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13 Units In Boyle Heights – $1.6 Million

2610 Michigan Avenue, Los Angeles, CA 90033, USA
Triangle 1 Created with Sketch. Great Deal Alert Triangle 1 Created with Sketch. $1,600,000 - Investment Property
18 Bedrooms 13 Bathrooms

I am re-naming Boyle Heights “The Land of Great Deals.” The reason why is the sellers in that neighborhood still don’t really know the value of their real estate (but they soon will!). I have completed three transactions there in the last month, and plan on doing many more.

This particular deal rolls out as follows:

It is 13 units, half of which are 2-bedroom and the other half, 1-bedroom. One of the 2-bedroom, 1.5 bathroom units—which is currently getting $621—can be delivered vacant. Market rents for that one are approximately $1250/mo.

Another of the 2-bedroom with 1.5 bathroom units is occupied by the property manager. I will check with the L.A. Housing Department, but I am pretty certain you can give him 60-days’ notice and then he leaves with no relocation fee. That unit is currently getting $500/mo and, again, would rent for approximately $1250/mo. Just between those two, that is an additional $1329/mo income. As it is currently getting about $12,000/mo, this would bring the total up to a little over $13,300/mo, or about $160,000 per year.

Selling at $1.6 million that is a 7% cap. However, I wouldn’t be surprised if you can get it for even less. Cash on cash return on this one would be about 12%.

Let me know if you would like to pursue.

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