1532 S Wilton PL Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90019
Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
Square Footage 9,916 sqft
Price per Sqft $277
MLS Listing ID 24419799
Bedrooms 28
Year Built 1960
Lot Size 0.302 Acres
Property Description
HUGE PRICE IMPROVEMENT & PRICED TO SELL! Bring all offers! 14 existing units in prime Mid City LA, all 2 Bed/1 Bath with 14 on-site parking spaces, and being offered at a low $196k per door and $277 per foot! The property will be delivered with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, which would turn the building into 16 units and add substantial income, all while still having plenty of on-site tenant parking spaces post-ADU completion. Opportunity to make it $171k per door post-ADU completion. In place 11.06 GRM on current rents with the upside to a 5.54 GRM, and a 5.61% cap rate on current rents and T12 actual expenses, with the upside to a 13.84% cap rate. 8.83 GRM and 7.53% cap rate after ADU completion, assuming all other rents remain the same. Some highlighted features include brand new electrical subpanels in all units, both roofs were replaced in 2017 and done with permits, EQ seismic retrofit work has been completed, copper plumbing, brand-new laundry room with new owner-owned washer & dryer machines (NO leases), new master water heaters, and EQ shut off valves have been installed on the gas meters. Some tenants are on RUBS for utility reimbursements to lower operating costs, and the building is separately metered for both gas & electricity. There's 95% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. There's everything to love about this prime and central Mid City location as it borders West Adams, Koreatown and Downtown Los Angeles and Pico Union, and is just blocks away from Country Club Park!
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR3
Interior
Heating Wall Furnace
Fireplaces Type None
Laundry Common Area
Exterior
Garage Assigned,Covered,Driveway,One Space
Community Features Gated
Building
Story 2
New Construction No
Others
Special Listing Condition Standard