Growth Investment Group is proud to present the sale of 2314 W Pico Blvd. A Prime Value-Add Opportunity at the heart of the Pico-Union Neighborhood. This submarket has been on the rise for years as more and more luxury developments pour into the area pushing a high occupancy rate in the last decade. The offering consists of 16 units with a low price per SQFT ±$276 which offers a whopping Proforma CAP Rate of over ±9% and a low Proforma GRM of ±8.15x (Buyer to verify)! 2314 W Pico Blvd is perfectly adjacent to Downtown Los Angeles, Harvard Heights, Mid-City, MacArthur Park, University Park, and Koreatown.
Built-in 1922, this building consists of 16 exceptional units totaling ±9,408 SF of square footage on a sizeable ±7,003 SF lot. The property is an easily maintained two-story building, with a efficient unit mix of (16) large studios averaging ±500 SQFT each. Each unit offers a spacious and functional layout which includes large full kitchens & bathrooms with large closet space. The building has undergone major capital improvements in recent years which include: a full electrical upgrade (service and main panel - 2019), earthquake retrofitted (2019), and a new mini split A/C system for each unit. In addition to all of this, the property has a large laundry room underway to provide additional income, boosting the cash flow of the property. (Buyer to verify & conduct due diligence).
With an underutilized roof-top buyers can possibly convert it into a prime Tenant Common Area with added amenities & stunning views of Downtown Los Angeles and Koreatown.