1040 S Lake Street, Los Angeles, CA 90006

About this property

We are delighted to introduce Lake Street, an Excellent Value Add Opportunity! Five units will be unoccupied at close, while immediate rent increases can be implemented for the remaining three units, creating the ideal scenario to achieve market rents. With a current Cap. Rate just under 6% and a Market Cap. Rate of over 8%, an astute investor will realize the potential to turn this property into a turn-key asset with strong cash-on-cash returns. The units offer spacious floorplans which provide the ideal foundation for updated and modern renovations. The current owners built the property which consists of four large three-bedroom, two-bath units and four large two-bedroom, two-bath units with eleven parking spaces in an enclosed gate. Other highlights include a laundry room, newer roof, and the potential to add an ADU for additional income. The building is not identified in the Los Angeles RSO and is excluded from the LADBS Soft-story retrofitting program.

Listing description from the March 2024 sale, as reported to CRMLS.

Sale history

$2,250,000

Sold March 2024 · listed $2,395,000, orig. $2,650,000, on market November 2023 · MLS #PW23204104 · Source: CRMLS

Listing Agent: Christopher Walker · Listing Office: Triqor Group · Contact: chris.walker@triqorgroup.com · Bought with: Christopher Walker · Triqor Group

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