4408 Lockwood Avenue, Los Angeles, CA 90029
- $3,200,000
- 4
- BD
- 20
- BA
- 12,580
- SqFt
Listing courtesy of Listing Agent: Douglas Steinriede (listings@doverla.com) from Listing Office: Dover Management Corp..
- List Price
- $3,200,000
- Status
- ACTIVE
- Days on Market
- 22
- MLS#
- 26875237
- Subtype
- Residential Income
- Year Built
- 1928
- Bedrooms
- 4
- Bathrooms
- 20
- Living Area
- 12,580
- Lot Size
- 10,853
- Acres
- 0.25
- MLS Area Major
- Silver Lake - Echo Park (C21)
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.
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Additional Information
- Interior Features
- Ceiling Fan(s)
- Zoning
- LARD1.5
- Heating
- Baseboard
- Stories
- Two Levels
- Levels
- Two
Mortgage Calculator
Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.