Great Deal Alert
I saw this property on line and was skeptical at first. But I just went and visited the property and all my skepticisim has melted away. Before we go further, let me disclose that, for 12 of the 15 units they share hallway bathrooms and that will be a non-starter for many of you. So, whoever who is still reading this email blast after that bit of info, let me tell you why this property merits serious consideration:
First and foremost, as I said in the headline above, it is a true 9.0 cap. More specifically, a cash outlay of $560K will get you $8K/mo cash flow(!) and that will be very stable and very reliable.
Secondly, the property is in really good shape with upgrades and stabilization all recently done well and with permits.
Thirdly, the clientele is not what you would think. This is not your ‘skid row’ Single Room Occupancy tenant pool. There is only one Section 8 in the whole building and the rest are either students or working folks who are extremely happy to be where they are. I met them just now – at least the ones who were not at work at that moment (most of them were.) The property has a very nice grounds and the building has lots of charm and character and is a very pleasant place to live. Tenants are staying put, but if they do leave, they will rapidly be replaced by people who will be just as happy to live there as the previous tenants were. Location-wise, it would not be an overstatement to say this is the best possible location for Boyle Hts. It is a block away from Mariachi Plaza and a ‘stone’s throw’ from the 4th St Bridge that takes one right into the Art District and Little Tokyo. As an added note, there are 9 parking spots on the premises, which is a huge plus.
In summary, this will be an amazing little gem to add to your portfolio. Call me if you have questions or want to purchase it.
Ken Shapiro
818-237-6963
