Sold $800 - 4-Plex
Attention all developer/investor people, who aren’t afraid to get their hands dirty to make a good income property. This property is right on the edge of Boyle Hts, and is a mixed use property. Currently it has a two 1 bed residential units and two commercial units. One residential is vacant and both commercials are vacant. The one occupied residential should be rather easy and inexpensive to vacate, according to seller. The property also has a parking lot where one can fit about a dozen cars.
There are any number of ways to go on this property. For example, one is allowed to have three residential units and virtually unlimited number of commercial units, according to the LA County Regional Planning Office. One could renovate each one bed unit and rent them for a minimum of $1600/mo. Then, one could convert the very large garage underneath the residential units to a 3/2 residential and rent it for minimum of $2550/mo. Then one would have to build a carport (at very little expense) to replace that garage. Then, renovate the commercial units and rent out each of them for $1200/mo. Now, you have spent roughly $200,000 in renovations so you are ‘all in’ at $1 million including acquisition, but you are now making $8100/mo. This means one would cash flow $2500/mo, or basically 10% cash on cash return. Meanwhile you haven’t touched fully half of the property (the parking lot side,) and you can make plans to really ‘max out’ the entire lot down the road to be a bustling retail center, or whatever, as that part of the city continues to grow and gentrify.
Or…. maybe you have a better idea??? This is truly a ‘blank canvas’ waiting for your touch, but any direction you go it is – at this price – one of few very good opportunities to create a great return on investment.
OK, let me know if you are interested or want to know more.
