11969 Iowa Avenue

11969 Iowa Avenue,Los Angeles, CA 90025

1962

Year Build

$2,925,000

Price

Property Details

Current Cap Rate

Market Cap

Current GRM

Market GRM

25907 Oak Street

25907 Oak Street | Lomita, CA 90717

$10,750,000

Price per Unit

Property Details

Tyler Leeson

$10,750,000

Building Size

23,312 SF

Number Of Units

23

Cap Rate

3.69%

Total Lot Size

23,312 SF

Year Built

23

Number Of Units

23

Year Built

23

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.

Highlights

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