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2314 W Pico BLD Los Angeles, CA 90006
7,005 Sqft Lot
UPDATED:
07/12/2024 05:56 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRAR24143091
Originating Board California Regional MLS
Year Built 1922
Lot Size 7,005 Sqft
Property Description
We're 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 ±8.52% and low Proforma GRM of ±8.46x (Buyer to verify)! 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 spacious and functional layout which includes large full kitchens & bathroom with a large closet space. The building has undergone major capital improvements in the recent years which include: full electrical upgrade (service and main panel - 2019), earthquake retrofitted (2019), and new mini split A/C system for each unit. 2-Units have been fully upgraded: Paint, Flooring, Appliances, Cabinets and Countertops. (Buyer to Verify) and 4-Units have been updated with Paint, Flooring and Appliances. (Buyer to Verify) Right off Pico Blvd & Magnolia Ave, located wi
Location
State CA
County Los Angeles
Area Krea - Koreatown
Interior
Laundry None
Exterior
Pool None
Building
Water District - Public
Others
Tax ID 5056004004
Special Listing Condition Not Applicable
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Listed by Abel Benitez • GIG Real Estate Inc.