Description

Stepp Commercial is pleased to present 11969 Iowa Avenue, a nine-unit value-add property in prime West Los Angeles.  The building offers a complete mix of three-bedroom, two-bedroom, one-bedroom and bachelor units for a total of eight units plus one non-conforming unit.  Onsite laundry and eight parking spaces are also available and utilities are separately metered.  Seismic retrofit work for the property has been completed.

This West Los Angeles location is an integral part of Silicon Beach, Los Angeles’ thriving technology, media and entertainment hub and is populated by a young, affluent, educated renter profile, employed by top tier companies. The subject property is within minutes to RiotGames, Red Bull, HBO, Amazon Studios, and the Bundy/Olympic Metro Line.

Offered at only $300,000 per unit and $388 per square foot, 11969 Iowa Avenue provides a value-add opportunity with +/-109% potential rental upside on the  eight occupied units in a highly desirable market.  Additionally, the three-bedroom / two-bath unit will be delivered vacant at close of escrow, for owner-user potential.  At market rents, the property is at 6.30% cap rate and offers 8% cash-on-cash return.