15613-17 S. White Ave. is a six-unit value-add opportunity offered at $183,167 per unit, $216 per foot, 5.65% current CAP, and 10.83 current GRM. With approx. 70% rental upside, the property will stabilize at an 11.98% market CAP & 6.35 market GRM at projected market rents (based on renovated units). Situated on a 20,170 SF lot with plenty of parking spaces (mix of one-car garages, covered, and surface spaces), the property presents an opportunity to add one or two ADUs (buyer to verify).
About The Property
Stats
Price $1,085,000
City South LA
Sq. ft. 5,096
Current CAP 5.73%
Proforma CAP 12.05%
Price p/ Sq. ft. $213
Background
Our latest South LA closing featured (6) 2-bdrm. units, with approx. 70% rental upside, located on a 20,170 SF lot with ADU potential. 15613 S. White offered significant potential and, at projected market rents, would stabilize at a 11.98% market CAP & 6.35 market GRM. This listing was a referral from a residential agent, Christelle Masi of KW Santa Monica, who had closed a transaction with Kenny Stevens nearly a decade ago.
Result
Our team listed the property in early January and started the marketing campaign with significant interest. Having sold 8 South LA properties in the last 15 months, Max has an in-depth understanding of South LA’s current investment landscape, and generated nearly 15 offers on the property. Ultimately, we identified a local investor who closed in 14 days. Given current market conditions, the Seller and referring agent were thrilled that Kenny Stevens Team got the job done in 45 days.
Next Success Story.
964 E. Jefferson Blvd., South Los Angeles
Price Paid: $950,000
View Success Story
Price Paid: $950,000
