845 E 28TH Street

    Los Angeles (City), CA 90011
    • $3,350,000
    • STATUS: Active
    • ON SITE: 18 days
    • ID#: 18361126
    UPDATED: 155 min ago
    $3,350,000
    • 0
      BEDS
    • 0.34
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 10,315
      SQFT
    • $325
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1987
    County:

    School Ratings & Info

    Description

    The Griffith Apartments present a unique opportunity for a new investor. Since its construction in 1987, the property has been held as affordable housing for the community.The 30-year restriction has recently burned off, allowing the existing covenants with the city and state to now be removed from the property. A new owner will be allowed to reposition the asset and increase to market rental rates, which are substantially higher than current rents at the property. The State of California requires tenants get 12 months' notice that their residence will no longer be affordable and will become market. The owner posted notices to tenants in May of this year, meaning a buyer can execute their business plan of remodeling all units and re-positioning the assets in May of 2019. The floor plans at the building are all two bedroom, two bathroom units with a current average rent of only $877 per month. We are projecting market rents to be $2,300 offering an investor nearly 130% Upside.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-07-22T00:29:46.233. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
    www.playavistaliving.com/homes/85287645

    845 E 28TH Street Los Angeles (City), CA 90011

    • Price: $3,350,000
    • Status: Active
    • Updated: 155 min ago
    • ID#: 18361126
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.34
    Acres
    10,315
    SQFT
    $325
    $/SQFT
    1987
    Built
    Neighborhood:
    C42 - Downtown L.A.
    County:
    Los Angeles
    Area:
    C42 - Downtown L.A.
    Property Description
    The Griffith Apartments present a unique opportunity for a new investor. Since its construction in 1987, the property has been held as affordable housing for the community.The 30-year restriction has recently burned off, allowing the existing covenants with the city and state to now be removed from the property. A new owner will be allowed to reposition the asset and increase to market rental rates, which are substantially higher than current rents at the property. The State of California requires tenants get 12 months' notice that their residence will no longer be affordable and will become market. The owner posted notices to tenants in May of this year, meaning a buyer can execute their business plan of remodeling all units and re-positioning the assets in May of 2019. The floor plans at the building are all two bedroom, two bathroom units with a current average rent of only $877 per month. We are projecting market rents to be $2,300 offering an investor nearly 130% Upside.
    Exterior Features

    Lot Size Units Square Feet

    Interior Features

    Cooling See Remarks Cooling YN Yes Laundry Features See Remarks

    Property Features

    Gross Multiplier 24.78 Gross Operating Income 131183.00 Improvements Amount 657859 Land Value 475558 Laundry YN Yes Net Operating Income 56251.00 Special Listing Conditions Standard Total Expenses 74933.00 Zoning Lard2

    Listing provided courtesy of David Harrington of Matthews Real Estate Investmen.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-07-22T00:29:46.233. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
     
    Team Tami | Palm Realty Boutique
    7101 Playa Vista Dr.
    Playa Vista CA, 90094