924 W 82nd St 4 Unit Apartment Building $965,000 ($241,250/Unit) 5.90% Cap Rate Los Angeles, CA 90044

ASSET
4 single-story units on a large 9,299-SF lot.
The property is comprised of (two) 4-bedroom/2-bathroom units and (two) 1-bedroom/1-bathroom units. The property is residential asset which presents a desirable owner-user opportunity.
The asset is situated in LAR3 zoning with a Tier 3 TOC (Transit Orient Communities), which allows for the development of up to 20 units*. Given the TO3 Tier 3 allowance, subterranean parking is not required, and a developer is only responsible for 0.5 parking spaces per unit. The large lot presents an outstanding opportunity to develop up to 20 units* or to add ADUs in a dense rental market of Los Angeles.
LOCATION
This 3,990-SF fourplex is located approximately 3 miles from SoFi Stadium, The Forum, Youtube Theatre and the Intuit Dome (NBA Clippers Arena). The asset is located just a few blocks from Vermont Avenue and Manchester Boulevard, which provides tenants with an abundance of retail shops, restaurants, entertainment, and grocery stores.

FINANCIALS
Offered at an 8.68% pro-forma cap rate and 8.55 pro-forma GRM, 924 W. 82nd Street has rents which are +/- 33% below market. The asset also contains stable in-place rents with a current cap rate of 5.90% and current GRM of 11.34. Furthermore, the property qualifies for residential financing.

*Buyer is encouraged to independently verify the accuracy of any information through inspection(s), due diligence, and professionals. Broker and Agent do not guarantee the accuracy of any information concerning the size, condition, financials, or features of said property. Buyer to conduct their own due diligence and investigation of the property. Please do not disturb tenants.