1770 El Cerrito Place, Los Angeles, CA 90028
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Sold Price :
$4,675,000
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Beds :
N/A
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Baths :
N/A
-
Property Size :
N/A sqft
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Year Built :
1958
Property Description
Huge 1.2M Price Reduction! 16-unit building with 9 vacancies priced at only 299k/door for prime Hollywood in an opportunity zone. Cash flowing at an amazing 6% Cap Rate and 12 GRM on existing after renovations with an incredible upside to an 8.4% Cap Rate and 9.1 GRM on proforma. Plus, there are 4 attached ADUs under construction with RTI plans to improve the numbers to only 239k/unit, 7.3% Cap Rate, and 10.2 GRM on current. All 9 vacant units and 4 ADUs are under renovation so buyers can complete them to their own taste and finishes and get top market rents (Most of the rough construction and heavy lifting have been done for the remodels). Great amenities such as Pool, Laundry Room, and carport garages. Individually metered for Gas & Electricity. Situated in the Heart of Hollywood, steps away from RunyonCanyon, Magic Castle, Yamashiro, and Hollywood Bowl! The soft story has already been completed and the roof has been recently updated. Potential to create and add a rooftop to maximize rents and amenities.
Interior Features
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
| Interior Information |
| Cooling Type |
None |
Listing Information
| Address |
1770 El Cerrito Place |
| City |
Los Angeles |
| State |
CA |
| Zip |
90028 |
| County |
Los Angeles |
| Listing Agent |
Armin Soleimani DRE #01846872 |
| Co-Listing Agent |
Julio Ruiz DRE #01911261 |
| Courtesy Of |
Global Platinum Properties, Inc. |
| Close Price |
$4,675,000 |
| Status |
Closed |
| Type |
Residential Income |
| Structure Size |
N/A |
| Lot Size |
11,040 |
| Year Built |
1958 |
Listing information courtesy of: Armin Soleimani, Julio Ruiz, Global Platinum Properties, Inc.. *Based on information from the Association of REALTORS/Multiple Listing as of Jan 12th, 2024 at 12:36 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.
