Property Description:
240 East 60th Street is a 10-unit courtyard-style property located minutes from several South LA thoroughfares including Broadway, Main Street, Manchester Boulevard, and the 110 Freeway. This value-add property is offered at a 5.94% CAP and 9.87 GRM on current rents, $185,000 per unit, and $209 per foot. Built in 1965, 240 East 60th St. consists of (3) 3-bdrm. units and (7) 2-bdrm. units that offer approx. 63% rental upside (compared to renovated units in the area). At projected market rents, the property will stabilize at a 12.09% CAP and 6.05 GRM. Property amenities include gated entry, carport parking, and on-site laundry facilities. 240 E.
Property type: Multi Family Residence
MLS#: PW1723216 SMR
# of units: 10
Bed/Bath: 3 x 3bed/bath + 7 x 2bed/1bath
Sqft: 8864
Listing price: $1,500,000
Sold price: $1,275,000
Lot Size: 9240
DOM: 33
Year Sold: 2017