924 N Kingsley Dr, Los Angeles, CA 90029
Los Angeles, CA$1,850,000
Property Description
The offering consists of (4) 1 Bed / 1 Bath and (4) 2 Bed / 1 Bath units. The property was built in 1956 and is 6,676 square feet of gross leasable area and sits on a large 9,660 square foot lot that is zoned LAR3. An investor will benefit from good in place cash flow with a starting cap rate of 5.4% with approximately 33% upside in rent potential. With it’s excellent unit mix, day one return and location, the building is positioned for strong long term growth.
Property Features
- Sale Price: $1,850,000
- Area Size: 6,676 Sq. Ft.
- Land Area: 9,660 Sq. Ft.
- Year Built: 1956
- Listing Date: 7/13/2023
- Closing Date: 10/16/2023
- Units: 8
- Current GRM: 11.67
- Current Cap Rate: 5.26%
- Price Per Unit: $231,250
- Market GRM: 8.76
- Market Cap Rate: 7.69%
- Current NOI: $97,348
