Homes for sale - 4015 W Adams BLVD, Los Angeles, CA 90018

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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$5,150,000

Est. payment - /mo

0.49 Acres Lot

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UPDATED:

Key Details

Property Type Single Family Home, Multi-Family

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25145990

HOA Y/N No

Year Built 1961

Lot Size 0.486 Acres

Property Sub-Type Mixed Use

Property Description

We are pleased to present to you our newest listing located at 4015 W. Adams, Los Angeles, CA 90018, which is in the heart of the coveted West Adams submarket. This classic 26-unit courtyard apartment building, which was built in 1961, features huge units with lots of natural lighting, and a well landscaped courtyard with a fenced pool and secured parking. There are 25 parking spaces, the soft story retrofit is completed ($280,000). The property also has a large laundry room.

The seller purchased the building in 2019. Since the purchase, the seller has spent over $566,000 on interior and exterior renovations of the property. The Schedule of the Rehab Work is included in this Offering Memorandum. 10 units (38% of the units) have been fully renovated. Many of those rehabs included full plumbing replacement. Two years ago, the seller replaced the main roof and facia boards, painted the building, replaced the entry door and windows to the lobby, renovated the lobby, replaced the main awning over the front staircase, did an asphalt overlay of the front and rear parking lots, renovated the front fence and replaced the street entrance door, installed two new gate motors, which are enclosed in metal cages, relandscaped the front of the building, and replaced both water heaters.

The property is listed at $5,150,000, with pricing indicators of 9.57 GRM, $198,077 per unit, $246.98 per square foot, and a 5.67% Cap Rate. There is an assumable loan of $3,509,315 that is fixed at 5.90%, interest only until February 2028, at which time the loan resets. The Banc of Cal loan is not due until January 1, 2050. The assumable loan provides for good leverage, with a 31.86% down payment at the listed price.

The building has an excellent unit mix consisting of (1) studio, (7) 1bd/1ba, (16) 2bd/1ba, (1) 2bd/2ba and (1) 3bd/2ba unit. The building is 20,852 sq. ft., with an average unit size of 802 sq. ft.

At the listed price, with the loan assumption, the property should provide an approximate 5% cash on cash return from day one. There is approximately 38% rent upside. Based on the market rents, the cash-on-cash return should provide a very substantial double-digit return on market rents.

Location

State CA

County Los Angeles

Area C16 - Mid Los Angeles

Zoning LAR3

Interior

Fireplace No

Laundry Common Area

Exterior

Pool Community

Community Features Suburban, Urban, Pool

Private Pool No

Building

Lot Description 26-30 Units/Acre

Story 3

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 5059011002

Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

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Listed by Martin Ensbury Lyon Stahl Investment Real Estate, Inc. 310-880-0132

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