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1703 Toberman Street LOS ANGELES, CA 90015

$1,289,000
4 bd
6 ba
2,730 sqft
0.08 lot
Est payment $6919.63/mo

1 / 54

Multi-Family in Los Angeles

PRICE REDUCED! ~7% CAP RATE on EXISTING NUMBERS!! Looking for a cash cow property with guaranteed income from a non-profit? If yes, then this is THE property for you! We are pleased to present for sale an historic Victorian home which has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. Current owner has spent approximately $500,000 in capital expenditures to upgrade the property: Completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. Excellent location near USC, DTLA, Convention Center, and easy access to the 10 & 110 Freeways. Great investment opportunity for a 1031 exchange buyer or for any investor looking for reliable cash flow and minimum maintenance. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented for additional income. Gross Income is over $131k in year 1 with 5% rental increases built in. GRM is just 9.8 and the Cap Rate is 6.9% on the purchase!!! Interior inspection subject to an accepted offer, do not disturb current tenants. Financing options available upon request. Call listing agent for more details!

Courtesy Of Daniel Shamooelian, DRE#01984269, BRC Advisors- BH