Off Market: LA $795,000 (4 units)

Description

Los Angeles, CA 90001

Purchase Price: $795k

Type: Duplex

Rehab: $200k (conservative) +/-

ARV: $1,375,000 +/-

Year Built: 1954

Bedrooms: 6

Bathrooms: 3

Sq. Foot: 2,978

Lot Sq. Foot: 7,067

Here is a brand new off-market opportunity in the heart of Los Angeles! I’d like to be as informative as possible, so there may be a considerable amount of details included:

Exterior of home and main unit was repainted 2 years ago. Main unit interior was repainted and has new moldings. Main unit kitchen cabinets were resurfaced and repainted as well.

Property has 2 additional dwellings, one attached + one detached (attached to the garage – as seen on. the site plan). Both have hook-ups for water & electricity. I see 3 different potentials options:

#1 convert into a 4-plex. Structure is already in place and due to Assembly Bill 2097, no additional parking is required

#2 stay as a duplex and permit both dwellings as ADUs

#3 convert to triplex + ADU

Additionally, wall in the main unit can be removed and converted to a 3/1.

Property has 4 tenants who will need to vacate the property:

Tenant 1 – has a trial date in February with the seller to be evicted (seller has already paid for all lawyer fees)

Tenants 2-4 – They are open to accepting Cash4Keys. The LA County relocation structure is about 11k ($10,980 to be exact) for a studio with low-income tenants and $7,664 for standard. I have included $11kx3 in the rehab budget.

Given the various potential scenarios, I have padded the rehab budget with an additional $65k for miscellaneous costs.