2506 Budlong Ave, Los Angeles, CA 90007

5 Unit Apartment Building | $1,150,000 ($230,000/Unit) | 5.30% Cap Rate | Los Angeles, CA 90007

Asking Price $1,150,000

Property Type: Multifamily
Square Feet: 4,460 SF

Listing Contacts

Property Info

Property Overview

We are pleased to present a 5-unit (4 units + Single Family Home) property located in the heart of Jefferson Park, just steps from the USC Patrol Zone. 2 Units will be delivered Tenant Ready by COE! These spacious units feature new flooring, high ceilings, and renovated kitchens. Boasting an excellent unit mix of (3) 2-Bed/1-Bath and (2) 1-Bed/1-Bath Units, this partially renovated asset is ideal for any value add investor with strong income.
Priced at $257/Sq Ft, this property will come with two tenant ready units and an additional 78% in Rental Upside! With a new roof installed in 2024 and updated Gas and Sewer lines, this asset comes with very minimal maintenance requirements, as tenants are responsible for Gas, Electricity and Trash. Once stabilized, 2506 Budlong will operate at 6.90 GRM and a 11.42% Pro Forma Cap Rate! The subject property boasts a "Walk Score" of 88-Making this a very walkable neighborhood.
The subject property is conveniently located in-between Downtown Culver City, Downtown Los Angeles and the city's metro line. Renters will enjoy the proximity to the 10, 405, and 110 Freeways, making commuting in Los Angeles a breeze. This is an excellent opportunity to acquire an investment property with strong day one income and immense upside.

Property Details

Class: C
Year Built: 1921
Stories: 2
Lot Size (sq. ft): 6,970 SF
Units: 5

Highlights

Excellent Unit Mix of massive (2) 1-Bed/1-Bath and (3) 2-Bed/1-Bath Units, with most units well over 1,000 Sq Ft.
Strong Day 1 Income with a 12.70 GRM and 5.04% Cap Rate, stabilizing at 7.22 GRM and a 10.89% Cap Rate.
Priced at only $257/Sq Ft, the subject is one of the Best $/Sq Ft in the neighborhood.
2 Vacant units come renovated and tenant ready, with the opportunity to choose your own tenants.
Steps from USC, BMO Stadium, Lucas Museum, The Reef, Exposition Park and beautiful Downtown Los Angeles.
New Roof Installed in 2024, as well as newer sewer line system and updated Gas Lines.

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