2200 Toberman Street, Los Angeles, CA 90007
Property
Sold March 2023
Listing Agent: Stephen Lampe (DRE #01164364) · Listing Office: Re/Max Commercial & Investment · Contact: 310 802-2500 · Bought with: General NONMEMBER · NONMEMBER MRML · MLS #SB22069017 · Source: CRMLS
About this property
Toberman Apartments is a 12 unit complex in Los Angeles close to USC, 110 and 10 freeways as well as major employers in Downtown Los Angeles. The building was built in 1909 and is a two story walk-up with a secured entry and center hallway. The neighborhood is comprised of primarily single family residences built in the early 1900’s. There is an opportunity to convert the property to student housing and rent to USC students as the university less than 1 mile away. The building is master metered for gas and electric so the rents reflect the additional cost paid by the landlord in the operating expenses. When the City of Los Angeles RSO ( Rent Stabilization Board) resumes annual rent increases, the RSO also allows an additional 1% increase in monthly rent for gas utilities paid by a landlord, and an additional 1% increase in monthly rent for electric utilities paid by a landlord. There is a laundry room on site with an ongoing contract operated by WASH. The parking is on street only. This investment opportunity is attractively priced at 11.29 times gross and $191,667 per unit with future upside in rental income. The projected first year NOI is $126,043 after allowing for a $6,094 (3%) vacancy factor.
Listing description from the March 2023 sale, as reported to CRMLS.
Sale history