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1703 Toberman Street

Los Angeles (City), CA 90015
  • $1,495,000
  • STATUS: Active
  • ON SITE: 32 Days
  • ID#: SR22152228
UPDATED: 81 min ago
$1,495,000
  • 0
    BEDS
  • 0.08
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1899
County:

School Ratings & Info

Listing Agent(s): Logan Altman of Altman Apartments Llc (310-903-0222)


Description

This historic Victorian home has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. The building was completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. The location of the property is just across the 110 Freeway from DTLA's Convention Center and just across the I-10 freeway from USC. This is perfect for a 1031 exchange or for any investor looking for reliable cash flow. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented. Gross Income is over $132k in year 1 with 5% rental increases built in. The GRM is 11.3 and the cap rate is 5.8% on the purchase.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T16:29:24.007. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Nest Real Estate. Licensed in the State of California, USA.
www.amayarealestategroup.com/homes/130794766
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1703 Toberman Street Los Angeles (City), CA 90015

  • Price: $1,495,000
  • Status: Active
  • On Site: 32 Days
  • Updated: 81 min ago
  • ID#: SR22152228
0
Beds
0
Baths
0
½ Baths
0.08
Acres
1899
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
This historic Victorian home has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. The building was completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. The location of the property is just across the 110 Freeway from DTLA's Convention Center and just across the I-10 freeway from USC. This is perfect for a 1031 exchange or for any investor looking for reliable cash flow. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented. Gross Income is over $132k in year 1 with 5% rental increases built in. The GRM is 11.3 and the cap rate is 5.8% on the purchase.
Exterior Features

Architectural Style Victorian Carport Spaces 0 Construction Materials DrywallFrameWood SidingCopper Plumbing Exterior Features Rain Gutters Fencing BlockChain LinkWood Foundation Details Raised Lot Features Corner LotLandscapedLevelNear ParkOver 40 Units/AcreNear Public TransitRectangular LotYard Number Of Separate Electric Meters 0 Open Parking Spaces 2 Parking Features DrivewayGravelTandemUncovered Parking Total 2 Pool Features None Pool Private YN No Property Attached YN No Road Frontage Type City Street Road Surface Type Paved Spa Features None Spa YN No View City Lights View YN Yes

Interior Features

Appliances Built-In RangeGas RangeRefrigeratorRange Hood Common Walls No Common Walls Cooling Central AirZoned Cooling YN Yes Door Features Panel Doors Fireplace Features None Fireplace YN No Flooring Laminate Heating Forced AirZoned Heating YN Yes Interior Features Ceiling Fan(S)Granite CountersJack And Jill Bath

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cable Tv Expense 3300 Common Interest Community Apartment Community Features Street LightsSidewalksUrbanPark Disclosures Familial Relation Electric Electricity - On Property Electric Expense 2000 Fuel Expense 500 Garage YN No Gross Income 132336 Gross Scheduled Income 132336 Insurance Expense 1458 Land Lease YN No Laundry Features None Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional Maintenance Expense 6100 Net Operating Income 86918 New Construction YN Yes New Taxes Expense 18388 Number Of Separate Gas Meters 0 Number Of Separate Water Meters 0 Number Of Units Leased 5 Operating Expense 41957 Pest Control Expense 540 Possession Close Of Escrow Property Condition Updated/RemodeledTurnkey Property Sub Type Apartment Rent Control YN Yes Security Features Closed Circuit Camera(S)Carbon Monoxide Detector(S)Fire Detection SystemFire Rated DrywallSmoke Detector(S)Security LightsWindow Bars Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Parking Fee Total Actual Rent 132336 Trash Expense 0 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedSewer Connected Vacancy Allowance 3460 Water Sewer Expense 2000 Water Source Public Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T16:29:24.007. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Nest Real Estate. Licensed in the State of California, USA.
 
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Nest Real Estate
21804 Cactus Ave ste 101
Riverside CA, 92518
Listing Agent(s): Logan Altman of Altman Apartments Llc (310-903-0222)