10908 Figueroa St Los Angeles, CA 90061

This 5-unit apartment building in Los Angeles, CA, offers a compelling value-add investment opportunity. Built in 1926, the property comprises 2,815 square feet on a 5,125 square foot lot and features a mix of studio, one-bedroom, and two-bedroom units. Four of the five units have been renovated. The property boasts a current 5.40% cap rate and a 10.31 GRM, with a pro-forma cap rate of 9.85% and a 6.88 GRM based on projected rents. The current NOI is $48,598, with a pro-forma NOI of $88,675. The asking price is $900,000, translating to $180,000 per unit and $319.72 per square foot. The property includes five uncovered parking spaces accessible via an alley. Its convenient location near the 110 and 105 freeways provides easy access to various amenities and community establishments. The property is zoned LAC2. This is a single-story building with a 100% occupancy rate. The property is not subject to a ground lease. This presents a strong potential for increased returns through further renovations and rent optimization.