2314 W Pico Boulevard, Los Angeles, CA 90006
-
Sold Price :
$2,600,000
-
Beds :
N/A
-
Baths :
N/A
-
Property Size :
N/A sqft
-
Year Built :
1922
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.
Interior Features
| Laundry Information |
| Location(s) |
None |
| Bedroom Information |
| Bedrooms |
N/A |
| Bathroom Information |
| Bathrooms |
N/A |
Listing Information
| Address |
2314 W Pico Boulevard |
| City |
Los Angeles |
| State |
CA |
| Zip |
90006 |
| County |
Los Angeles |
| Listing Agent |
Abel Benitez DRE #02173463 |
| Co-Listing Agent |
Handoko Chen DRE #01749321 |
| Courtesy Of |
GIG Real Estate Inc. |
| Close Price |
$2,600,000 |
| Status |
Closed |
| Type |
Residential Income |
| Subtype |
Mixed Use |
| Structure Size |
N/A |
| Lot Size |
7,003 |
| Year Built |
1922 |
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.
