2320 W 39th St, Leimert Park, CA 90008

Property Description

MAJOR VALUE ADD PLAY!!! 2320 W 39th St is a 50% vacant, 50% renovated Spanish style duplex in the historical neighborhood of Leimert Park, voted 2016’s “Neighborhood of the Year” on Curbed LA. This eye-catching property, situated on a large, perfectly manicured lot, was majorly updated in 2018/2019. With a sleek, modernized upstairs unit, new paint, new landscaping/hardscaping, & large private yards, this property is a magnet for high quality tenants. Not to mention, with the renovated upstairs 3 bed, 1 bath unit being delivered vacant, this is a dream scenario for owner occupiers. Obtain a lower rate via residential financing, live in a gorgeous home, & have the other tenant contribute to the mortgage: the most economical way to live in LA! Plus, with potential to add TWO 800 square foot ADU’s, we project $580,000 of estimated profit & an ARV of $1,895,000. There is also a valuable opportunity for owner users to enhance their investment. If an owner, their parents, or children plan to reside in the larger downstairs unit for a two-year period, they can take possession of the unit. This can be accomplished by providing the tenant with a 60-day notice & paying a relocation fee of $24,650. Once the two-year residency requirement is met, the owner has the option to release the unit at the market rent to a third party, which would result in an increase in overall value & operating cash flow. For more information refer to https://housing.lacity.org/rental-property-owners/landlord-occupancy-owners If you are an investor looking for a strong return & major appreciation potential, this property checks that box as well, with a current 4.90% cap rate & a whopping 6.47% pro forma cap rate. Enjoy strong return while owning the property with the nicest curb appeal in all of Leimert Park. The existing tenant is responsible, friendly & has always paid on time. The quality of the property is outstanding, with reinforced foundation with anchor bolts & cripple wall, plus various plumbing, & electrical updates. Both units have in unit laundry as well, a major draw for tenants. Situated on a peaceful palm tree-lined street 2.5 miles from Exposition Park and the USC campus, this property offers buyers the best of both worlds- close proximity to the countless city destinations & employment hubs, while also boasting a quiet residential location!