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.
