Property Description:
125 Union Place is a 9-unit value-add property located one mile south of Echo Park Lake. Located just south of Beverly Blvd, this property is near Echo Park, Silver Lake, Koreatown, the 101 Fwy, and the 110 Fwy. Built in 1953, 125 Union consists of (6) 2-bdrm. units and (3) 1-bdrm. units. One of the 2-bdrm. units is an ADU that was built in 2022, and features wood-laminate flooring, stainless-steel appliances, and quartz countertops. 125 Union is being offered at a 6.71% CAP and 9.30 GRM on current rents, $205,556 per unit, and $337 per foot. The property presents approx. 34% rental upside with (4) VACANT 2-bdrm. units. At projected market rents, it will stabilize at a 10.27% CAP and 6.93 GRM. The property amenities include a laundry room.
Property type: Multi Family Residence
MLS#: PW1722228 1MR
# of units: 9
Bed/Bath: 6 x 2bed/1bath + 3 x 1bed/1bath
Sqft: 4870
Listing price: $1,595,000
Sold price: $1,500,000
Lot Size: 7434
DOM: 160
Year Sold: 2018