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2325 S Ridgeley Drive Los Angeles, CA 90016
7,152 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,152 sqft
Price per Sqft $262
MLS Listing ID CL26854775
HOA Y/N No
Year Built 1965
Lot Size 9,500 Sqft
Acres 0.2181
Property Sub-Type Other
Property Description
Price Reduction! Large 7,152 SF 8-Unit value-add building cash flowing at a Current 4.25% Cap Rate with a whopping 100% upside to a 10.6% Cap on Proforma! Attractively priced at only 234k/unit for entirely 2-bedroom units and only $262/SF. Large 9,500 SF lot with plans to add 8 detached ADUs to achieve an incredible 12.8% Current Cap Rate, 19% Proforma Cap, 161k/unit, and only $258/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.
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Heating Wall Furnace
Fireplace No
Building
New Construction No
Others
Tax ID 5063023008
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Listed by Julio Ruiz • Global Platinum Properties, Inc.