BRC Advisors is pleased to present for sale, an extraordinary value-add opportunity to acquire a 64-Unit residential SRO (single-room-occupancy) building + ~4,550 square feet of retail/commercial + ~6,436 square feet of basement** in booming downtown Los Angeles. The entire property is vacant!!! Currently, the residential units do not have private bathrooms; however, there are approximately 2 shower rooms and 3 toilet facilities on each floor. Upon renovation of the interior and exterior of the property, the units can potentially be rented to Section 8 via their VASH program - the payment standard for SRO units is $1,120 per month. Upon stabilization, a Buyer will be at less than 6x grm and 12%+ cap rate!!! This is a very rare opportunity to acquire a property of this magnitude fully vacant upon acquisition, allowing for a buyer not to have to deal with tenant relocations, and immediately implement a renovation plan to add tremendous value to the property.
*SEE SETUP AND RENT ROLL FOR MORE DETAILED INFORMATION (accessible via this LoopNet listing)
**64 residential units + 3 retail spaces + 1 basement = 68 total units
***Cap rate and grm indicated above are proforma, based on post-renovation of interior + common areas, with a budget of $816,000 (avg of $12,000/unit) and lease up of vacant units \ ($5,995,000 Purchase Price + $816,000 Rehab Costs = $6,811,000 Total Cost (See setup and rent roll for more details)
****ALL INFORMATION BASED ON RELIABLE SOURCES; HOWEVER, BUYER MUST INDEPENDENTLY VERIFY ALL OF THE INFORMATION, INCLUDING ANY REFERENCES TO SQUARE FOOTAGE, FINANCIAL PROJECTIONS, INCOME, EXPENSES, ETC.
