412 & 416 Union Dr, Los Angeles, CA 90017
$2,100,000
List Price
6.21%
Current CAP
18
Units
FULLY PARKED. 18 UNITS. MINUTES FROM DOWNTOWN LA.
The Rockwell Group is pleased to present 412 and 416 Union Dr., a fully parked 18 unit apartment building in the City West pocket of Westlake, minutes from the Downtown Los Angeles core. Two adjacent two story buildings constructed in 1925 sit on a single 16,442 square foot parcel with on site parking along the southern, northern, and eastern edges of the site, a feature that none of the competing buildings surveyed for this offering can match.
The unit mix is 16 studios and 2 one bedroom units, each with a full kitchen and bath, original hardwood flooring, and ceiling fans. Several units have been updated with new cabinetry, counters, flooring, and bath fixtures, establishing the renovation standard for the balance of the property. Three units are delivered vacant at close of escrow.
THE NUMBERS
→ List price: $2,100,000 | $116,667 per unit | $191.78 per SF
→ Buildings: two adjacent 1925 walk ups, approximately 10,950 SF on a 16,442 SF lot
→ Unit mix: 16 studios and 2 one bedroom units | 3 vacant at close of escrow
→ Current: 6.21% CAP | 9.56 GRM | $219,695 gross potential rent
→ Stabilized: 10.42% CAP | 5.74 GRM | $366,000 gross potential rent (66% upside)
→ Parking: on site lots along the south and north edges of the parcel plus an east drive aisle
The two most recent comparable sales in the 90017 zip code, 819 Beacon Ave at $128,333 per unit and 372 Columbia Ave at $160,833 per unit, average $144,583 per unit. This offering is priced roughly 19 percent below that average.
All property showings are by appointment only. Read the full write up on the blog: Just Listed: A Fully Parked 18 Unit Apartment Building Steps From Downtown Los Angeles
Listing Agent | Chandler Rockwell
Direct: (310) 405-7632
Mobile: (510) 468-7404
Email: chandler@fredleedsproperties.com
Lic: 02080782
Co Listing Agent | Robert Leeds
Fred Leeds Asset Group | Lic 02080473
Phone: (310) 804.9211
