The Neema Group of Marcus & Millichap is pleased to present 1962 W 22nd St, Los Angeles, CA 90018. Built in 1964, this unique 8-unit property totals 5,866 SF located in Mid-City’s Adams-Normandie neighborhood, between Normandie Ave & S Western Ave. The building features a unit mix that includes 2 one-bedroom and 6 two-bedroom two-bath apartments.
This offering presents an investor the opportunity to capture a 76% overall increase in rent with a pro forma CAP rate of 9.01% through renovations when the units turn. The property is being offered at a 13.86 GRM on current income and a low price per unit of $196,250 and a low price per square foot of $267.64.
The property features 8 parking spaces and the soft story retrofit work has been completed. Furthermore, there is a community laundry room for the building.
Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units continues to increase year-over-year in this submarket with such close proximity to job and educational opportunities in Downtown Los Angeles, as well as the numerous transportation options available for an easy commute throughout the city. The subject property is centrally located with easy access to the Western Ave Metro Expo Line and the Santa Monica Freeway.