Description
The Del Arms Apartments, in the Pico-Union submarket of Los Angeles. Built in the 1920's, the property features twenty charming studio units with efficient use of space. Located at 1316 S. Mariposa Ave, The Del Arms Apartments is just south of Pico Blvd and east of Normandie Ave. The building features one central water heater and is master-metered for gas and individually metered for electric. The Seller has renovated 13 of the 20 units with newer kitchens, hardwood flooring, bathroom upgrades, modern paint, fixtures and ceiling fans. In addition, the common areas have been modernized with hardwood flooring, paint, lighting and door numbers. The purchaser has the ability to continue to remodel and renovate units to attract higher-paying tenants. Tenants are moving to the Pico Union submarket for its affordability and closeness to Downtown Los Angeles, Koreatown and Mid-City. A Buyer can greatly increase their day-1 cashflow by simply assuming the attractive in-place financing. The in-place debt is $2,389,000 (39% LTV) at a rate of 3.00% (interest only) with a maturity date of March 2nd, 2026. The lender is Greystone Servicing. In the event a Buyer chooses to assume the existing loan, all assumption costs shall be the responsibility of the Buyer.
Location
Listing Agent: Adam Zunder 01821053 Courtesy of: Iconic Investments "All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Updated: 11th August, 2022 9:37 PM (UTC)
