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2200 Toberman Street

Los Angeles (City), CA 90007
  • $2,700,000
  • STATUS: Active
  • ON SITE: 50 Days
  • ID#: SB22069017
UPDATED: 33 min ago
$2,700,000
  • 0
    BEDS
  • 0.13
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1909
County:

School Ratings & Info

Listing Agent(s): Stephen Lampe of Re/Max Commercial & Investment (310 802-2500)


Description

Toberman Apartments is a 12 unit complex in Los Angeles close to USC, 110 and 10 freeways as well as major employers in Downtown Los Angeles. The building was built in 1909 and is a two story walk-up with a secured entry and center hallway. The neighborhood is comprised of primarily single family residences built in the early 1900s. There is an opportunity to convert the property to student housing and rent to USC students as the university less than 1 mile away. The building is master metered for gas and electric so the rents reflect the additional cost paid by the landlord in the operating expenses. When the City of Los Angeles RSO ( Rent Stabilization Board) resumes annual rent increases, the RSO also allows an additional 1% increase in monthly rent for gas utilities paid by a landlord, and an additional 1% increase in monthly rent for electric utilities paid by a landlord. There is a laundry room on site with an ongoing contract operated by WASH. The parking is on street only. This investment opportunity is attractively priced at 13.50 times gross and $225,000 per unit with future upside in rental income. The projected first year NOI is $118,000 after allowing for a $6,000 (3%) vacancy factor; and if the property is self-managed, the NOI would be closer to $128,000 in year 1 which translates to a 4.75% CAP rate.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T22:27:34.22. 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 deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/127491811
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2200 Toberman Street Los Angeles (City), CA 90007

  • Price: $2,700,000
  • Status: Active
  • On Site: 50 Days
  • Updated: 33 min ago
  • ID#: SB22069017
0
Beds
0
Baths
0
½ Baths
0.13
Acres
1909
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
Toberman Apartments is a 12 unit complex in Los Angeles close to USC, 110 and 10 freeways as well as major employers in Downtown Los Angeles. The building was built in 1909 and is a two story walk-up with a secured entry and center hallway. The neighborhood is comprised of primarily single family residences built in the early 1900s. There is an opportunity to convert the property to student housing and rent to USC students as the university less than 1 mile away. The building is master metered for gas and electric so the rents reflect the additional cost paid by the landlord in the operating expenses. When the City of Los Angeles RSO ( Rent Stabilization Board) resumes annual rent increases, the RSO also allows an additional 1% increase in monthly rent for gas utilities paid by a landlord, and an additional 1% increase in monthly rent for electric utilities paid by a landlord. There is a laundry room on site with an ongoing contract operated by WASH. The parking is on street only. This investment opportunity is attractively priced at 13.50 times gross and $225,000 per unit with future upside in rental income. The projected first year NOI is $118,000 after allowing for a $6,000 (3%) vacancy factor; and if the property is self-managed, the NOI would be closer to $128,000 in year 1 which translates to a 4.75% CAP rate.
Exterior Features

Lot Features LevelRectangular Lot Number Of Separate Electric Meters 1 Parking Features None Parking Total 0 Pool Features None Pool Private YN No Property Attached YN No

Interior Features

Common Walls No Common Walls

Property Features

Additional Parcels YN No Cap Rate 4.39 Common Interest None Community Features CurbsSidewalks Electric Expense 4099 Fuel Expense 2928 Garage YN No Gross Income 201012 Gross Scheduled Income 201012 Insurance Expense 2664 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To New LoanConventional Maintenance Expense 11765 Net Operating Income 118605 New Construction YN No New Taxes Expense 32400 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 76395 Pest Control Expense 1022 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Cable Tv Trash Expense 4099 Vacancy Allowance 6012 Water Sewer Expense 4099 Water Source Public Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T22:27:34.22. 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 deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Stephen Lampe of Re/Max Commercial & Investment (310 802-2500)