Property Details

Price $1,249,000

Year Built 1925

# of Units 6

Price P/ Unit $208,167

Sq. ft. 3,122

Price p/ Sq. ft. $400

Current Cap Rate 5.44%

Proforma Cap Rate 9.54%

Lot Size 6,217 SF

Zoning LAR2

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About the Property

2531 Hillcrest Drive is a charming 6-unit courtyard-style bungalow complex located in the heart of West Adams. This value-add investment opportunity is offered at $208,000 per unit, 5.44% CAP and 12.25 GRM on current rents. With approx. 53% rental upside, compared to renovated units in the area, the property will stabilize at a 9.54% CAP and 8.09 GRM at the list price. Located just north of Adams Blvd. and La Brea Ave, 2351 Hillcrest is one mile from a walkable community of emerging cafes and restaurants breathing new life into the neighborhood. Additionally, the property is in close proximity to the Expo Rail Line and Silicon Beach tech hubs.  This charming courtyard-style bungalow complex  features (6) 1-bdrm. units, and a one-car garage that generates additional, on a 6,217 SF lot.

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