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Listed by Michael Millea • Lyon Stahl Investment Real Estate, Inc.
$ 1,949,500
Est. payment /mo
Active
4217 Menlo Avenue Los Angeles, CA 90037
8,329 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 8,329 sqft
Price per Sqft $234
MLS Listing ID SB-25057071
Year Built 1948
Lot Size 0.472 Acres
Property Sub-Type Apartment
Property Description
Don't miss this very interesting one-of-a-kind opportunity in the 90037 area code. This 20,539 sq. ft. R3-zoned, street to alley multifamily lot has huge upside potential. Super low rents with approximately 50% upside. An astute investor can purchase the property for income now with the potential to build new units down the road. 8.15 GRM at Market Rents and close to a 9% CAP Rate at Market Rents. In the Tier-3 TOC with zoning allowing for the potential construction of a three-story, 25-unit building Prior to developing, buyers can take advantage of the desirability of owning and remodeling a much sought after property featuring bungalow units (which tenants are often willing to pay a premium rent). Residents benefit from the property's prime location with easy access to public transportation and major freeways, commuting to Downtown Los Angeles and located within 1 mile of the U.S.C. campus. Property consists of 8 separate single-story buildings on a 20,539 sq. ft. street to alley R3 Lot. The 20,539 sq. ft. includes an approximately 5,000 sq. ft. parking area in the back (off of the alley), on which a buyer could possibly consider building ADU's. Tenants' benefit from a gated entrance front and rear There are three large 2-bedroom units (each approximately 1,000 sq. ft.) and eight 1-bedroom units (each approximately 659 sq. ft.). Separately metered for gas and electricity Rents are super low. Even better for Investors is the fact that three of the 1-bedroom units will be delivered vacant (all in need of work) at the close of escrow. Each tenant has one allocated spot in the 50' by 100' gated parking lot in the back of the property. building presents an exciting opportunity to increase rents and add value. Located less than one block from Manual Arts High School.
Location
State CA
County Los Angeles
Area C34 - Los Angeles Sw
Zoning LAR3
Interior
Fireplaces Type None
Laundry None
Exterior
Parking Features Assigned
Pool None
Community Features Curbs, Sidewalks, Street Lights
Building
Lot Description Lawn, Level, Level with Street, Near Public Transit, Rectangular Lot
Sewer Public Sewer