This is a property I have had on the market for a few weeks that the owner has had a change of heart and is now much more motivated to sell rapidly. For that reason he has authorized me to reduce the price down to a level where, in the right hands, it really cash flows! Not only that, it is simply a great property to own and grow with over the years. Here are the details:
There is a very large and very vacant 4 bed 3 bath fully renovated unit that will rent for $5500/mo. There is also a 1000 sq ft 1 bed 1 bath fully renovated unit that is getting $1600/mo. At some point it will go vacant and then will rent for $2350/mo. Both of these units have in unit laundry and central heat and air and….. oh yes…. spectacular mountain views. Then, on top of all that, the crowning glory of this property is the 600 sq ft attic with full headroom and its own balcony that also looks out over the mountains. This attic is crying out to be an ADU, which should be able to be done for now more than $50-75K.
So, what does this all add up to???? You will be all in at $1.275 million, getting $9100/mo. This means you will receive over $3k/mo cash flow or 12% cash on cash return. When you add up all the factors, this is one of the greatest investment opportunities that exists right now in Silver Lake, Echo Park and Northeast L.A.
Call me if you want to get this or want to check it out. I can show this one to you anytime.