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$ 3,200,000
Est. payment | /mo
4 Beds
20 Baths
12,580 SqFt
$ 3,200,000
Est. payment | /mo
4 Beds
20 Baths
12,580 SqFt
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
Listed by Douglas Steinriede Dover Management Corp. #00284936
Nearby School & Business
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