dover Management Corp.
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