308 N Culver Ave, Compton, CA 90220

308 N Culver Ave, Compton, CA 90220

Compton, CA

Property Description

308 N Culver Ave is a three unit apartment complex located near downtown Compton. Property is NOT subject to LA City rent control and rents can be increased 10% annually. Constructed in 1963 and sitting on a large 6,614 SF Lot Zoned COPRH. Property consists of 3 separate bungalow style buildings. Front building Apt# A is a 2 Bedroom/1 Bath unit, Apt# B is 2 Bedroom/1 Bath Unit with two single car garages attached, and Apt# C is a 2 Bedroom/1 Bath unit with 1 single car garage attached. Front unit can be delivered vacant. Apt#B is rented at $1,730, Apt#C is rented at $2,200. The property has ample on-site parking with 2 car per unit. This investment presents a tremendous value-add opportunity at 12 GRM and 5.30% Cap Rate on current rents. All units are separately metered for gas and electricity. Two tenants are all on month to month leases and one unit is in a rent ready condition. There is about 42% upside potential in rental income.

Property Features

  • Sale Price: $875,000
  • Area Size: 2,448 Sq. Ft.
  • Land Area: 6,614 Sq. Ft.
  • Year Built: 1963
  • Listing Date: 6/16/2023
  • Closing Date: 8/16/2023
  • Units: 3
  • Current GRM: 11.59
  • Current Cap Rate: 6.14%
  • Current NOI: $50,244

Lyon Stahl Investment Real Estate

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