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Multifamily

1423 W 20th St

1423 W 20th St, Los Angeles, CA 90007

Listing Price: $2,000,000

Cap Rate
5.41%
Number of Units
8
Occupancy
97.0%
Price/Unit
$250,000
Price/Gross SF
$403.63
Gross SF
4,955

Investment Overview

We are pleased to present 1423 W. 20th Street, an 8-unit multifamily investment opportunity located in the Pico-Union neighborhood of Los Angeles. Built in 1966, this two-story apartment building consists of five 1 bed/1 bath, two 2 bed/1 bath and one studio unit. The studio unit has been approved as an ADU with certain requirements and a certificate of occupancy has not yet been issued. Two of the units are vacant and one is owner-occupied and all three may be delivered vacant at the close of escrow. These units are a 1 bedroom, a 2 bedroom, and studio. The building is 4,995 sf and sits on a 6,186 sf lot zoned RD1.5. This unique opportunity provides an investor with ability to immediately remodel and rent vacant units at market value, allowing for a cap rate above 5% while still maintaining an additional 15% upside in rents for the remaining units. The plumbing is copper and seismic retrofitting has been completed. Situated just north of the 10 Freeway, between Vermont Avenue and Hoover Street, just south of Washington Boulevard, the subject property is located within a path of progress, significant gentrification, and many new development projects. The Pico-Union neighborhood has seen some of the highest rent growth in the city with existing landlords achieving significant rental increases as units turn over and developers have been building and continue looking to build more multifamily housing to fill in the shortage of housing stock in the area. The property is within close proximity to Downtown LA, Koreatown, the University of Southern California, Staples Center, the LA Convention Center and many other local neighborhoods and amenities that are available to tenants living in the Pico-Union neighborhood. The location also provides tenants with ease of access to the 10 and 110 Freeways for morning and evening commutes to and from work.

Investment Highlights

  • Delivered with 3 Vacant units
  • Seismic retrofitting complete
  • Studio unit approved as ADU
  • Copper plumbing throughout

Exclusively Listed By

Financing By

Multifamily

1423 W 20th St

Listing Price: $2,000,000

Cap Rate
5.41%
Number of Units
8
Occupancy
97.0%
Price/Unit
$250,000
Price/Gross SF
$403.63
Gross SF
4,955

Investment Highlights

  • Delivered with 3 Vacant units
  • Seismic retrofitting complete
  • Studio unit approved as ADU
  • Copper plumbing throughout

Investment Overview

We are pleased to present 1423 W. 20th Street, an 8-unit multifamily investment opportunity located in the Pico-Union neighborhood of Los Angeles. Built in 1966, this two-story apartment building consists of five 1 bed/1 bath, two 2 bed/1 bath and one studio unit. The studio unit has been approved as an ADU with certain requirements and a certificate of occupancy has not yet been issued. Two of the units are vacant and one is owner-occupied and all three may be delivered vacant at the close of escrow. These units are a 1 bedroom, a 2 bedroom, and studio. The building is 4,995 sf and sits on a 6,186 sf lot zoned RD1.5. This unique opportunity provides an investor with ability to immediately remodel and rent vacant units at market value, allowing for a cap rate above 5% while still maintaining an additional 15% upside in rents for the remaining units. The plumbing is copper and seismic retrofitting has been completed. Situated just north of the 10 Freeway, between Vermont Avenue and Hoover Street, just south of Washington Boulevard, the subject property is located within a path of progress, significant gentrification, and many new development projects. The Pico-Union neighborhood has seen some of the highest rent growth in the city with existing landlords achieving significant rental increases as units turn over and developers have been building and continue looking to build more multifamily housing to fill in the shortage of housing stock in the area. The property is within close proximity to Downtown LA, Koreatown, the University of Southern California, Staples Center, the LA Convention Center and many other local neighborhoods and amenities that are available to tenants living in the Pico-Union neighborhood. The location also provides tenants with ease of access to the 10 and 110 Freeways for morning and evening commutes to and from work.

Exclusively Listed By

Financing By

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