2314 W Pico Boulevard

Los Angeles, CA 90006

$2,600,000

Sold Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten / sqft

1922

calendar_month Built

Property Description

Proud to present the sale of 2314 W Pico Blvd. A Prime Value-Add Opportunity at the heart of the Pico-Union Neighborhood. This submarket has been on the rise for years as more and more luxury developments pour into the area pushing a high occupancy rate in the last decade. The offering consists of 16 units with a low price per SQFT ±$276 which offers a whopping Proforma CAP Rate of over ±9% and low Proforma GRM of ±8.15x (Buyer to verify)! 2314 W Pico Blvd is perfectly adjacent to Downtown Los Angeles, Harvard Heights, Mid-City, MacArthur Park, University Park, and Koreatown. Built-in 1922, this building consists of 16 exceptional units totaling ±9,408 SF of square footage on a sizeable ±7,003 SF lot. The property is an easily maintained two-story building, with an efficient unit mix of (16) large studios averaging ±500 SQFT each. Each unit offers a spacious and functional layout, including a large full kitchen & bathrooms with large closet space. The building has undergone major capital improvements in recent years, including a full electrical upgrade (service and main panel - 2019), earthquake retrofitting (2019), and a new mini split A/C system for each unit. (Buyer to verify & conduct due diligence). With an underutilized roof-top, buyers can possibly convert it into a prime Tenant Common Area with added amenities & stunning view of Downtown Los Angeles and Koreatown.

Listing Information

Close Price $2,600,000
Close Date Friday, December 1st, 2023
Status Closed
MLS AR23002463
HOA $0
Type Residential Income
Subtype Mixed Use
Year Built 1922
Lot Size 7,003
Structure Size N/A
DOM 88
Courtesy Of GIG Real Estate Inc.
Listing Agent Abel Benitez DRE#02173463
Co-Listing Agent Handoko Chen DRE#01749321

Interior Features

Laundry Information
Location(s) None
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A

Exterior Information

Maps

Listing information courtesy of: Abel Benitez, Handoko Chen, GIG Real Estate Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of Feb 20th, 2024 at 11:55 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.