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A new roof was put in around 9 years ago, Renovated kitchen/ bathroom in one unit 4 years ago. Property and foundatin is overall in great condition, especially for a hundred year old building.
10,042 square foot lot, with around 5,000-6,000 sqft of buildable space for two 2-3 BR ADU’s. These could bring in rental incomes of $6,000-$8,000/ month and the property would cash flow.
Separate meters for gas and electricity
Property expenses-
LADWP 146.08 monthly average
Landscaping 80 monthly
RSO 437.39 yearly
Repair costs for 2024 $3480
Rent Roll – (owner bought right before covid and wasn’t able to increase rents)
787.72 (willing to do cash for keys)
1202
1550
0 (owner occupied) Can be delivered vacant or pay market rent
Market rent is around $2,000-$2,500 for these units
These are large 1 Bedroom units nearly 1,000sqft each in space and could be converted to two bedrooms units easily.
Disclosure- HPOZ Property, built in 1914 historical neighborhood. All this means is the development would need to be approved by the HPOZ and have a similar facade to the front building. With LA encouraging ADU builds, this is a fantastic opportunity.
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