115 E 31St Street, Los Angeles, CA 90011
Property · 2 recorded sales since 2021
Sold March 2022
Listing Agent: Oron Maher (DRE #01299093) · Listing Office: Maher Commercial Realty · Contact: 310-464-1453 · Bought with: Saadia 'Sam' Liberow · Marcus & Millichap · MLS #21100353 · Source: CRMLS
About this property
Fully remodeled and clean three-unit building, with ready to issue permits for a 4th ADU garage conversion. Built in 1984 which means this property does NOT fall under LA's rent stabilization ordinance and you can raise rent 5% a year + CPI, or over a 10% rental increase once COVID restrictions are lifted. Pro Forma 5.8% cap rate after ADU is complete. The front unit is a large (approx 1,200 sq ft) 3 bed/1 bath leased for $2,790. Unit B is a 2 bed/1 bath leased for $1,795, fully remodeled. Unit C is a remodeled 2 bed/1 bath currently rented for $1,790. On top of that, permits are ready to convert the garage into a legal studio/4th unit. RTI permits sold with property. All you need to do is pull the permits and start construction! All units remodeled with high-quality floors, appliances, and finishes. There on-site parking for each unit, and laundry inside each unit. Close to DTLA, USC, Fashion District, and lots of new development. This is one is a no-brainer! Owner is motivated, make all offers.
Listing description from the March 2022 sale, as reported to CRMLS.
Sale history
