New list price gives much better gross multiplier and Cap rate than before. Please take another look. 10 unit apartment building in Harbor City plus an additional parcel of 4670 sq ft (parcel# 7413001030) which is a strip of land good for additional parking and possibly could be used for additional units. The stated lot size in the listing is the sum of both parcels. The property has full solar owned free and clear. There is onsite laundry and a vending machine which can produce income and there are 6 carports and approx 10 additional parking spaces. This property is just minutes from the 110 freeway and close to the LA Harbor. In July 2022 the property passed the LA City Systematic Code enforcement program (SCEP) inspection. Prior to this inspection in 2022: New hard wired smoke detectors were installed in 11 bedrooms and laundry room, new hard wired CO detectors and smoke detectors in all 10 living rooms. 3 new skylights were installed in the 3 stairwells. New carpet in the 3 stairwells to upper units. 3 new solid core doors were installed and painted. Unit 6 received new hardwood flooring and a new toilet. 5 new tub/shower mechanisms were installed. 4 new garbage disposals installed and 1 repaired. 5 vanity drawers were rebuilt. Some interior painting was completed. New asphalt driveway with slurry sealant was done in Feb 2023.Come February 1st it appears that all rents across the board can be increased 7% per LA CITY housing department. Stated rents in the analysis are based on Feb 1 2024 effective rent increases if those remain authorized by the city. Buyer to please verify this information.
Property Sub Type:
Apartment
Property Attached:
No
Lot Area:
14,672 sq. ft.1,363.073 m2
Lot Details:
50x200 + extra lot
Bathrooms:
-
(Full:-, Half:-)
Year built:
1977
(Age: 46)
General Listing Location:
Harbor City, 124 - Harbor City
County Or Parish:
Los Angeles
Tenant Pays:
Gas
Common Interest:
Community Apartment
Gross Income:
$127,380
Gross Scheduled Income:
$135,072
Net Operating Income:
$83,291
Cap Rate %:
4.3
Rent Control:
Yes
Total Actual Rent:
$10,823
Association Fee:
$0
Land Lease:
No
Electric Expense:
$557
Fuel Expense:
$2,530
Gardener expense:
960.00
Insurance Expense:
$3,832
Licenses expense:
1227.0
Taxes expense:
22419.0
Operating Expense:
$46,045
Pest control expense:
$877
Professional Management Expense:
$0
Trash Expense:
$6,289
Water and Sewer Expense:
$7,374
Vacancy Allowance:
$0
Vacancy Allowance Rate:
$0
Tax Lot:
7
Tax Block:
3
South of Lomita Blvd
Floor
Type
Size
Other
-
Living Room
00 × 00
-
-
Kitchen
00 × 00
-
View:
City Lights
Appliances:
Free-Standing Range, Disposal, Gas Oven, Gas Range, Gas Water Heater, Dryer, Washer
Accessibility Features:
Parking
Number of Buildings:
1
# of Electric Meters:
11
# of Gas Meters:
11
# of Water Meters:
1
Community Features:
Biking, Curbs, Dog Park, Park, Street Lights, Sidewalks, Urban
Senior Community:
No
Interior Features:
Tile Counters
Laundry Features:
Common Area, Washer Hookup, Laundry Room
Window Features:
Blinds, Screens
Pool Features:
None
Private Pool:
No
Spa Features:
None
Lot Features:
Level, Paved, Rectangular Lot
Fireplace Features:
None
Security Features:
Carbon Monoxide Detector(s), Smoke Detector(s)
Levels:
Two
Num Stories:
2
Entry Level:
1
Entry Location:
front
Construction Materials:
Stucco
New Constr.:
No
Flooring:
Carpet, Laminate
Foundation:
Slab
Common Walls:
No Common Walls
# Units:
10
Property Condition:
Updated/Remodeled, Turnkey
Heating:
Wall Furnace
Fireplace:
No
Cooling:
None
Utilities:
Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected