Significant Value-Add Opportunity - Current rents at the property are below market. There is approximately 54% upside in the current rents accounting for a pro forma 6.14% cap rate and a pro forma gross rent multiplier of 10.18. Non-Conforming Unit - Permit Pending - Currently, the property is operating as eight legal units plus one non-conforming unit. All of these units are occupied and the current ownership is in the process of permitting the non-conforming unit with the City of Los Angeles. The non-conforming unit is separately metered for gas and electricity. Private Patios and Balconies - Most units provide a private outdoor patio space. This has provided a premium amenity to the tenants during the pandemic and has resulted in 100% rent collections through the pandemic. Location, Location, Location - The subject property is located at the corner of Vendome and Council. Just south of Silverlake and Echo Park and adjacent to the trending neighborhoods of Rampart Village and Historic Filipinotown. Nearby development and home values have pushed the market rents substantially over the years.100% Rent Collections During Pandemic the tenants have all been paying their rent through the pandemic. Attractive Financing - Attractive purchase financing is available. Please inquire with listing agent for more details.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
