Excellent Investment Property Near Redeveloping Downtown
Incredible seven-unit apartment building located between Atlantic and Alamitos avenues, just north of rapidly developing downtown. This area is a majority-renter market, with over 83% of housing units renter-occupied.
720 East 8th St consists of one buliding with one three-bedroom/one-bath and six one-bedroom/one-bath units. The units are separately metered for gas and electricity, and some units have been renovated with wood and tile flooring, granite countertops, new ceiling fans, and more. The property also features secure access, on-site laundry, and a rear structure with a single-car garage.
This offering presents and excellent opportunity for an investor to acquire a partially renovated asset in a strong rental market and capture potential upside in rents.
Price
$1,525,000
Annual Income
$111,901
Annual NOI
$73,178
Annual Expense
$38,723
Rental Cost Details
| # OF UNITS | # OF BEDROOMS | # OF BATHS | ACTUAL RENT | TOTAL RENT | PRO FORMA | TOTAL PRO FORMA |
| 6 | 1 | 1 | $1,267 | $7,602 | $1,395 | $8,370 |
| 1 | 3 | 1 | $1,825 | $1,825 | $2,050 | $2,050 |
| TOTAL # OF UNITS | TOTAL # OF BEDROOMS | TOTAL # OF BATHS | GRAND TOTAL RENT | GRAND TOTAL PRO FORMA | ||
| 7 | 4 | 2 | $9,427 | $10,420 |
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