1231 W 8th St
22 Unit Apartment Building $1,150,000 ($52,273/Unit) 9.76% Cap Rate Los Angeles, CA 90017
INVESTMENT HIGHLIGHTS
- Receivership Sale
- Well located asset adjacent to Downtown Los Angeles
- Value Add SRO through aggressive management and lease up
EXECUTIVE SUMMARY
Lee & Associates Fiduciary Advisory Services Group is pleased to present 1231 W 8th Street, a 22 unit SRO (Single Room Occupancy) property located in the Westlake district of Los Angeles. The property is being marketed on behalf of the Court Appointed Receiver. The property is comprised of eighteen x SROs, and four x SRO with private ¾ bath and currently 50% occupied. There are four communal bathrooms, a communal kitchen, and laundry room. Constructed in 1907, the property has ±7,143 rentable square feet, and is situated on a ±5,507 square foot parcel. The property is master metered for all utilities. The property is subject to city of Los Angeles Rental Stabilization Ordinance, and is in REAP (Rent Escrow Account Program).
The offering is a value add opportunity for an astute investor-operator to implement a turnaround program, cure the REAP, and lease up.
The Receiver has full authority to sell the property subject to court confirmation and overbid.
Please contact listing agents for more information and to schedule a tour.
The offering is a value add opportunity for an astute investor-operator to implement a turnaround program, cure the REAP, and lease up.
The Receiver has full authority to sell the property subject to court confirmation and overbid.
Please contact listing agents for more information and to schedule a tour.
PROPERTY FACTS Under Contract
| Price | $1,150,000 |
| Price Per Unit | $52,273 |
| Sale Type | Investment |
| Cap Rate | 9.76% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 7,143 SF |
| Average Occupancy | 50% |
| No. Stories | 2 |
| Year Built | 1907 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 19 | - | - |
| Studios | 3 | - | - |
1 of 1
Walk Score®
Walker's Paradise (93)
Transit Score®
Rider's Paradise (96)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 5143-011-014 | Improvements Assessment | $393,711 |
| Land Assessment | $1,957,625 | Total Assessment | $2,351,336 |
ZONING
| Zoning Code | CW |
