716 81St St Los Angeles, CA 90044

This 11-unit apartment building at 716 W. 81st St., Los Angeles, CA 90044, presents a compelling value-add opportunity. The property, built in 1960, boasts 7,795 square feet of net rentable space, currently generating a NOI of $128,698, representing a 6.44% cap rate. A pro-forma NOI of $187,714 projects a 9.39% cap rate, highlighting significant upside potential. The asking price is $1,999,000, or $181,727 per unit, and the price per square foot is $256.45. The unit mix includes seven two-bedroom/one-bathroom units and four one-bedroom/one-bathroom units. Conveniently located between Manchester and Florence, Hoover and the 110 freeway, the property features carports in the front and rear. Currently, one unit is vacant, and the manager's unit is without a lease or management agreement, offering immediate flexibility for a new owner. Two additional units could potentially achieve market rents shortly after closing. Scheduled monthly rent is $16,000, while pro-forma rent is projected at $22,000 or more per month. This property is ideal for a first-time investor or an experienced owner looking to expand their portfolio. The property's location in Los Angeles County, with its APN 6032-023-007, offers strong potential for rental income growth. This is a rare opportunity, as the property has not been on the market for several decades.