Off-Market Culver City Tri-Plex w APPROVED PLANS for ADU & More!

10 $

Description

QR Code Link to This Post Here is a new off-market investor opportunity in Culver City. Live in Larger 2 Bedroom Unit, collect rent from the other two. Build ADU - With Approved Plans for ADU and enlarging the 1 Bedroom Unit... McLaughlin Ave, Culver City 90066 Asking $1.80M Currently is a three unit - with two units occupied. Has approved plans for the garage to be converted to an ADU as well as increasing the square footage of the smaller one bedroom unit (to a two bedroom unit). McLaughlin Ave Additional Info and Tenant Current and Pro-forma Rent rolls upon request... Comps: https://portal.onehome.com/en-US/share/1341291G11407 ***Please note on the comps: 90266 is divided at McLaughlin Ave - even though properties on the West side of the street - directly across the street from the Subject property - are in 90066 - it is City of Los Angeles Address.  Subject property is 90066 (Same Zip) but CULVER CITY Address. Why is this critically important to the values, future values, rental values and future rental values?  School District.  Culver City has it's own Award Winning and specialized School District (basically the only city like this in West L.A. - until you go South of LAX) and this results in higher rental and property values as well as higher overall demand.  Kids that live at Subject address (on the East side of McLaughlin) go to Culver City Schools, those on the West side attend L.A. Unified School District. Subject Specs: 2020 Sq Ft Living Space 6006 Sq Ft Lot - Zoned: Triplex Detached Garage to be converted to ADU - plans now approved; Existing 1-Bedroom has approved plans to add additional square footage making it a two bedroom. Current Rent from two existing long-term tenants occupying the one bedroom in the rear and the middle two bedroom: - 1 bedroom - $1350 ($2000 market) - 2 bedroom - $1450 ($3000 market) Current Rent Total: $2800 - 2 bedroom - ($3000 Pro-forma) Vacant - Front Unit Current Rent At Full Occupancy As-IS: $5800 All in similar original, but good livable operating condition. Pro-Forma - As -IS = $8000 per mo Pro-Forma - After Renovation: - New ADU Studio - $1850 - New Two Bed - $3000 - Existing Updated Two Bed - $3000 - Existing Updated Two Bed - $3000 Total Monthly ARV Pro-Forma: $10,850 Yearly: $130,200 Gross  (Approx 5-6% CAP Rate) Pro-Forma - After Light Renovation: (Leave Current 1 Bed as-is with Tenant) - New ADU Studio - $1850 - Current 1 Bed - $1350 - Existing Updated Two Bed - $3000 - Existing Updated Two Bed - $3000 Total Monthly ARV Pro-Forma: $9200 Yearly: $110,400 Gross (Approx 4-5% CAP Rate) (These are conservative rents for the area given the location and size of units; Monthly revenue could be almost $2k higher with high end finishes.  This is also excluding any potential income that may be able to be derived from future laundry from four tenants.) Location is A+ and thus the vacancy rate can be assumed to be very low. Subject Property Description: Excellent Culver City Triplex in prime location near everything in West Los Angeles. Sale includes Approved Plans to Convert Garage to legal ADU (4th Unit) and enlarge the smaller 1 bedroom unit - into a two bedroom unit. Begin the updates at Close of Escrow. Good sized units with vaulted ceilings, kitchens and family room all with first level entry. Close to 405 Freeway, Santa Monica, Abbott Kinney, Venice Boardwalk, Culver City Studios, the Beach and the rest of West Los Angeles. Current configuration includes Three Units: Two Large - Two Bedroom, one bathroom units; One - One Bedroom unit Executed Plans will result in Four Units: Three- Large Two Bedroom, one bathroom units; One Large Studio (Converted Garage) - resulting in a major increase in the future Revenue and CAP rate. Plenty of parking on-site for each tenant and guests as well as ample street parking. Update and Owner Occupy the two-bedroom unit while collecting rent from the two occupied units, all while you build out the ADU and update the property. Currently only two units occupied with long term tenants. Surrounding properties have seen major updates as the neighborhood continues to modernize. Drive by Only. Please do not disturb tenants or walk on premises. For More info please reply to this posting... Matthew Hoffman Broker Extraordinaire HoffHomesLA .com