The Neema Group of Marcus & Millichap is pleased to present 1846 Cordova St, Los Angeles, CA 90007. Built in 1959, this 8-unit property totals 5,280 SF located in Mid-City’s Harvard Heights, between Normandie Ave & S Mariposa Ave, just south of Washington Blvd. The building features a unit mix of exclusively two-bed one-bath apartments.
This offering presents an investor the opportunity to acquire a value-add asset with a 37% loss-to-lease and a pro forma CAP rate of 7.99% through renovations when the units turn. The property is being offered at a 14.18 GRM on current income and a low price per unit of $215,625.
Ease of management as gas and electric are separately metered. Furthermore, there are 8 parking spaces for the building secured by a gated entrance.
Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units in this neighborhood continues to increase year-over-year due to the centralized location with convenient access to the 10 Freeway and transportation options within walking distance such the Washington/Normandie Metro Stop.
The location allows for residents to easily commute throughout Los Angeles to education and employment opportunities in Downtown Los Angeles, Koreatown and Hollywood. The subject property is also located less than two miles from the University of Southern California, one of the largest private employers in the County of Los Angeles.