4408 Lockwood AVE, Los Angeles, CA 90029
4408 Lockwood AVE, Los Angeles, CA 90029
4408 Lockwood AVE, Los Angeles, CA 90029
24
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$3,200,000
Est. payment /mo
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4 Beds
20 Baths
12,580 SqFt
New

4408 Lockwood AVE Los Angeles, CA 90029

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The Brandon Drew Group

The Brandon Drew Group

+1(909) 944-8800

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Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 12,580 sqft

Price per Sqft $254

MLS Listing ID 26875237

Bedrooms 4

HOA Y/N No

Year Built 1928

Lot Size 10,855 Sqft

Property Description

4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property's twenty units and invested in major capital improvements including a new roof, plumbing upgrades, upgraded electrical, and a bolted foundation reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04%cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis.

Location

State CA

County Los Angeles

Area C21 - Silver Lake - Echo Park

Zoning LARD1.5

Interior

Interior Features Ceiling Fan(s)

Heating Baseboard

Fireplace No

Exterior

Total Parking Spaces 6

Building

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5539009002

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Douglas Steinriede Dover Management Corp. #00284936

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4408 Lockwood AVE