5,005 Sqft Lot
5,005 Sqft Lot
Key Details
Property Type Single Family Home, Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Subdivision East Village Arts District
MLS Listing ID PW26170001
HOA Y/N No
Year Built 1922
Lot Size 5,005 Sqft
Property Sub-Type Mixed Use
Property Description
All unit interiors are completely renovated with designer fixtures and finishes. Approximately $18,200 has been invested per studio unit renovation and ~$19,200 invested per 1BD/1BA renovation. 445 E. 3rd Street is priced at a 5.84% cap rate and 10.10 GRM in place, with clear embedded upside. As rents move to market and RUBS is implemented, the property stabilizes at a 6.82% cap rate and 9.12 GRM—a 98-basis-point expansion in yield and nearly a full point of GRM compression. That equates to $41,075 of additional annual NOI, a 16% increase in cash flow at no change in basis.
Location
State CA
County Los Angeles
Area 2 - Belmont Heights, Alamitos Heights
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Private Pool No
Building
Lot Description 21-25 Units/Acre
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 7281010017
Energy Description 10617.0
Acceptable Financing Cash, Cash to New Loan, 1031 Exchange
Listing Terms Cash, Cash to New Loan, 1031 Exchange
Special Listing Condition Standard
Schools and Properties Nearby
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