Exclusive Listings

Kingsley Apartments

Address:
1621 N. Kingsley Dr
Los Angeles , CA 90027
Price:
$1,150,000
Status:
Available
Type:
Apartment
# Units:
5
Year Built:
1917
Building Size:
3,078
Lot Size:
6,873
CAP Rate:
1.07
GRM:
28.82x
Price/Unit:
$230,000
Price/SqFt:
$374

HIGHLIGHTS

  • First time on the market since 1973!
  • 3 Freestanding Bungalows and a Duplex
  • True Value Add with over 200% Rental Upside
  • Proforma 6%+ CAP Rate
  • Individually metered for Gas and Electric
  • Just off Hollywood Blvd
  • Charming curb appeal with nice courtyard
  • Located in between Hollywood Blvd and Sunset Blvd.
  • Just a few blocks for the Hollywood and Western Metro Stop, Barndall Art Park, Kaiser Permanente, and many bars and restaurants.
  • Central location, close to Hollywood, Griffith Park, and Los Feliz


SUMMARY

The Growth Investment Group is proud to present this unique opportunity to a acquire this charming 5 unit building in the heart of Thai Town, East Hollywood. This property has been well maintained and in the same family for almost 50 years. There are 3 freestanding 1 bedroom bungalows, and a two story duplex in the back of the property, each with 1 bedroom. All tenants are long term with very low rents, creating an opportunity for the next owner over 200% of rental upside upon completion of renovations appropriate for the market. Each unit is individually metered for gas and electricity. The property has a small community type feel with the open lawn space and freestanding units, giving tenants an element of privacy within a small space. The layout can give the next owner with the appropriate vision to create very special private houses for tenants with their own patio space. The area has a high rental demand based on it’s proximity to everything Hollywood has to offer! This property is ready to be passed onto the next owner for the next 50 Years. Attractive bridge debt available!


Due Diligence


Broker Contact

Justin McCardle
Direct: (909) 486-2069
justin@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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