Property Detail

Description

We are excited to present the Van Ness-Century Complex. Located at 2111-2155 West Century and 9920-24 S Van Ness this residential compound consists of 26 - 2 Bedroom units on almost an acre of land. Units are comprised of 3(2+1) units and a billboard at the Van Ness address. The Century address consists of 23 (2+1) units. The apartments were built in 1950, contain 16,928 square feet and are made of wood-frame stucco construction. They are located on a large corner lot of 39,111 square feet, which is zoned LAC2-1. The scheduled gross income on the property is $480,477 and the estimated Net Operating Income is $310,800. Based on the attractive price of $4,500,000, the GRM is 9.3 and the CAP rate is 6.9. At that price, the Cost Per Unit is $173,077. Market rent would generate an income of $660,000, providing a 10.9% CAP Rate and a GRM of 6.68. So, long term, this investment will provide a tremendous return. With 35% down, the investment would produce a cash-on-cash return of 5.65%, day 1.