16101 S Figueroa Street, Los Angeles (City), 90248

Commercial - Land/Unimproved For Sale

$3,000,000

Beds
Baths
Sqft
.47Acres
Built
40DOM
MLS® #: PW20042588
Active, 40 Days on Market

36-Unit Apartment Entitlement RTI • 500 W Alondra Los Angeles 90248 (New Address) • 16101 S Figueroa St Los Angeles 90248 (Former Address) • Units: 36 (33 Market, 3 Restricted) • Unit Mix: 3 bed, 2 bath (All) • Parking: 54 Stalls, 2 Levels • Size in SF: Building 36K, Parking 24K, Roof Top 6.3K • Expenditures: Over $800,000 • Market Rent $2641 (33x) – Matches L.A. Section 8 Amount (2019) • Restricted Rent $914 (3x) – Allowable Rent by HUD (2019) • Gross Monthly Rent: $89,895 (100% Occupancy) • Gross Annual Rent: $1,078,740 (100% Occupancy) • Expenses: $210,681 o Property Tax: $137,500 (Assessor Valuation of combined Land and Build Cost of 11M) o Resident Manager: $15,000 o Utilities for Common Areas: $12,000 o Water for 36 Units: $0 (Each unit should be sub-metered) o Landscape Maintenance: $6,000 o Cleaning: $6,000 o Miscellaneous: $6,000 o Vacancy: $16,181 (1.5% Vacancy Rate; high bedroom count = low turnover) • Net Operating Income $868,059 (98.5% Occupancy) • Market Value when Built: $18.2M Estimated (4.75% Cap Rate) • Cost of Construction: $8M • Cost of Land: $3M • Cost of Land and Construction Total: $11M • Equity: $7.2M • Effective Cap Rate: 7.8% ($868,059/$11,000,000) • Delivered RTI w/ MEP Additional Features: • Each Unit with Washer/Dryer • Each Parking Level has its own Ingress/Egress • Ample Bike Parking • Abundance of Outdoor Roof Decks • Fully Secured Building • ADA Accessible • Elevator Access • Efficient Unit Layouts

Essential Information

MLS® #: PW20042588
Price: $3,000,000
Acres: 0.47
Type: Commercial
Sub-Type: Land/Unimproved
Status: Active

Community Information

Address: 16101 S Figueroa Street
Area: Wrigley Area (5)
City: Los Angeles (City)
County: Los Angeles
State: CA
Zip Code: 90248

Amenities

Parking Spaces: 54

Exterior

Lot Description: Corner Lot, Lot 20000-39999 Sqft, Yard

Additional Information

Date Listed: February 26th, 2020
Days on Market: 40

Listing Details

Listing Agent: Bret Lewis(01872524)
Listing Office: Bret Lewis, Broker

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Listing information last updated on April 7th, 2020 at 1:30pm PDT.

Based on information from California Regional Multiple Listing Service, Inc. as of April 7th, 2020 at 1:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.