1532 S Wilton Place Los Angeles, CA 90019

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LARGE PRICE REDUCTION & CALL FOR OFFERS! 14 existing units in prime Mid City LA with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, which would turn the building into 16 units and add substantial income, all while still having plenty of on-site tenant parking spaces post-ADU completion. This 1960's construction building has all 2 Bed/1 Bath units and is offered at a low $212, 143 per unit, with the opportunity to make it $185k per unit post-ADU completion. In-place 11.99 GRM on current rents with the upside to a 6.13 GRM, and a 5.10% cap rate on T12 actual expenses. Both roofs were replaced in 2017, each unit has brand new electrical sub-panels, EQ seismic retrofit work has been completed, copper plumbing throughout, and brand-new laundry room with new owner-owned washer & dryer machines and new master water heaters. Some tenants are on RUBS for utility reimbursements to lower operating costs, and the building is separately metered for both gas & electricity. There's 95% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. There's everything to love about this prime and central Mid City location as it borders West Adams, Koreatown and Downtown Los Angeles and Pico Union, and is just blocks away from Country Club Park!