212 62Nd St Los Angeles, CA 90003

Property Details for 212 62Nd St

Year built

1928

Property size

1,996 SF

Property type

Commercial real estate

APN

6006-012-015

Description

This exceptional value-add opportunity presents a four-unit apartment building located at 212 E 62nd St, Los Angeles, CA 90003. The property, built in 1928, comprises 1,996 square feet across two stories and three separate structures, offering a compelling mix of one and two-bedroom units. Currently boasting 100% occupancy, the property features four individual one-car garages situated in the rear, accessible via the alley. This presents a significant potential for future development, such as Accessory Dwelling Unit (ADU) conversions. The property sits on a 5,121 square foot lot and is zoned LAR2. The current asking price is $550,000, translating to $137,500 per unit and $275.55 per square foot. While the current Net Operating Income (NOI) is $5,680, resulting in a 1.03% cap rate, a pro-forma analysis projects a significantly higher NOI of $94,754 and a 17.23% cap rate, reflecting substantial rental upside. The property's central location offers easy access to major freeways (110), LAX, Sofi Stadium, Downtown Los Angeles, the Convention Center, and USC Coliseum, as well as nearby amenities in Crenshaw/Leimert Park, Inglewood, Huntington Park, and Walnut. This presents a rare chance to acquire a well-located multifamily property with considerable potential for increased profitability.