1770 El Cerrito Place, Los Angeles, CA 90028
Property · 2 recorded sales since 2021
Sold January 2024
Listing Agent: Armin Soleimani (DRE #01846872) · Listing Office: Global Platinum Properties, Inc. · Contact: 424-394-1030 · Bought with: Alex Galuz · Keller Williams Realty Calabasas · MLS #23325357 · Source: CRMLS
About this property
Huge 1.2M Price Reduction! 16-unit building with 9 vacancies priced at only 299k/door for prime Hollywood in an opportunity zone. Cash flowing at an amazing 6% Cap Rate and 12 GRM on existing after renovations with an incredible upside to an 8.4% Cap Rate and 9.1 GRM on proforma. Plus, there are 4 attached ADUs under construction with RTI plans to improve the numbers to only 239k/unit, 7.3% Cap Rate, and 10.2 GRM on current. All 9 vacant units and 4 ADUs are under renovation so buyers can complete them to their own taste and finishes and get top market rents (Most of the rough construction and heavy lifting have been done for the remodels). Great amenities such as Pool, Laundry Room, and carport garages. Individually metered for Gas & Electricity. Situated in the Heart of Hollywood, steps away from RunyonCanyon, Magic Castle, Yamashiro, and Hollywood Bowl! The soft story has already been completed and the roof has been recently updated. Potential to create and add a rooftop to maximize rents and amenities.
Listing description from the January 2024 sale, as reported to CRMLS.
Sale history
