1770 El Cerrito Place, Los Angeles, CA, 90028

  • $5,495,000
  • $5,495,000
1770 El Cerrito Place , Los Angeles, CA 90028
Active For Sale
1770 El Cerrito Place , Los Angeles, CA 90028
  • $5,495,000
  • $5,495,000

Description

Huge 500k Price Reduction! 16 Unit building with 9 vacancies in the Prime Hollywood area priced at only 343k/door in an Opportunity Zone. Fully Approved RTI plans to add 4 Attached ADUs to improve the numbers to only 274k/door. All 9 vacant units are under renovation so buyers can complete them to their own taste and finishes and get top market rents. (Most of the rough construction and heavy lifting have been done). This property cash flows at a 5.0%Cap Rate and 13.96 GRM on existing after renovations with an incredible upside to a 7.2% Cap Rate and 10.6 GRM on proforma. Great amenities such as Pool, Laundry Room, and carport garages. Individually metered for Gas & Electricity. Situated in the Heart of Hollywood, steps away from RunyonCanyon, Magic Castle, Yamashiro, and Hollywood Bowl! The soft story has already been completed and the roof has been recently updated. Potential to create and add a rooftop to maximize rents and amenities.

  • Address 1770 El Cerrito Place
  • City Los Angeles
  • State/county CA
  • Zip/Postal Code 90028

Details

Updated on January 25, 2023 at 7:45 pm
  • Property ID: 23235509
  • Price: $5,495,000
  • Land Area: 0.2534 Acres
  • Year Built: 1958
  • Property Type: Residential Income
  • Property Status: Active

Additional details

  • Style: Traditional
  • Heating: Wall Furnace
  • Cooling: None
  • Zone: LAR4
  • Parking: Covered
  • Days On Market: 1
  • LotSize SquareFeet: 11040.00

Features

Listed by

Global Platinum Properties, Inc.
Agent Name : Julio Ruiz
Agent State License : 01911261

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