2325 S Ridgeley Dr, Los Angeles, CA 90016

Description

3rd Price Reduction! Large 7,152 SF 8-Unit value-add building cash flowing at a Current 4.75% Cap Rate with a whopping 93% upside to an 11.2% Cap on Proforma! Attractively priced at under $225k/unit for entirely 2-bedroom units and only $250/SF. Large 9,500 SF lot with plans to add 8 detached ADUs to achieve an incredible 9.9% Current Cap Rate, 14.4% Proforma Cap, $156k/unit, and only $250/SF after taking into account all the construction costs (~715k assuming $250/SF). The exterior of the property has undergone detailed renovations and features on-site parking as well as an updated laundry room. Electricity and gas are individually metered which minimizes operating expenses. Prime Mid-City location just minutes away from Beverly Hills, Culver City, West Adams, as well as many hip neighborhood attractions, restaurants, bars, shops, such as Cento Pasta Bar, The Blending Lab Winery, Tartine Bakery, Farmhouse Kitchen Thai Cuisine, Mu. S Coffee, Cumulus luxury 31-story 1,210 unit mixed-use project, 260 units Habitat Residences campus with retail and creative office, and much more.