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1770 El Cerrito Pl Los Angeles, CA 90028
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Key Details
Sold Price $4,675,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 10,166 sqft
Price per Sqft $459
MLS Listing ID 23-325357
Style Traditional
Bedrooms 17
Year Built 1958
Lot Size 0.253 Acres
Property Description
Huge 1.2M Price Reduction! 16-unit building with 9 vacancies priced at only 299k/door for prime Hollywood in an opportunity zone. Cash flowing at an amazing 6% Cap Rate and 12 GRM on existing after renovations with an incredible upside to an 8.4% Cap Rate and 9.1 GRM on proforma. Plus, there are 4 attached ADUs under construction with RTI plans to improve the numbers to only 239k/unit, 7.3% Cap Rate, and 10.2 GRM on current. All 9 vacant units and 4 ADUs are under renovation so buyers can complete them to their own taste and finishes and get top market rents (Most of the rough construction and heavy lifting have been done for the remodels). Great amenities such as Pool, Laundry Room, and carport garages. Individually metered for Gas & Electricity. Situated in the Heart of Hollywood, steps away from RunyonCanyon, Magic Castle, Yamashiro, and Hollywood Bowl! The soft story has already been completed and the roof has been recently updated. Potential to create and add a rooftop to maximize rents and amenities.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LAR4
Rooms
Other Rooms None
Interior
Heating Wall
Cooling None
Equipment None
Exterior
Parking Features Covered Parking
Garage Spaces 12.0
Building
Story 2
Others
Special Listing Condition Standard
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Bought with Keller Williams Realty Calabasas