Condominium buy in Jefferson California

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 1900's. 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 11.44 times gross and $191,667 per unit with future upside in rental income. The projected first year NOI is $123,405 after allowing for a $6,000 (3%) vacancy factor. MLS® ID: SB22069017 Listed: 4/5/22 Updated: 10/17/22 Interior Features Total Bedrooms: 0 Total Bathrooms: 0 Laundry Description: Common Area Exterior/Building Features Lot Size: 5,481 ft2 lot Lot Details: Level, Rectangular Lot Sewer: Public Sewer Other Property Details Area Name: C42 - Downtown L.A. HOA Amenities: Curbs, Sidewalks Garage: No Parking: None View: N County: Los Angeles Water Source: Public Pool: No Pool Description: None Total Stories: 2 Zoning: LARD1.5 Property History Date Event Price Value 8/19/22 Price Change $2,300,000 -14% Courtesy of Re/Max Commercial & Investment, Stephen Lampe, Listing Contact: Based on information from California Regional Multiple Listing Service, Inc. as of 10/17/22. 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 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.