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$ 1,649,000
Est. payment /mo
New
2314 W Pico Boulevard Los Angeles, CA 90006
9,408 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 9,408 sqft
Price per Sqft $175
MLS Listing ID CL26104959
HOA Y/N No
Year Built 1922
Lot Size 7,005 Sqft
Acres 0.1608
Property Sub-Type Other
Property Description
BK SALE/DISTRESSED ASSET! T Pico Apartments, a 16-unit multifamily investment opportunity located at 2314 W Pico Boulevard in the Harvard Heights neighborhood of Los Angeles. The property consists of 16 single units and is 100% occupied, providing investors with immediate in-place cash flow and long-term rental upside.Offered at $1,750,000, the property provides an attractive basis of $109,375 per unit and a 7.59% cap rate on current operations. Significant capital improvements have already been completed, including a seismic retrofit, mini-split A/C in every unit, and a full electrical upgrade with individual meters. Eight of the 16 units currently rent for less than $1,000 per month, creating long-term income growth potential as units turn over and rents may be repositioned toward prevailing market levels, subject to applicable rent-control regulations.Strategically positioned between Koreatown, Downtown Los Angeles and the USC/Exposition Park corridor, the property offers a 91 Walk Score and convenient access to major employment, entertainment and educational destinations.
Location
State CA
County Los Angeles
Zoning LAC2
Interior
Heating Floor Furnace
Fireplace No
Laundry Laundry Room
Building
New Construction No
Others
Tax ID 5056004004
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Listed by Todd Bernstein • Coldwell Banker Realty