1824 S Highland Avenue

Description

1824 S Highland Ave is a fully stabilized, pride-of-ownership fourplex located in the rapidly developing Mid-City neighborhood only a few minutes fromtrendy Downtown Culver City! Two of the units were given a full-scale remodel in 2021 thats on par with new construction! A third unit was lightly remodeled in 2019 and achieved an outstanding rent close to todays market value! With SEPARATE METERS for all utilities (tenants pay all!) and upscale renovations, this is the closest thing youll get to buying a new construction fourplex without having to spend over $3.5 million dollars! Additionally, it is important to note the potential to add one or two ADUs on the property, which would add tremendous value.The units boast spacious, open floor plans, plentiful windows letting in ample natural lighting, real hardwood flooring, washers and dryers in all units, stainless steel kitchen appliances for 2 of the 4 units, and 4 new water heaters (2 are brand new, 2 were installed in the past year or two)! The twoupstairs units also get access to a lovely shared balcony. In the rear of the property there are two 2 car-garages (tandem) and 2 surface parking spaces.The current cap rate is an outstanding 4.51% and the pro forma cap rate is 4.94%! With new constructions selling in this hot pocket of Mid-City for over $3 million dollars and renting for over $4,000 for a 3 bedroom, we feel this property will continue to appreciate greatly over time.1824 S Highland is located less than 10 minutes from Downtown Culver City and the countless hotspots in the area, including the trendy Helms Bakery District, the Culver City Steps (Amazon Studios headquarters), Ivy Station (HBO headquarters), and the Cumulus District (Whole Foods).This area boasts a huge quantity of entertainment, tech, and creative jobs- ideal for leasing!