5.40% Cap Rate & 38% Upside Potential! A spectacular mid- century 6-unit garden style property in Mid City: one of the most centrally located and highly desirable rental markets in Los Angeles. Built in 1960 for famed R&B and jazz singer Nellie Lutcher, the building is booming with rich history and soulful decor. The complex consists of 2 stories, is individually metered for gas and electric, and features ample on-site parking, laundry facilities, and spacious floorplans. There is a unit mix of (4) Two-bedroom/One- bathroom units, (1) One-bedroom/One-bathroom unit, and (1) sprawling Four-bedroom/2.5-bathroom Owners Unit townhome complete with a patio, garage, private bar, and walk in closets. Plans have been submitted with the city to convert the garage into an additional Studio ADU. With spillover from tenants who are priced out of surrounding neighborhoods i.e. Miracle Mile to the north, and Culver City to the west, as well as from neighboring Koreatown and red hot West Adams, this asset is strategically positioned for a growing demand of tenants who want to be near everything and close to the action! This property will not last long on the market with its incredible value and spectacular location.
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