6 Multifamily Units | Rare ADU 7 unit opportunity

1296 S. Citrus Avenue Los Angeles, CA 90019

FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,997,000
Last Verified:
Sep 12, 2021

Highlights

  • Investment Summary (Do not disturb tenants)
  • Excellent Unit Mix of (6) Large 900 sq ft One-bed One-bath units
  • Value-Add Upside
  • RUBS Implementation
  • Excellent Walkable Score

Description

The lack of afforable housing has created a significant affordability gap to home ownership. In the Miracle Mile mirco market the median home price is around +/- $1,200,000 with an average monthly mortgage payment being 3 to 4 times more than the average rents at 1296 S. Citrus Avenue. The Miracle Mile neighborhood boasts some of the strongest demographics in Los Angeles. Within a one-mile radius of the site, the average household income is $98,519 and the median home value is over $1,000,924. The affluent neighborhood is sought after by professionals that work in nearby employment centers including West Hollywood, Hollywood, Century City, Beverly Hills, and Culver City.

eXp Commercial is pleased to present the opportunity to purchase 1296 S. Citrus Avenue, a 6-unit multifamily community in Los Angeles, CA. Most investors struggle with finding multifamily investment property to purchase with substantial loss to lease upside in rents, ability to add a 7th ADU unit, and located in a next to zero vacancies low inventory market.

The subject property is located in the highly desirable Mid-City/Mid-Wilshire (trendy Longwood Highlands) submarket and is just steps away from of Miracle Mile submarket. It is a rare find as it consists of (6) large one-bedroom/one-bath 900 square foot units and a garage that can be converted into a 7th unit with an additional income potential of around $32,400 per year. All units feature a washer and dryer(owner-owned), dual pane windows, dishwasher, disposal, central air conditioning, refrigerator, oven, ceiling fans, and refrigerator. The property features (4) gated carports and (2) garage spaces. There is additional non-metered street parking. Built-in 1927, the property sits on a 7,052 SF parcel, is individually metered for gas (heats hot water, paid by tenant) and the garbage is paid by tenant. The water and sewer are paid for by the owner.

Do not disturb tenants. Due to covid-19 restrictions and the sensitivity of the tenants, there will be no interior tours until the property is under contract. Buyer must assume the current Chase loan or pay the prepayment penalty and cooperate with Seller's 1031 exchange or Deferred Sales Trust.


Year Built: 1927
Building Size: 5438sq ft
Lot Size: 0.16 acres

Map of 1296 S. Citrus Avenue, Los Angeles, CA, 90019

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
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