2121 11Th St Los Angeles, CA 90006

This exceptional 54-unit apartment building, situated on a corner lot in Los Angeles' desirable Pico-Union neighborhood, presents a compelling value-add opportunity. Built in 1924, this four-story building boasts 37,108 square feet and features a charming blend of architectural details and modern upgrades. The unit mix includes nine studios, twenty-five larger executive studios, and twenty one-bedroom, one-bathroom units, offering diverse income streams. Recent improvements encompass a new elevator, modernized laundry facilities, updated flooring in common areas, and upgraded plumbing and electrical systems. The property also includes two courtyards, a restored lobby, a swimming pool, and controlled access, enhancing its appeal to residents. Separately metered electricity and on-site laundry contribute to additional revenue generation. Its prime location offers easy access to public transportation, including nearby bus lines and the Westlake/MacArthur Park Metro station, connecting residents to Downtown Los Angeles and beyond. The property's proximity to major employment centers, entertainment venues, and educational institutions, such as Loyola Law School, further strengthens its investment potential. With a current NOI of $582,346 and a pro-forma NOI of $752,212, this property offers a strong cash flow and substantial upside potential in a rapidly gentrifying area. The asking price is $9,450,000, representing $175,000 per unit and a 6.16% cap rate (7.96% pro-forma). The property is zoned C1.