The Neema Group of Marcus & Millichap is pleased to present 372 Loma Drive, in Los Angeles, CA 90017. Built in 1924 and renovated in 2018, this 23 unit property totals 23,987 SF located in Westlake just west of MacArthur Park. This is a unique opportunity to purchase a building that features 21 two-bedroom townhouse units and two one-bedrooms. The townhouse units are over 1,000 SF and all have dual entrances.
This offering presents an investor the opportunity to purchase a highly efficient building with stable cash flow and significant rental upside to achieve when units turn. At the asking price, the CAP rate is an attractive 5.16% and 12.50 GRM on current income. Separately metered gas and electric, individual water heaters and RUBS program allow for low utilities.
The Westlake neighborhood continues to be one of the most densely populated neighborhoods in all of Los Angeles. With a walk score of 89, proximity to schools and employment and endless transit options, this location makes it convenient for residents to commute throughout the city
even without a vehicle.