815 W 62nd Pl Los Angeles, CA 90044

815 W 62nd Pl Los Angeles, CA 90044

Los Angeles, CA
$1,195,000

Property Description

INVESTMENT HIGHLIGHTS

  • 80% Section 8 Tenants, currently operating at a 4.52% cap rate
  • Recently Remodeled 5 Unit property with achievable rental upside
  • Projected cap rate of 7.29% and GRM of 9.96
  • Section 8 Tenants offer guaranteed income
  • Unit mix of (4) 1-Bed/1-Bath units and (1) 2-Bed/1-Bath unit.
  • Great opportunity to cash flow immediately and raise rents with Section 8

EXECUTIVE SUMMARY

815 W 62nd Pl is a stunning 5-unit apartment fit for any investor looking to capitalize on a growing submarket of Los Angeles. Sandwiched between Inglewood’s new SoFi stadium and USC, 815 W 62nd brings an investor the opportunity to purchase a cash flowing asset with achievable rental upside. With 80% of the property rented with Section 8, this remodeled asset provides an investor the opportunity to capitalize on the great rental income Section 8 has to offer. This renovated apartment building is located in the 90044 Zip code in Los Angeles and is priced at 13.9 GRM and a 4.52% cap rate.
The subject property has a unit mix of (4) 1-Bed/1-Bath and (1) 2-Bed/1-Bath Units. With 4/5 units rented with Section 8, this property has the potential to operate at a 7.29% cap rate and 9.96 GRM. This property offers an investor the rare opportunity to cash flow immediately with achievable rental upside.
The subject property is walking distance from many local restaurants grocery markets. 815 W 62nd is just 2 miles from USC and less than 3 miles from Inglewood.

Property Features

  • Sale Price: $1,195,000
  • Area Size: 2,664 SF
  • Land Area: 5,508 SF
  • Year Built: 1922
  • Listing Date: 6/9/2022
  • Units: 5
  • Current GRM: 13.93
  • Current Cap Rate: 4.52%
  • Market GRM: 9.96
  • Market Cap Rate: 7.29%

Lyon Stahl Investment Real Estate

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