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JD Cooper
2314 W Pico Blvd, Los Angeles, CA 90006
- $1,695,000
- 16
- BD
- 16
- BA
- 9,408
- SqFt
- List Price
- $1,695,000
- MLS#
- 26104959
- Year Built
- 1922
- Bedrooms
- 16
- Bathrooms
- 16
- Living Sq. Ft
- 9,408
- Lot Size
- 7,005
- Days on Market
- 2
- Property Type
- Multifamily
Property Description
BK SALE/DISTRESSED ASSET! Todd Bernstein is pleased to present Pico Apartments, a 16-unit multifamily investment opportunity located at 2314 W Pico Boulevard in the Harvard Heights neighborhood of Los Angeles. The property consists of 16 single units and is 100% occupied, providing investors with immediate in-place cash flow and long-term rental upside.Offered at $1,750,000, the property provides an attractive basis of $109,375 per unit and a 7.59% cap rate on current operations. Significant capital improvements have already been completed, including a seismic retrofit, mini-split A/C in every unit, and a full electrical upgrade with individual meters. Eight of the 16 units currently rent for less than $1,000 per month, creating long-term income growth potential as units turn over and rents may be repositioned toward prevailing market levels, subject to applicable rent-control regulations.Strategically positioned between Koreatown, Downtown Los Angeles and the USC/Exposition Park corridor, the property offers a 91 Walk Score and convenient access to major employment, entertainment and educational destinations.
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Additional Information
- Other Buildings
- None
- Heat
- Floor Furnace
- Cooling
- Wall Unit(s)
- Number of Cars in Garage
- None
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Courtesy of Coldwell Banker Realty, Todd Bernstein - CA DRE#01816580
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