903 E 79th St

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Address: 903 E 79th St, Los Angeles, CA 90001, USA
Created date: October 31, 2023
Date last updated: October 31, 2023
  • Built in 1941 | Full Rehab 2023
  • New 3-Bedroom ADU
  • Separate Meters Gas & Electric
  • New Copper Plumbing
  • Minimal Landlord Expenses
  • Very Walkable | 72 Walk Score

Property Description

The LAAA Team of Marcus & Millichap is proud to present a notable investment opportunity at 903 E 79th St, consisting of a 5-unit multifamily property strategically positioned on a corner lot. The property comprises an advantageous unit mix that includes four 2-bedroom/1-bathroom units and a newly constructed 3-bedroom/2-bathroom Accessory Dwelling Unit (ADU). Noteworthy improvements have been made throughout each unit, highlighted by comprehensive renovations, the introduction of new copper plumbing, and the installation of tankless water heaters. These enhancements not only contribute to the property's overall appeal but also facilitate the potential for future individual water metering. An element that underscores the property's investment appeal is the individual metering of gas and electricity, a strategic feature that significantly reduces utility expenses for the owner. This cost-effective measure is further complemented by the billing back of trash expenses to tenants, optimizing the cost-efficiency of the investment. Each unit has been updated to embody modern living standards, featuring renovated kitchens and bathrooms, alongside the installation of energy-efficient windows. Adding to the property’s residential appeal is the provision of private entry gates for each unit, enhancing tenant privacy and security. Positioned directly across from McKinley Avenue Elementary School and just three blocks away from Fremont High School, the property's location is particularly beneficial. This strategic proximity to key educational institutions enhances its attractiveness, especially for families with children, promoting sustained rental demand. In a broader investment context, this asset stands out as practically "like-new" in one of the city’s most densely inhabited regions. It promises strong income prospects due to its desirable unit mix, strategic renovations, and efficient utility management. Therefore, this property represents a substantial opportunity for investors aiming to capitalize on a multifamily asset within a dynamic urban community.

Key Property Information

Listing Status: Available
Price: $1,695,000
No. of Units: 5
Cap Rate: 7.28%
GRM /GIM: 9.46
Year Built: 1941
Year Renovated: 2023
Building Size: 2,537 Sq ft
Lot Size: 6,969.00 Sq ft
Opportunity Zone: No
Price per unit: $339,000
Address: 903 E 79th St, Los Angeles, CA 90001, USA

Additional contacts

Full name Phone number Email address
Jordan Epstein 818-212-2799 [email protected]
Glen Scher 818-212-2808 [email protected]
Filip Niculete 818-212-2748 [email protected]

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