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+16617472581
Legacy Real Estate Inc
440 E 27th, Los Angeles, CA 90011
- $3,000,000
Listed by Logan Altman, from Altman Apartments LLC
(If provided) CoList: from
- List Price
- $3,000,000
- Price Change
- ▼ $150,000 1787198592
- MLS#
- CRSR26039501
- Status
- ACTIVE
- Lot Size
- 6,253
- Listing Area
- C42 - Downtown L.A.
- Year Built
- 1925
Property Description
Investment Highlights . Comprehensive 2024 Gut Renovation with New COFO: The entire building was gut renovated, resulting in a new Certificate of Occupancy issued in 2024. Over $1.2 million in capital improvements were completed, including all-new plumbing, electrical systems, drywall, paint, flooring, and cabinetry. This turnkey status provides investors with a high-quality asset and minimal immediate maintenance requirements. . Proven Micro-Unit Model with Strong Rental Yield: The building features 23 units comprised primarily of micro-units (87% studios) designed to serve budget-oriented residents in Los Angeles. This high-efficiency model yields an impressive rent of $5.28 per square foot, justifying the property's valuation through proven rental demand for smaller, affordable living spaces. . Immediate Financial Performance and High Returns: At an asking price of $3,000,000, the property offers a current CAP rate of 8.54% on the buyer's reassessed tax basis, with substantial mark-to-market upside as legacy leases are brought to the property's own recently-achieved renovated rents. . Substantial Built-In Revenue Upside: Financial projections show that monthly income can grow from the current $34,290 to a market rate of $38,337, representing an approximately 12% revenue
Additional Information
- Amenities
- Other
- Cooling System
- None
- Energy Features
- Ceiling Fan(s)
- Floor Covering
- Laminate
- Garage Parking
- No Parking
- Heating System
- Gas, Wall Furnace
- Laundry Facilities
- Laundry Area, Community Facility
- Lot Description
- Grade - Level
- Lot Size
- 6,253
- Neighborhood
- C42 - Downtown L.A.
- Pool Description
- 31, None
- Roof
- Flat / Low Pitch
- Style
- Spanish
- Unincorporated Yn
- Yes
- View
- Hills, Neighborhood View
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