837 W 42nd Pl, Los Angeles, CA 90037
Built in 1927, this 10-unit property totals 7,706 SF and is located in South Los Angeles between W Vernon Ave & W Martin Luther King Blvd just south of Exposition Park & USC, a location providing easy access to Metro Expo Line, the 110 Freeway, and Downtown Los Angeles nightlife, entertainment, restaurants, and employment opportunities. This value-add investment present the investor an opportunity to capture a 19% loss-to-lease, that can achieve a pro forma CAP rate of 6.13% through further renovations when the units turn. The building features a unit mix of 7 one-bedrooms and 3 two-bedrooms, each of the units have dual entrances. The property is being offered at a 12.34 GRM and 4.41% CAP rate on current income. Ease of management as gas and electric are separately metered. Vermont Square is a fast growing, vibrant neighborhood, just southwest of Downtown Los Angeles. The subject property is within walking distance to the University of Southern California, Exposition Park, the George Lucas Museum, and the Metro Expo Vermont stop. With a walk score of 82, access to transportation and Downtown Los Angeles, this location attracs to both workers and students.The immediate area surrounding the subject-property has a population of over 434,000 in a 3-mile radius.
Built in 1927, this 10-unit property totals 7,706 SF and is located in South Los Angeles between W Vernon Ave & W Martin Luther King Blvd just south of Exposition Park & USC, a location providing easy access to Metro Expo Line, the 110 Freeway, and Downtown Los Angeles nightlife, entertainment, restaurants, and employment opportunities. This value-add investment present the investor an opportunity to capture a 19% loss-to-lease, that can achieve a pro forma CAP rate of 6.13% through further renovations when the units turn. The building features a unit mix of 7 one-bedrooms and 3 two-bedrooms, each of the units have dual entrances. The property is being offered at a 12.34 GRM and 4.41% CAP rate on current income. Ease of management as gas and electric are separately metered. Vermont Square is a fast growing, vibrant neighborhood, just southwest of Downtown Los Angeles. The subject property is within walking distance to the University of Southern California, Exposition Park, the George Lucas Museum, and the Metro Expo Vermont stop. With a walk score of 82, access to transportation and Downtown Los Angeles, this location attracs to both workers and students.The immediate area surrounding the subject-property has a population of over 434,000 in a 3-mile radius.
