244 Belmont Ave Los Angeles, CA 90026

This meticulously maintained, two-building quadruplex in Los Angeles' Historic Filipinotown presents a compelling value-add opportunity. The property, comprised of two separate addresses (244-246 Belmont Ave and 1571-1573 Council Ave), boasts four sizable units, each with front and rear entrances. Currently 100% occupied by long-term tenants with a strong payment history, the property offers immediate cash flow. The complex features charming architectural details, including a Queen Anne-style roof turret and recently painted exteriors. While finishes could benefit from updating, several systems have been upgraded, including electrical work and individual water heaters. Some units include washer/dryer hookups and air conditioning. The property sits on a desirable corner lot (4,751 sq ft) with nicely landscaped yards and a patio area between the buildings. The current NOI is $36,787, with a projected NOI of $105,489 after renovations and a 4% rent increase scheduled for February 1, 2025. This translates to a current cap rate of 4.38% and a pro-forma cap rate of 12.56%. The asking price is $840,000, or $210,000 per unit. The property's prime location offers stunning downtown views and proximity to Echo Park, Dodger Stadium, and numerous amenities, including restaurants, shops, medical facilities, and recreational areas. Built in 1929, this property is zoned LARD1.5 and offers significant potential for increased rental income. The total square footage is 3,846.