8939 Reading Ave, Los Angeles, CA 90045

8939 Reading Ave, Los Angeles, CA 90045

Los Angeles, CA

Property Description

We are pleased to present this Incredibly Rare Opportunity to purchase (4) Units in the Low-Turnover, High-Demand Submarket of Westchester. Since the end of 2018, there has only been (1) Quadruplex that’s sold within a Mile Radius of this Offering, and it’s easy to understand why. While the Inherit Land Value of this strategically located 7,005 SF Lot cannot be overlooked, there is much to be said about the Building itself. First, the 2,829 SF Building represents an increasingly attractive Unit Mix of (1) 2 Bed/1 Bath Unit and (3) 1 Bed/1 Bath Units with all (4) Units being Separately Metered for Gas & Electricity. In addition, the Building offers Ample Parking as each Unit is afforded it’s own Garage Parking Space, which is especially important in this Parking Impacted Submarket. Further, this offering represents an Outstanding Value Add Opportunity for the astute, Yield-Driven Investor with an achievable 103% Rent Upside and a Market CAP approaching 7.00%. Additionally, with Residential Interest Rates still at Record Lows, there is both opportunity and significant appeal for Investors of any and all sizes that are looking to get into the Submarket at an affordable price point, especially those Owner/Users planning to occupy one unit and offset their mortgage w/ the remaining rental income. Moreover, the Lot is Favorably Zoned R3 with a Tier 3 TOC Density Bonus, which would allow for 12-14+ Units to be built on the site. Whether or not redevelopment is part of the plan, that cooked-in land value is not going anywhere upon acquisition. In fact, as housing legislation favoring increased density continues to gain steam and substantial new development continues to break ground both in and around the submarket, this value proposition that the parcel brings to the table is poised to take precedence.

Property Features

  • Sale Price: $1,269,000
  • Area Size: 7005 SF
  • Year Built: 1950
  • Listing Date: 6/2/2021
  • Closing Date: September 15, 2021
  • Units: 4
  • Current GRM: 23.72
  • Current Cap Rate: 2.15%
  • Market GRM: 11.69
  • Market Cap Rate: 6.28
  • Current NOI: $27,311

Lyon Stahl Investment Real Estate

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