1206 3Rd Ave Los Angeles, CA 90019

Property Details for 1206 3Rd Ave

Year built

1921

Property size

4,908 SF

Property type

Commercial real estate

APN

5081-020-014

Description

This exceptional value-add opportunity presents a four-unit apartment building located at 1206 3rd Ave, Los Angeles, CA 90019. The property, built in 1921, boasts 4,908 square feet on a 7,802 square foot lot and is zoned RD1,5. Currently operating at 25% occupancy, with an anticipated full occupancy date of November 7, 2024, this two-story building offers significant upside potential. The current Net Operating Income (NOI) is $68,000, projecting to $68,000 upon full occupancy, resulting in a pro-forma cap rate of 6.00%. The asking price is $1,999,999, translating to $407.50 per square foot and $499,999.75 per unit. Each of the four units is a spacious two-bedroom, one-bathroom apartment, featuring built-in shelving, hutches, and faux-fireplaces. Three units are currently vacant. Each unit includes a private rear garage, and one unit offers a private patio. The property also includes a community coin-operated washer/dryer and a shaded backyard. The building has been consistently maintained and upgraded over the past three decades, with updates preserving the original character. Parking is provided on the premises, with four spaces available. This property presents a rare opportunity to acquire a well-maintained, historically rich building in a desirable Los Angeles neighborhood with significant potential for increased profitability. Access to occupied units will be granted upon acceptance of an offer. Please do not disturb occupants.