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Renovated 10 Units + Plans 6 New - 6.25% Cap 151 S Mountain Vw 10 Unit Apartment Building $2,525,000 ($252,500/Unit) 6.25% Cap Rate Los Angeles, CA 90057
Investment Highlights
- Plans to add 6 New Units could boost current Cap Rate to 10.6% and proforma to 13%, costing about $183k per door.
- Prelim plans to add 6 new units in the garages will reduce/eliminate soft-story scope of work and cost.
- All units are individually metered, tenants pay trash, and 8 vacant garages offer additional income and new units/ADU potential.
- Located in trendy Filipino Town, minutes from Echo Park, Silverlake, DTLA, and popular spots like Brooklyn Bagel, Boba Guys, HiFi Kitchen, and Laveta
Executive Summary
Price Reduction! Renovated 10-unit building with plans for 6 additional units cash flowing at an amazing 6.25% Cap Rate from day 1 with upside to 8.7% Cap on Proforma. Preliminary plans to add 6 new units in the garages to achieve a remarkable 10.6% Current Cap Rate, 13% Proforma Cap Rate, and only 183k/door after taking into account all construction costs (~415k assuming $300/SF). All units are individually metered for Electricity and gas, and tenants pay for Trash. Rare 8 vacant single Car Garages for additional income and ADU potential. Plans for additional units in the garages will eliminate/reduce the soft-story scope of work and cost. Easy to rent unit mix consisting of 10 large (1 bed/1 bath) units. 6 units have been fully remodeled and boast new modern cabinets, flooring, lighting, new bathrooms, and significant exterior improvements. This property is located in the trendy & historic Filipino Town just minutes away from Echo Park, Silverlake, DTLA as well as many hip neighborhood attractions, restaurants, bars, and shops such as Brooklyn Bagel Bakery, Boba Guys - Rideback Ranch, HiFi Kitchen, and Laveta Coffee, popping up all around the area.
Property Facts
| Price | $2,525,000 | Apartment Style | Low-Rise |
| Price Per Unit | $252,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.25% | Building Size | 6,536 SF |
| Gross Rent Multiplier | 11.39 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1954/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.22/1,000 SF |
| Zoning | lac2 - Commercial | ||
| Price | $2,525,000 |
| Price Per Unit | $252,500 |
| Sale Type | Investment |
| Cap Rate | 6.25% |
| Gross Rent Multiplier | 11.39 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.15 AC |
| Building Size | 6,536 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1954/2023 |
| Parking Ratio | 1.22/1,000 SF |
| Zoning | lac2 - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
1 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (72)
Property Taxes
| Parcel Number | 5154-006-009 | Improvements Assessment | $244,077 |
| Land Assessment | $1,167,328 | Total Assessment | $1,411,405 |
Property Taxes
Parcel Number
5154-006-009
Land Assessment
$1,167,328
Improvements Assessment
$244,077
Total Assessment
$1,411,405
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Renovated 10 Units + Plans 6 New - 6.25% Cap | 151 S Mountain Vw
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