We are proud to present The Victorian on 3rd, an amazing multifamily opportunity located at 1901 & 1913 West 3rd Street in The City of Los Angeles, California. This unique apartment complex is comprised of *41 highly improved apartment units in two separate and distinct two-story buildings, and the addition of (1) One-Bedroom + One-Bath detached home. The buildings are constructed of wood frame with a flat/pitched roof and stucco exterior as well as wood siding. Development for each of the buildings was completed in 1942 & 1923 respectively and encompassing a total of **±21,692 building square feet situated on two separate parcels totaling ±20,283 square feet offering a zoning of LAC2 which could be beneficial for future development. *(34) Singles + One Bath Units *(6) One-Bedroom + One-Bath Units *(1) One-Bedroom + One-Bath Detached Unit * Total unit count differs from title and was provided by Seller and is believed to be the correct legal unit count. Buyer to verify. ** Total building square footage differs from title and was provided by Seller and said to be a correct accounting of all improvement square footage including basement. Buyer to verify. *** Currently there are ±21 parking spaces with the potential to add an additional ±3 spaces. Buyer to verify. PROPERTY HIGHLIGHTS + Attractive value metrics of 6.04% Cap Rate | 9.75 GRM | $153,659 CPU + Excellent leverage quoted with attractive interest only financing + Solid day-1 cash flow and additional rental upside potential + Ratio Utility Billing System (RUBS) in place for many units + Major electrical and unit upgrades + Individually metered for gas and electric + Upgraded fire suppression system including hard-wired smoke detectors + 50% plus of the units tastefully remodeled + Complete unit appliance package of gas range, fridge, dishwasher & microwave + Two adjacent buildings & lots on a signalized corner + Separate APNs for each property & zoned LAC2 totaling +/-20,283 sq. ft. of land + Great candidate to capitalize on newly approved Section 8 housing voucher increases + Controlled intercom access and CCTV monitoring + On-site gated parking for 24 cars & 2 separate laundry rooms + Beautifully maintained and clean property

Listed By CRMLS_CA / Raymond Rodriguez / Keller Williams Realty Calabasas / 866-582-7865

Last checked: Checking… • Last updated Jul 26, 2024 • Source: CRMLS_CA

MLS# SR24000632 — Report a problem