701 Crenshaw
- Actual 7.0% Cap Rate / 9.4 GRM w/ Upside!
- Low Cost/SF at $279/sf. Below Replacement Cost!
- 7 Units Can Be Delivered Vacant at COE.
- R3 zoning for future development potential.
Property Description
701 Crenshaw is located in the highly affluent and desirable Windsor Village/Hancock Park neighborhood in Los Angeles. This oversized apartment offers a tremendous investment opportunity for a first time or experienced investor in the area.
This 2-story building was built in 1939 with a total size of 6,789 SF, and consists of large units that have been split into (4) 2/1 units and (4) studios plus a separate (1) studio owner’s unit above the garage. 7 out of the 9 current units have been lightly remodeled and can be delivered vacant at close of escrow, or kept as mid-term rentals.
There are 6 rear garage + 2 onsite parking spaces, and there is an opportunity to convert the garages into an ADU as an additional rental unit. Recent upgrades include updated electrical in progress.
On a big 7,499 SF lot zoned LA-R3, the property is directly next to the Metro lot with future development plans underway. Prime Location in Hancock Park near Koreatown, Miracle Mile, Mid-Wilshire, Beverly Hills, Grove, & Downtown LA.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $1,900,000 |
| No. of Units: | 9 |
| Cap Rate: | 7% |
| GRM /GIM: | 9.4 |
| Average Occupancy: | 100 |
| Year Built: | 1939 |
| Building Size: | 6,789 Sq ft |
| Lot Size: | 0.17 Acres |
| No. of Stories: | 2 |
| APN: | 5090-032-007 |
| Zoning Code: | 90005 |
| Opportunity Zone: | No |
| Price per unit: | $211,111 |
| Parking Spaces: | 8 |
| Property Website | Click Here |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Brian Noh | 2138047647 | [email protected] |
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