1141-49 N Mission Rd.

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Address: 1141 N Mission Rd, Los Angeles, CA 90033, USA
Created date: April 3, 2024
Date last updated: April 3, 2024

-High In-place Actual CAP Rate with excellent return.
-Across from Major Los Angeles Medical centers, USC Health Sciences campus & LAC+USC Medical center.
-Centrally Located to Lincoln Heights, Chinatown, Little Tokyo, Arts District, and Downtown Los Angeles.
-Located in a strong rental sub-market surrounded by a major employment center.
-Excellent access to FWY 10, FWY 5, and FWY 101.
Ample open space parking, RUBS system in place, Artistic mural income.

Property Description

Growth Investment Group California is proud to offer Mission Apartment, a 32-unit mixed-use residential/SRO/retail community in Lincoln Heights neighborhood, Los Angeles. It offers a strategic location right across from multiple major hospitals and medical centers – Los Angeles General Hospital, USC Health Science Campus, LA County Department of Medical Examiner, and other health science related industries. Current in-place income (with the new tax rate) shows an excellent over 6% in-place CAP Rate and close to 8% Proforma CAP Rate which allows investors to acquire this property with lower down payment even in this high-interest market. This offering presents a rare opportunity for investors to acquire a high cash flowing and a high cash-on-cash return on investment in an infill location of Los Angeles. The property was built in 1926 and subject to the City of Los Angeles Rent-Stabilization ordinance. It sits on 2 parcels totaling ±9897sf Building size and situated on a ±15,821SF square feet of land. The property is a 3-story building with open lot parking. Part of the ground floor units are leased to 2 retail/commercial tenants (restaurant), and the remaining portion of ground floor unit is set up for communal living kitchen and living room. The residential units are located on the 2nd and 3rd floors. The unit mix is as follows: 2 Studio units, 18 Single Room Occupancy units, and 10 Co-Living units. The co-living kitchen and living room area have been upgraded with high-end upgrades and appliances. It has common area laundry rooms (seller’s own units), and a common garden area. Parking is provided by 26 open spaces and 2 additional spaces that are reserved for the restaurant tenant’s trailer. The property is master metered for electricity and gas with RUBS in-place. There is an artistic mural on the side of the property that is bringing extra income. Nearby amenities include multiple major hospitals and health related industries. Property has excellent access to Chinatown, Little Tokyo, Arts District & Downtown Los Angeles area via local street or one of the freeways such as FWY 10, FWY 5, FWY 101.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Mixed-Use
Price: $4,800,000
No. of Units: 32
Cap Rate: 6.14%
GRM /GIM: 9.87
Year Built: 1926
Building Size: 9,897 Sq ft
Lot Size: 15,821.00 Sq ft
Opportunity Zone: No
Price per unit: $150,000
Address: 1141 N Mission Rd, Los Angeles, CA 90033, USA

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