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1532 S Wilton Place

Los Angeles, CA 90019

PRICE REDUCED

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-$100,000 (-3.51%)

$2,750,000

List Price

28

bed Beds

14

shower Baths

9,916 sqft

straighten / sqft

1960

calendar_month Built

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!

Listing Information

List Price $2,750,000
Status Active Under Contract
MLS 24419799
Type Residential Income
Year Built 1960
Lot Size 13,161
Structure Size 9,916
DOM 110
Courtesy Of Avenue Realty Group
Listing Agent Jonathan Rawson DRE#02010400
Co-Listing Agent Robert Kellner DRE#02201789

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms 28
Total Bathroom
Bathrooms 14
Fireplace Information
Features None
Additional Information
Additional Features Ceiling Fan(s)

Exterior Information

Maps

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king_bed 12
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Listing information courtesy of: Jonathan Rawson, Robert Kellner, Avenue Realty Group 310-869-9137. *Based on information from the Association of REALTORS/Multiple Listing as of Nov 12th, 2024 at 8:45 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.