2709 W Pico Blvd, Los Angeles, CA

2709 W Pico Blvd, Los Angeles, CA

Los Angeles, CA

Property Description

Seller financing available at 4% IO with 40% Down! 2709 Pico Blvd is a 43-unit mixed use building located in the Pico Union neighborhood. This massive 35,982 sqft building is offered at only $138k/unit and $165/sqft. The property is currently operating at a 6.2% CAP and 9.49 GRM. There is still over 39% upside available once the property is stabilized. The property is separately metered for gas and electric. The building is comprised of (36) apartment units and (7) commercial spaces – it is broken down in to (4) 1Bed+1Bath, (32) Studio+1Bath, (2) restaurants, (2) retail, (1) discount store, (1) salon and (1) upholstery store. There are (4) studio/1-bath units that are currently vacant, offering immediate upside in rental income. The property is conveniently located just minutes from Downtown Los Angeles, with easy access to the 10 and 110 freeways. There are many shops, restaurants and amenities nearby, making this an ideal location for renters.

Property Features

  • Sale Price: $5,950,000
  • Area Size: 35,892 SF
  • Land Area: 0.32 AC
  • Year Built: 1924
  • Units: 43
  • Current Cap Rate: 6.2
  • Market GRM: 9.49