4408 Lockwood Ave, Los Angeles, CA 90029
- $3,200,000
- 4
- BD
- 20
- BA
- 12,580
- SqFt
- List Price
- $3,200,000
- MLS#
- 26875237
- Year Built
- 1928
- Bedrooms
- 4
- Bathrooms
- 20
- Living Sq. Ft
- 12,580
- Lot Size
- 10,853
- Days on Market
- 8
- Property Type
- Multifamily
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.
Additional Information
- Other Buildings
- Other
- Heat
- Baseboard
- Cooling
- Attic Fan
- Number of Cars in Garage
- Garage Is Detached
Mortgage Calculator
Courtesy of Dover Management Corp., Douglas Steinriede - CA DRE#00284936
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