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Listed by Abel Benitez • GIG Real Estate Inc.
$2,600,000
Est. payment /mo
9,408 SqFt
Active
2314 West Pico Boulevard Los Angeles, CA 90006
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UPDATED:
11/18/2024 04:07 AM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 9,408 sqft
Price per Sqft $276
MLS Listing ID AR-24143091
Year Built 1922
Lot Size 7,005 Sqft
Property Description
We're proud to present the sale of 2314 W Pico Blvd. A Prime Value-Add Opportunity at the heart of the Pico Union Neighborhood. This submarket has been on the rise for years as more and more luxury developments pour into the area pushing a high occupancy rate in the last decade. The offering consists of 16-Units with a low price per SQFT ?$276 which offers a whopping Proforma CAP Rate of over ?8.52% and low Proforma GRM of ?8.46x (Buyer to verify)! Built in 1922, this building consists of 16 exceptional units totaling ?9,408 SF of square footage on a sizeable ?7,003 SF lot. The property is an easily maintained two-story building, with a efficient unit mix of (16) large studios averaging ?500 SQFT each. Each unit offers spacious and functional layout which includes large full kitchens & bathroom with a large closet space. The building has undergone major capital improvements in the recent years which include: full electrical upgrade (service and main panel - 2019), earthquake retrofitted (2019), and new mini split A/C system for each unit. 2-Units have been fully upgraded: Paint, Flooring, Appliances, Cabinets and Countertops. (Buyer to Verify) and 4-Units have been updated with Paint, Flooring and Appliances. (Buyer to Verify) Right off Pico Blvd & Magnolia Ave, located within 5-12 Minutes away from Koreatown, Downtown Los Angeles Financial District, University Park, MacArthur Park, Mid-City, Country Club Park, Silver Lake, Echo Park, East Hollywood, and Historic Filipino town. 2314 W Pico Blvd is in perfect adjacency to many of Los Angeles trendiest boutique restaurants, coffee shops and upscale bars, It's location also provides easy access to many of the city's largest & strongest employers and major retailers. Some of employers include University of Southern California, Fashion Institute of Design & Merchandise, Crypto Arena, Koreatown Plaza, Los Angeles Convention Center, Los Angeles Financial & Arts District, Netflix, Paramount Studios, Sunset Gower, LACMA, Los Angeles City College, and American Career College. All of this while providing easy access to the 101 & 110 Freeways
Location
State CA
County Los Angeles
Zoning LAC2
Interior
Laundry None
Exterior
Parking Features Gated
Pool None
Community Features Sidewalks
Building
Lot Description Lot 6500-9999
Sewer Public Sewer
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