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Multifamily

324 W 51st

324 W 51st St, Los Angeles, CA 90037

Listing Price: $2,499,000

Cap Rate
5.37%
Number of Units
6
Price/Unit
$416,500
Price/Gross SF
$480.76
Gross SF
5,198

Investment Overview

Marcus & Millichap is pleased to present this unique investment opportunity to purchase 324 W 51st St, a fully gut-rehabbed property that’s about 90 days away from Certificate of Occupancy. Once completed, the property will stand as a “like new”, 6-unit property that will produce positive cash flow for an investor with low risk of incurring major capital expenditures that may be prevalent in a property with dated systems. The Sellers are developers by trade and purchased the property in October 2021. When they initially purchased it, the subject property consisted of four (4) large, one-bedroom units. Since then, the Sellers have gut rehabbed all the unit’s interiors and converted each of the four (4) previous 1-bedroom units into 3-bedroom units. Two of the rehabbed units have one bathroom, and an extra half bathroom has been added to the other two. They also added two (2) detached, two-bedroom / 1- bathroom ADUs measuring 641.5 SF each, bringing the total unit count to six (6). The completed property will be delivered vacant, which will help to expand the buyer pool to numerous different investor types outside of the typical owner / operator. Transitional housing groups, low-income housing groups, and other investors looking for property to house niche tenants will have the opportunity to acquire a “like new” asset in an area that is largely starved of them, despite its ongoing gentrification due in large part to its proximity to many of the city’s major attractions and entertainment centers.

Investment Highlights

  • Built in 1922 | Complete Gut-Rehab in 2022
  • 2 Brand New Detached ADUs
  • Great Unit Mix of 2 and 3 Bedrooms
  • Property to be Delivered Vacant
  • Proximate to LA's Major Entertainment Centers
  • Walk Score of 74 | Very Walkable

Exclusively Listed By

Financing By

Multifamily

324 W 51st

Listing Price: $2,499,000

Cap Rate
5.37%
Number of Units
6
Price/Unit
$416,500
Price/Gross SF
$480.76
Gross SF
5,198

Investment Highlights

  • Built in 1922 | Complete Gut-Rehab in 2022
  • 2 Brand New Detached ADUs
  • Great Unit Mix of 2 and 3 Bedrooms
  • Property to be Delivered Vacant
  • Proximate to LA's Major Entertainment Centers
  • Walk Score of 74 | Very Walkable

Investment Overview

Marcus & Millichap is pleased to present this unique investment opportunity to purchase 324 W 51st St, a fully gut-rehabbed property that’s about 90 days away from Certificate of Occupancy. Once completed, the property will stand as a “like new”, 6-unit property that will produce positive cash flow for an investor with low risk of incurring major capital expenditures that may be prevalent in a property with dated systems. The Sellers are developers by trade and purchased the property in October 2021. When they initially purchased it, the subject property consisted of four (4) large, one-bedroom units. Since then, the Sellers have gut rehabbed all the unit’s interiors and converted each of the four (4) previous 1-bedroom units into 3-bedroom units. Two of the rehabbed units have one bathroom, and an extra half bathroom has been added to the other two. They also added two (2) detached, two-bedroom / 1- bathroom ADUs measuring 641.5 SF each, bringing the total unit count to six (6). The completed property will be delivered vacant, which will help to expand the buyer pool to numerous different investor types outside of the typical owner / operator. Transitional housing groups, low-income housing groups, and other investors looking for property to house niche tenants will have the opportunity to acquire a “like new” asset in an area that is largely starved of them, despite its ongoing gentrification due in large part to its proximity to many of the city’s major attractions and entertainment centers.

Exclusively Listed By

Financing By

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