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118 - 124 N Flores Street, Los Angeles, CA

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118 - 124 N Flores Street

Los Angeles, CA 90048-3560 - Mid-City West MF Submarket

Property Type:Multi-Family Number of Units:8 Status:Existing Year Built:1936
Stories:2 Building Size:11,440 SF Land Area:.35 AC (15,080 SF)
For Sale Price:$4,650,000 Price/Unit:$581,250.00 Cap Rate:6.50 % GRM:-

Parking:.63 Parking Spaces / 1,000 SF

Property Description: Multi Family - 8 Units

Sale Notes:
Marcus & Millichap is pleased to present this vacant eight-unit multifamily property sitting on a large, LAR3 zoned, 15,090 square foot double lot located in the historic Beverly Grove neighborhood. This property offers tremendous value add potential for a sophisticated buyer. The property consists of one 1-bedroom/1-bath unit and four 2-bedroom/1-bath units and three 2-bedroom/2-bathroom units. There is ample parking for each unit, with four-2 car garages and four-1 car private garages, each accessible from the rear alley. The building has been effectively vacant since February 2015 as a result of the owner exercising its rights under the Ellis Act. In that regard, it is subject to certain Ellis Act restrictions with respect to re-renting the units (buyer to conduct its own investigation in connection therewith).

While the property was initially developed and has operated as an apartment building, there are a number of potential alternative uses. For example, the property could potentially be used as a medical in-patient facility. Alternatively, the property could be used as a family compound or group occupancy community care facility.

Marcus & Millichap Inc
Matt Ziegler
(818) 212-2738

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