Sold - 4-Plex
This is a property that, for the right person, is going to be a treasure in one’s portfolio. It has negatives and positives and I’ll be sure and fully disclose the negatives here, but believe me… the positives far outweigh the negatives! First, here is an overview….
It is a great Echo Park location with an ideal combination of peaceful, isolated, rustic setting yet walkable to nearby shops and restaurants. It sits up on a hill and has views. There is even a rooftop deck above one of the two structures that has spectacular views! It is a 4-plex but only three are legal. However, the zoning allows for a 4-plex and there is enough parking to justify it. It will take a bit of time, sweat and money to do so but will be more than worth it. It also has been flagged by the Code Enforcement Section of the Dept of Bldg and Safety for un-permitted work that has been done on the property. But, again, this is quite resolvable and will take some time and money but not too big a headache.
On the bright side, the four units consist of a 3 bed 2 bath and three 1 bed 1 bath units. Three of these will be delivered vacant, including the 3-bed 2-baths. Two of these units need little to no work (including the 3/2) and the third one is in decent shape and also will not cost a lot to get in shape. I don’t know much about the tenants in the one remaining occupied unit but they are paying $1150/mo and I suspect can be negotiated out for a reasonable amount. Once fully re-positioned, I have the property yielding approx $11,500/mo. It also, of course, lends itself very nicely to being an owner-occupied property, whether in the 3-bed 2-baths or in any of the 1-bed units. There is 4 or 5 car parking, depending on going tandem in one spot. I am guessing one will spend approx $100-150,000 between resolving code enforcement issues, renovating and tenant buyout. The owner says he wants $1.56 million for the property but I am in the process of showing him that he will probably need to sell it for considerably less than that. I am guessing a deal can be made in the neighborhood of $1.3 million (but no guarantees.) He is highly motivated and in a hurry to sell for his own personal reasons.
If you want it or know someone who might, please contact me right away and I will help you out.
Best,
Ken Shapiro
213-250-4404 or cell 818-237-6963
