21 bedroom house for sale

Overview

7 units with an assumable loan that is fixed at a 3.150% interest rate until 2027, and part of a 3-building portfolio sale. 1630 S Gramercy Place is a 1980's construction asset that is NOT subject to LA City Rent Control. This 7-unit apartment building is in the middle of centrally located Arlington Heights and boasts a top-heavy unit mix with all 3 Bed/2 Bath units and has 14 on-site and reserved parking spaces for tenants (7 tandem). The property is being offered at an attractive 10.90 GRM and 6.00% cap rate on current rents and operating expenses. Each unit was remodeled and is getting top of the market rent that'll couple perfectly with a low 3.150% interest rate to generate a rare 8% cash on cash return on Day 1. All units have in-unit washer and dryers, and in-unit water heaters to help escape common area gas bills. Tenants are on RUBS for utility reimbursements for water, sewer and trash, and the building is separately metered for gas and electricity which keeps this building operating with low utility bills. Future land value will remain high at this property as time passes for it being located on a 10, 710 SF lot that's zoned LAR3. With the remodeled units, this property will be an easy-to-manage asset to keep for generations with high cash flow, low maintenance and repairs, and minimal upkeep. Can be bought together or separate with 411 Witmer Street and 4046 Nicolet Ave.