The subject property is a 12-unit residential income asset located at 1061 W 57th St in South Los Angeles. Built in 1929 and zoned LARD2, the property consists of (3) Bachelor, 1 Bath units, (8) 1 Bed, 1 Bath units, and (1) 2 Bed, 1 Bath unit, totaling 6,997 rentable square feet on a 5,170 square foot lot. A Spanish-style building with a corner turret, arched openings and original wrought iron detailing, the asset is offered at $1,595,000, an attractive basis of $132,917 per unit and $228 per square foot, well below the $188,168 per unit and $293 per square foot averages of the recent comparable sales in the submarket. The property generates a 7.62% in-place cap rate and a 7.93 GRM, with approximately 11% rental upside embedded in the existing rent roll and a pro forma cap rate of 8.93% as rents are brought to market. One unit is currently vacant, giving the next owner an immediate opportunity to lease at current market rents, and the three bachelor units carry the largest loss to lease in the building. Positioned within close reach of the University of Southern California, Exposition Park and the area’s major employment and retail corridors, the property sits in a rental market characterized by consistent demand and long-term appreciation.
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