8U+1 | RTI Permits for 2 ADUs! | Lincoln Heights

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Address: 221 S Ave 19, Los Angeles, CA 90031, USA
Created date: December 11, 2023
Date last updated: March 26, 2024

INVESTMENT HIGHLIGHTS

• RTI Permits for Construction of 2 ADUs Included With Sale
• 5.38% CAP | 12.46 GRM on Current Rents!
• Two Bedroom Unit Subdivided into 2 Units — One (1) Pvt Studio
& One (1) 1 Bedroom + 1 Bathroom Unit” (Buyer to Verify – Ask
Agent for Details regarding Permits)
• Majority of Units Extensively Remodeled!
• Highly Desirable Lincoln Heights location
• Immediate Upside provided by construction of ADUs
• Walkscore.com Rating of 87—Very Walkable!

LOCATION HIGHLIGHTS

• High Rental Demand Area
• Few minutes from entertainment venues, restaurants, LA Live,
Downtown Los Angeles and Multiple Los Angeles freeways
• Densely Populated Neighborhood
• Close Proximity to Gold Line Metro Station

Property Description

Vartanian CRE of Lyon Stahl Investment Real Estate is pleased to present 221 S Avenue 19 Apartments: an eight (8) +1 partially permitted private suite multifamily investment located in the heart of the Lincoln Heights submarket of Los Angeles. The property also includes Ready-To-Issue Permits for the construction of two ADU units consisting of two Studio units that will be situated near the rear of the large 9,952 SF lot zoned LA-R1.5. These three, single story, wood frame stucco buildings were built in 1923, 1924, and 1925 and consist of 4,130 SF of living area with eight (8) on-site parking spaces. In addition to the 4,130 SF of living area, the ADU additions will add an additional 800 SF of living area to the property when completed. The front Two Bedroom unit was recently subdivided into one (1) Studio suite unit and (1) 1 Bedroom / 1 Bathroom unit with partial permits from the city of Los Angeles (Buyer to verify and complete all due diligence as to the legality of said partial permit | Ask Listing Agent for details regarding this new private suite and permits in place). The property currently features seven (7) One Bedroom | One Bathroom units, one (1) Two Bedroom | one Bathroom unit, and one (1) Studio Suite style unit (Buyer to verify and complete all due diligence as to the legality of said permit). The 2 Bedroom unit has undergone extensive renovations in addition to the new added Studio Suite. The additional 1 bedroom units have undergone extensive rehab including, but not limited to: completely redone bathrooms and showers, upgraded living rooms, new kitchens featuring brand new appliances, laminate flooring, new windows, all new paint, etc. Further, these have been updated with new plumbing and upgraded electrical systems. A new owner will benefit from the immediate upside that will be provided by completing the RTI ready ADUs to the property. All of the heavy lifting and costs associated with the City of Los Angles and been completed, and a new owner can potentially break ground shortly after the close of escrow. An investor will also benefit from the property’s low annual expenses: no trash expense, separate gas and electric meters, and drought tolerant landscaping providing strong current and future cash flow. The property is located on S Avenue 19 just south of N Broadway near N San Fernando Rd. The property allows for tenants to live in close proximity to Downtown Los Angeles, with short commutes to the San Gabriel Valley, and close by transit at the Lincoln Heights/Cypress Park Station and Chinatown Station. The LA-USC Medical Center is just north of the 10 freeway, and nearby parks include Downey Recreation Center, Downey Playground, and the Lincoln Heights Recreation Center.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $2,350,000
No. of Units: 8
Cap Rate: 5.50%
GRM /GIM: 12.20
Year Built: 1923
Building Size: 4,130 Sq ft
Lot Size: 9,953.00 Sq ft
No. of Stories: 1
APN: 5447-025-013
Zoning Code: RD1.5
Buy Side Fee: 2.0%
Opportunity Zone: No
Price per unit: $293,750
Parking Spaces: 8
Address: 221 S Ave 19, Los Angeles, CA 90031, USA

FINANCIAL DETAILS

Income/expense info: Actual
Financial year: 2023
Gross income: 192663
Effective Gross income: 187549
Operating expenses: 58375
Net operating income: 129175
Pre-tax cashflow: 24995

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