1532 Wilton Place, Los Angeles
Los Angeles Home For Sale
Back on market at a large price improvement with great metrics! Bring all offers! 14 existing units in prime Mid City LA, and 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. This 1960's construction building has all 2 Bed/1 Bath units and is offered at a low $203k per unit, with the opportunity to make it $178k per unit post-ADU completion. In place 11.49 GRM on current rents with the upside to a 5.80 GRM, and a 5.36% cap rate on current rents and T12 actual expenses, with the upside to a 13.5% cap rate. 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 throughout, brand-new laundry room with new owner-owned washer & dryer machines (NO leases), new master water heaters, and EQ shut off valves installed on all 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!
Property Details
Additional Information
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- City:
- Los Angeles
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- County:
- Los Angeles
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- Zip:
- 90019
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- MLS® #:
- 24419799
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- Bedrooms:
- 6
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- Bathrooms:
- 3
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- Square Ft:
- 9,916
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- Lot Size:
- 0.30
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- Levels:
- Two
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- HOA Dues:
- $
Based on information from California Regional Multiple Listing Service, Inc. as of July 26th, 2024 at 2:25am PDT. 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.