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$1,000,000
Est. payment /mo
8 Beds
8 Baths
4,456 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,456 sqft
Price per Sqft $224
MLS Listing ID 26969467
Bedrooms 8
HOA Y/N No
Year Built 1957
Lot Size 6,956 Sqft
Property Description
We are pleased to present 1433 E 61st Street, an 8 unit multifamily investment opportunity in South Los Angeles. The property sits on a 6,957 square foot lot with 4,456 square feet of gross building area and was originally constructed in 1957.The building is configured entirely as 1 Bedroom + 1 Bathroom units, offering a uniform, easy to manage unit mix with consistent tenant appeal. The building consists of a two story, wood frame structure with gas and electricity separately metered by unit, allowing utility expenses to be passed through to tenants and simplifying ownership. The property offers 7 open parking spaces located at the rear of the building, a meaningful amenity for tenants and a point of differentiation in the submarket. Interior unit features include vinyl plank flooring in the living room, tile flooring in the kitchen, and a wall heater. Bathrooms have been improved with new tile surround at the tub and a new vanity, while kitchens remain in original condition, presenting a clear value add opportunity for a future ownership group. At a purchase price of $1,000,000 ($125,000 per unit), the offering reflects a 7.69% current cap rate and a 7.30 GRM. With approximately 18.07% rental upside to market, an investor can achieve a pro forma cap rate of 9.93% and a 6.18 GRM through targeted renovation and lease up to market rents. This presents a rare opportunity to acquire a stabilized, income producing asset in South Los Angeles with straightforward value add potential through kitchen renovations and rent growth to market levels.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LCR3YY
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features None
Total Parking Spaces 7
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 6008027023
Special Listing Condition Standard
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Listed by Neema Ahadian Marcus & Millichap #01346750
Nearby School & Business
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