4217 Menlo AVE, Los Angeles, CA 90037 – SB25057071

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25057071

HOA Y/N No

Year Built 1948

Lot Size 0.472 Acres

Property Sub-Type Apartment

Property Description

Don't miss this very interesting one-of-a-kind opportunity in the 90037 area code. This 20,539 sq. ft. R3-zoned, street to alley multifamily lot has huge upside potential. Super low rents with approximately 50% upside. An astute investor can purchase the property for income now with the potential to build new units down the road. 8.15 GRM at Market Rents and close to a 9% CAP Rate at Market Rents.

In the Tier-3 TOC with zoning allowing for the potential construction of a three-story, 25-unit building

Prior to developing, buyers can take advantage of the desirability of owning and remodeling a much sought after property featuring bungalow units (which tenants are often willing to pay a premium rent). Residents benefit from the property's prime location with easy access to public transportation and major freeways, commuting to Downtown Los Angeles and located within 1 mile of the U.S.C. campus.

Property consists of 8 separate single-story buildings on a 20,539 sq. ft. street to alley R3 Lot. The 20,539 sq. ft. includes an approximately 5,000 sq. ft. parking area in the back (off of the alley), on which a buyer could possibly consider building ADU's. Tenants' benefit from a gated entrance front and rear

There are three large 2-bedroom units (each approximately 1,000 sq. ft.) and eight 1-bedroom units (each approximately 659 sq. ft.). Separately metered for gas and electricity

Rents are super low. Even better for Investors is the fact that three of the 1-bedroom units will be delivered vacant (all in need of work) at the close of escrow.

Each tenant has one allocated spot in the 50' by 100' gated parking lot in the back of the property.
building presents an exciting opportunity to increase rents and add value.

Located less than one block from Manual Arts High School.

Location

State CA

County Los Angeles

Area C34 - Los Angeles Southwest

Zoning LAR3

Interior

Fireplaces Type None

Fireplace No

Laundry None

Exterior

Parking Features Assigned

Fence Security

Pool None

Community Features Curbs,Street Lights,Sidewalks

Total Parking Spaces 11

Private Pool No

Building

Lot Description Lawn,Level,Near Public Transit,Rectangular Lot,Street Level

Story 1

Entry Level One

Sewer Public Sewer

Water Public

Level or Stories One

New Construction No

Others

Senior Community No

Tax ID 5020034036

Energy Description 495.0

Acceptable Financing Cash,Cash to New Loan

Listing Terms Cash,Cash to New Loan

Special Listing Condition Standard