2325 S Ridgeley Drive, Los Angeles, CA 90016
List Price: $1.95M
Listing Status: Active
0Days on Market: 0
8 Bedrooms · 16 Bathrooms · 7,152 sq ft
Property Type: ResidentialIncome
Year Built: 1965
Lot Size: 9,500 sq ft
MLS Number: 26854775
About This Property
Large 7,152 SF 8-Unit value-add building cash flowing at a current 4% Cap Rate with a whopping 100% upside to a 10.2% Cap on Proforma! Attractively priced at only 243k/unit for entirely 2-bedroom 1-bath units and only $272/SF. Large 9,500 SF lot with plans to add 8 detached ADUs to achieve an incredible 12.2% Current Cap Rate, 18.3% Proforma Cap, 166k/unit, and only $266/SF after taking into account all the construction costs (~715k assuming $250/SF). The exterior of the property has undergone detailed renovations and features on-site parking as well as an updated laundry room. Electricity and gas are individually metered which minimizes operating expenses. Prime Mid-City location just minutes away from Beverly Hills, Culver City, West Adams, as well as many hip neighborhood attractions, restaurants, bars, shops, such as Cento Pasta Bar, The Blending Lab Winery, Tartine Bakery, Farmhouse Kitchen Thai Cuisine, Mu.S Coffee, Cumulus luxury 31-story 1,210 unit mixed-use project, 260 units Habitat Residences campus with retail and creative office, and much more.
Listing provided by: Julio Ruiz DRE #01911261 424-394-1030 ziuroiluj@gmail.com, Global Platinum Properties, Inc.
Source: CRMLS, MLS #: 26854775
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.