3303 Hamilton Way, Los Angeles, CA 90026 – 24-461519

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$1,100,000

Est. payment - /mo

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4 BD

4 BA

2,626 SqFt

Active Under Contract

3303 Hamilton Way Los Angeles, CA 90026

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Norma Mardelli

norma@mardellirealestate.com +1(818) 400-3794

UPDATED:

11/27/2024 09:03 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 2,626 sqft

Price per Sqft $418

MLS Listing ID 24-461519

Bedrooms 4

Year Built 1931

Lot Size 1,889 Sqft

Acres 0.0428

Property Description

Located at 3303 Hamilton Way in Los Angeles, CA 90026, this multifamily property offers a blend of stable income and value-add potential in a high-demand neighborhood. Built in 1931, the property comprises three units: one 2-bedroom, 1-bath unit, two 1-bedroom, 1-bath units, and one non-conforming studio. It totals 2,626 sq. ft. of rentable space on an 1,889 sq. ft.lot and is fully occupied on month-to-month leases, providing flexibility for future adjustments or redevelopment. The current gross monthly rent is $5,879, equating to $70,548 annually, with market rents estimated at $8,200 per month or $98,400 annually. This results in a current cap rate of 3.68% and a GRM of 15.59, aligning with area standards. At market rents, the potential cap rate rises to 6.32% with a GRM of 11.18. The property's net income is currently $40,442, with a projected increase to $69,506 at market rates, reflecting a significant upside. Priced at $1,100,000, the property's price per square foot is approximately $419 and $366,667 per door. The building also includes two single-car garages on the ground floor, with the potential for ADU conversion, adding an attractive value-add opportunity for investors.

Location

State CA

County Los Angeles

Area Silver Lake - Echo Park

Zoning LAR2

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Window Unit(s)

Equipment None

Exterior

Parking Features Garage, Garage Is Attached

Building

Level or Stories Multi/Split

Others

Special Listing Condition Standard

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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Lyon Stahl Investment Real Estate, Inc.