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$1,695,000
Est. payment /mo
7,004 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26103162
HOA Y/N No
Year Built 1922
Lot Size 7,004 Sqft
Property Description
BK SALE/DISTRESSED ASSET! Kidder Mathews and Coldwell Banker Commercial Realty are pleased to present Pico Apartments, a 16-unit multifamily investment opportunity located at 2314 W Pico Boulevard in the Harvard Heights neighborhood of Los Angeles. The property consists of 16 single units and is 100% occupied, providing investors with immediate in-place cash flow and long-term rental upside.Offered at $1,750,000, the property provides an attractive basis of $109,375 per unit and a 7.59% cap rate on current operations. Significant capital improvements have already been completed, including a seismic retrofit, mini-split A/C in every unit, and a full electrical upgrade with individual meters. Eight of the 16 units currently rent for less than $1,000 per month, creating long-term income growth potential as units turn over and rents may be repositioned toward prevailing market levels, subject to applicable rent-control regulations.Strategically positioned between Koreatown, Downtown Los Angeles and the USC/Exposition Park corridor, the property offers a 91 Walk Score and convenient access to major employment, entertainment and educational destinations.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAC2
Interior
Fireplace No
Building
Story 2
Water Public
Others
Tax ID 5056004004
Security Features Carbon Monoxide Detector(s),Fire Detection System,Smoke Detector(s)
Special Listing Condition Notice Of Default, Bankruptcy Property
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Listed by Todd Bernstein Coldwell Banker Realty #01816580
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