6121 Crenshaw Boulevard was built in 1964, this 17-unit property is located on 10,800 SF lot in the Park Mesa Heights neighborhood of Hyde Park. The two-story building features all one-bedroom units and is located just 0.5 miles from the new Hyde Park Metro stop set to open in 2020.
This offering presents an investor the opportunity to capture the 22% rental upside through renovations when the units turn. Additionally, the subject property has 16 total parking spaces with no soft-story work required. The property is being offered at a low price per unit of $158,824 and pro forma CAP rate of 6.98%.
The Park Mesa Heights neighborhood is becoming a highly desirable rental sub-market as new developments continue to rise and offer tenants many attractions in the heart of their community. The subject property has a walk score of 73 and the location allows for a quick commute to both the South Bay and Downtown Los Angeles.
