Closed $831,000 - Multifamily
Sold: June 2014
We were the listing agent for this 3 unit building in up-and-coming Mid City. This property was on the market for only 11 days and sold for over the asking price to a first time investor.
Charming property with 2 structures on a lot; a duplex faces the street while a hidden gem of a home sits behind the front structure with privacy. Several upgrades have been performed to this property, including the tear down and complete remodel of the rear free standing home. Near the intersection of Fairfax and Venice Blvd, just north of the new Expo Line and minutes south of LA’s famed Wilshire Blvd, this stable and appreciating asset is a coveted piece of property in the up-and-coming Mid City Los Angeles area. Rental demand is high and the building has been running at 100% occupancy for over 2 years. Vacant single garage for extra income or storage and upside on rents.
Financials
PROPERTY ANALYSIS |
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Market Rents |
Income Expense Summary |
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Property Address |
1828 S Curson Ave |
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Los Angeles, CA 90019 |
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| INCOME | Date | 4/28/2014 | |||||||
| Period | 2014 | ||||||||
| Scheduled Rents – Annual | $57,420.00 | ||||||||
| Other Income – | |||||||||
| Subtotal | $57,420.00 | ||||||||
| Less Vacancy % | 4.0% | $2,297.00 | |||||||
| Bad Debt | |||||||||
| Effective Rents | $55,123.00 | ||||||||
| EXPENSES | |||||||||
| Cash | |||||||||
| Taxes | $10,570.00 | ||||||||
| Insurance | $2,200.00 | ||||||||
| Licensing | $180.00 | ||||||||
| Water & Sewer | $1,200.00 | ||||||||
| Trash | Tenant | ||||||||
| Electric | $0.00 | ||||||||
| Maint & Repair | $1,320.00 | ||||||||
| Advertising | $0.00 | ||||||||
| Gas | $0.00 | ||||||||
| Miscellaneous | |||||||||
| Total Expenses | $15,470.00 | ||||||||
| Normalized NOI | $39,255.00 | Proforma | $45,255.00 | ||||||
| Cap Rate | 4.80% | 4.80% | |||||||
| Estimated Sales/Value Price | $819,000.00 | $945,000.00 | |||||||
