8 Beds • 8 Baths • 4700 SF • 11368 SF Lot • $1,235,000 SOLD
8 UNIT APARTMENT BUILDING
Marty Clouser of Kennedy Wilson Real Estate Sales & Marketing represented both the seller and buyer of this 8-unit apartment building located approximately one-half mile from the future Hyde Park Station of the Crenshaw/LAX light rail line and just 2.5 miles from the future Los Angeles Rams and Los Angeles Chargers NFL stadium.
Five of the eight one-bed, one-bath units were recently rehabbed. The property consisted eight one-bed, one-bath units in three buildings. Four of the units were built over 8 detached garages and multiple storage units offering additional income. At the time of the sale the property was 100% leased with four of the units under Section 8 and all leases featuring 3% annual increases.
The buyer wanted to capitalize on the properties proximity to the metro line and NFL stadium and its zoning which were conducive to the construction of four or five additional units. The sale closed at $1.25 million ($154,375/door) at a 6.47 cap rate.