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8-Unit Value-Add + 8 ADUs, Mid-City 2325 S Ridgeley Dr 8 Unit Apartment Building $48,750,000 ($6,093,750/Unit) 4% Cap Rate Los Angeles, CA 90016
Investment Highlights
- 8-unit building, all 2-bed/1-bath — only $243K/door & $273/SF
- RTI-ready path: 8 detached ADUs ? 16 units at $166K/door all-in
- Individually metered gas & electric | updated on-site laundry
- Current 4.0% Cap with 100% rental upside to a 10.2% Proforma Cap
- 12.3% Current / 18.3% Proforma Cap with ADUs, only $266/SF all-in
- Renovated exterior with gated on-site parking
Executive Summary
Large 7,152 SF 8-Unit value-add building cash flowing at a current 4% Cap Rate with a whopping 100% upside to a 10.2% Cap on Proforma! Attractively priced at only 243k/unit for entirely 2-bedroom 1-bath units and only $272/SF. Large 9,500 SF lot with plans to add 8 detached ADUs to achieve an incredible 12.2% Current Cap Rate, 18.3% Proforma Cap, 166k/unit, and only $266/SF after taking into account all the construction costs (~715k assuming $250/SF). The exterior of the property has undergone detailed renovations and features on-site parking as well as an updated laundry room. Electricity and gas are individually metered which minimizes operating expenses. Prime Mid-City location just minutes away from Beverly Hills, Culver City, West Adams, as well as many hip neighborhood attractions, restaurants, bars, shops, such as Cento Pasta Bar, The Blending Lab Winery, Tartine Bakery, Farmhouse Kitchen Thai Cuisine, Mu.So Coffee, Cumulus luxury 31-story 1,210 unit mixed-use project, 260 units Habitat Residences campus with retail and creative office, and much more.
Property Facts
| Price | $48,750,000 | Building Class | C |
| Price Per Unit | $6,093,750 | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 7,504 SF |
| Cap Rate | 4% | Average Occupancy | 100% |
| Gross Rent Multiplier | 15.56 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1965 |
| Property Type | Multifamily | Parking Ratio | 1.07/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | LARD1.5 - Restricted Density Multiple Dwelling | ||
| Price | $48,750,000 |
| Price Per Unit | $6,093,750 |
| Sale Type | Investment |
| Cap Rate | 4% |
| Gross Rent Multiplier | 15.56 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 7,504 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.07/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | LARD1.5 - Restricted Density Multiple Dwelling |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | 938 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5063-023-008 | Improvements Assessment | $351,418 |
| Land Assessment | $234,266 | Total Assessment | $585,684 |
Property Taxes
Parcel Number
5063-023-008
Land Assessment
$234,266
Improvements Assessment
$351,418
Total Assessment
$585,684
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8-Unit Value-Add + 8 ADUs, Mid-City | 2325 S Ridgeley Dr
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