$800,000

The subject property is a 4-plex located on a very large 21,000 SF parcel that is zoned R2. The improvements consist of 4 separate California Bungalows, built between 1902 and 1922 with a Los Angeles county use code of (4 units) Quadraplex. The 4 units are grandfathered in, and there is an additional 5th unit ( 4317 ½ )in the front structure that is not permitted. A buyer can add up to 2 detached ADU’s on this large lot, and might be able to use the ADU process to submit an application to make the unpermitted unit, permitted. (Buyer to verify the feasibility and determine the potential of the ADU permitting process during its due diligence period as broker and seller make no representations as to any of the above proposed ADU’s). The property is being offered as a 4 unit with 1 additional, non-permitted unit. The units are all significantly below market and are all due for a rent increase. Unincorporated LA County allows up to an 8% rent increase in any 1 year, and in 2023 the allowable increase is 3%. The property is in a densely populated area of East Los Angeles which has a strong rental market with a lot of demand. The seller has not given any rent increases, and will leave that as upside for the buyer after the close of escrow!