Mixed Used Development Opportunity Los Angeles & Vegas Multi-Family 22 Units Available


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Attn: Developers! Fantastic Opportunity to Build a Landmark Property on Beverly Blvd.

  • Price – $22M
  • 3 Parcels. 75.500 SF piece of re-development land in Los Angeles, CA.
  • Mixed-Use, Zoning – LAC2 & LAR4. Currently there is 61,500 SF of Commercial space & 14,000 SF of residential land.
  • Adjacent to downtown LA, Echo Park, Beverly blvd 90057
  • 350 ft frontage on Beverly Blvd.
  • Westlake area
  • Property takes up 2 corners on busy street
  • Walking score is 85

St_Louis_22_Unit_Vegas_1

22 unit Multi-Family Building right off of the Vegas Strip

  • Price – $1.6M, 25% Down Payment – $400K
  • Price/Unit – $72,727
  • Price/SF – $68.97
  • 22 Units
  • 2 Stories
  • Built in 1961
  • Lot Size- 24,393
  • Current CAP – 5.85%
  • GRM – Current 8.47
  • NOI – Current – $93,555
  • Net Cash Flow after Debt Service – Current – 5.5% / $22,181
  • Total Return – Current – 11.2% / $44,628
  • CAP Rate – Pro Forma – 7.41%
  • GRM – Pro Forma – 7.71
  • Net Operating Income  – $118,579
  • Net Cash Flow After Debt Service – Pro Forma – 11.8% / $47,204
  • Total Return – Pro Forma – 17.4% / $69,652

Property is Free & Clear

Proposed New Loan Amount – $1,200,000

Terms: 3.65%, 30 years, 5 year Fixed, 75% LTV, Due in 30 years, DCR – 1.42

  • 18 units – 2/2, 1000 SF, Current Rents – $650-$700, Monthly income – $12,150
  • 4 units – 3/2, 1300 SF, Current Rents – 900, Monthly Income – $3,600
  • Total SF = 23,200, Total Income = $15,750

Landlord pays Water & Gas, Tenants pay Phone, Electric

Common Area Features:

  • Courtyard
  • Pool
  • Outdoor Grill
  • Secure Gated Entrance

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If interested, Contact Me ASAP! I’m direct to the sellers, they are also lenders and can provide Debt on any of my property opportunities or any of yours!

Greg@fixandflippers.com | 858.386.0949

 

 

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