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Pending
240 E 60th Street Los Angeles, CA 90003
8,864 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 8,864 sqft
Price per Sqft $203
MLS Listing ID CL25581489
HOA Y/N No
Year Built 1965
Lot Size 9,240 Sqft
Acres 0.21
Property Sub-Type Other
Property Description
(8.23 GRM / 7.70 CAP RATE w/ 48% REMAINING RENTAL UPSIDE) MASSIVE UNITS $203.07 PRICE/SQFT This 10-unit multifamily opportunity with strong in-place income and nearly 48% rental upside. The property features a desirable unit mix of seven (7) 2-Bed/1-Bath and three (3) 3-Bed/1-Bath units, all generously sized with a total building area of 8,864 SF on a 9,240 SF lot.Currently, three units are vacant and fully renovated (1 2-Bed/1-Bath and two 3-Bed/1-Bath), providing immediate leasing potential and a head start on capturing market rents. The building is further enhanced with 6 on-site parking spaces and the seismic retrofit already completed, saving a new owner both cost and compliance concerns.Attractive metrics include a 7.01% CAP rate, 8.92 GRM, and $219.99 price per SF, with significant upside remaining through unit turnover. Zoned LAR2, the property offers long-term redevelopment potential in addition to its strong cash flow profile.240 E 60th Street is a turnkey value-add opportunity in a rapidly improving pocket of South Los Angeles, ideal for investors seeking stable income, immediate upside, and long-term growth.
Location
State CA
County Los Angeles
Zoning LAR2
Interior
Heating Wall Furnace
Fireplace No
Exterior
View Y/N true
View Other
Building
New Construction No
Others
Tax ID 6006008006
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Listed by Chase Simonton • RE/MAX One