440 E 27th,Los Angeles, CA 90011
Los Angeles, CA 90011
Description
Investment Highlights Comprehensive 2024 Gut Renovation with New COFO: The entire building was gut renovated, resulting in a new Certificate of Occupancy issued in 2024. Over $1.2 million in capital improvements were completed, including all-new plumbing, electrical systems, drywall, paint, flooring, and cabinetry. This turnkey status provides investors with a high-quality asset and minimal immediate maintenance requirements. Proven Micro-Unit Model with Strong Rental Yield: The building features 23 units comprised primarily of micro-units (87% studios) designed to serve budget-oriented residents in Los Angeles. This high-efficiency model yields an impressive rent of $5.28 per square foot, justifying the property's valuation through proven rental demand for smaller, affordable living spaces. Immediate Financial Performance and High Returns: At an asking price of $3,000,000, the property offers a current CAP rate of 6.62% and a 5.29% Cash-on-Cash return, with substantial mark-to-market upside as legacy leases are brought to the property’s own recently-achieved renovated rents. Substantial Built-In Revenue Upside: There is significant potential for growth, with the pro forma CAP rate projected at 8.19% and a Cash-on-Cash return of 10.52%. Financial projections show that monthly income can grow from the current $34,290 to a market rate of $38,337, representing an approximately 12% revenue increase as legacy leases are marked to market. Strategic Location in Historic South Central Hub: Located at 440 E 27th Street, the property is nestled in a thriving rental hub near the University of Southern California (USC) and major transit routes like the Expo Line. The neighborhood is experiencing active revitalization and sits within a demographic area projected to have an average household income of $81,857 within a 3-mile radius by 2026.
Details
| MLS # | SR26039501 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Active |
| Year | 1925 |
| Days On Site | 192 |
| Listing Provided By | Altman Apartments LLC | Logan Altman |
Features
| SQ Feet | 7,312 |
|---|---|
| Story(s) | 2 |
| Units | 23 |
| Building(s) | 1 |
| Zoning | RD1.5-1 |
| Acreage | 0.14 |
| Property View | Yes |
Interior
| Cooling | None |
|---|---|
| Heating | Natural Gas, Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | No |
| Interior Features | Ceiling Fans, Multiple Staircases, Quartz Counters |
| Appliances | Gas Oven, Gas Range, Refrigerator |
| Fireplace Yes / No | No |
Exterior
| Roof | Flat |
|---|---|
| Security Features | Closed Circuit Cameras, Carbon Monoxide Detectors, Fire Rated Drywall, Smoke Detectors |
| Construction Materials | Drywall, Frame, Stucco |
| Lot Features | Level, Over40Units Acre, Near Public Transit, Rectangular Lot |
| Fencing | Wrought Iron |
Parking
| Parking Features | None |
|---|---|
| Garage Yes / No | No |
Utilities
| Utilities | Cable Connected, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
|---|---|
| Sewer | Public Sewer |
Location
| Community Features | Sidewalks, Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90011 |
| Area | C42 Downtown L.A. |
| Listing VS Median (in 90011) | |
Price: $3,000,000 low | high Med: $759,800 sqft: 7,312 low | high Med: 2,730 $ / sqft: $410 low | high Med: $278 On site: 192 low | high Med: 80 | |
Market Activity 90011
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90011 |
| Area | C42 Downtown L.A. |
| Listing VS Median (in 90011) | |
Price: $3,000,000 low | high Med: $759,800 sqft: 7,312 low | high Med: 2,730 $ / sqft: $410 low | high Med: $278 On site: 192 low | high Med: 80 | |
 | $1,995,000423 E 31st StreetLos Angeles, CA 90011 |