4408 Lockwood AVE, Los Angeles, CA 90029
4408 Lockwood AVE, Los Angeles, CA 90029
4408 Lockwood AVE, Los Angeles, CA 90029
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$3,200,000
Est. payment /mo
4 Beds
20 Baths
12,580 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 12,580 sqft

Price per Sqft $254

MLS Listing ID 26875237

Bedrooms 4

HOA Y/N No

Year Built 1928

Lot Size 10,855 Sqft

Property Description

4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property's twenty units and invested in major capital improvements including a new roof, plumbing upgrades, upgraded electrical, and a bolted foundation reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04%cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis.

Location

State CA

County Los Angeles

Area C21 - Silver Lake - Echo Park

Zoning LARD1.5

Interior

Interior Features Ceiling Fan(s)

Heating Baseboard

Fireplace No

Exterior

Total Parking Spaces 6

Building

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5539009002

Special Listing Condition Standard

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Listed by Douglas Steinriede Dover Management Corp. #00284936

NEARBY SCHOOL & BUSINESS

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