858 Virgil

  • $1,595,000
For Sale Los Angeles, Virgil Village
858 N Virgil Ave, Los Angeles, CA 90029, USA
Parking of 858 N Virgil Avenue Parking and storage of 858 N Virgil Avenue Storage area of 858 N Virgil Avenue Exterior of 858 N Virgil Avenue Exterior of 858 N Virgil Avenue Exterior of 858 N Virgil Avenue Entrance of 858 N Virgil Avenue Exterior of 858 N Virgil Avenue Drone shot of 858 N Virgil Avenue Drone shot of 858 N Virgil Avenue Drone shot of 858 N Virgil Avenue 858 Virgil Interior unit kitchen 858 Virgil Interior unit front door 858 Virgil Interior unit kitchen and living room 858 Virgil Interior unit
  • Multifamily
  • Property Type
  • 4
  • Number of Units
  • 4.7%
  • Cap Rate
  • 16.51
  • GRM
  • $398,750
  • Price/Unit
For Sale
858 N Virgil Ave, Los Angeles, CA 90029, USA
  • $1,595,000

Overview

  • Multifamily
  • Property Type
  • 4
  • Number of Units
  • 4.7%
  • Cap Rate
  • 16.51
  • GRM
  • $398,750
  • Price/Unit

Description

Dubbed “The Coolest Street in Los Angeles” by Time Out Magazine 2022, this architectural Virgil Village four-plex has everything you want in an income property. An excellent unit mix of all 2BR/1BA apartments, two units have been completely remodeled and fetch market/near market rents. The remaining units are poised to replicate this process for substantial upside. A four-car detached garage in the rear provides additional storage income as well as potential for adding one or two ADUs.

 

Here are some of the other highlights:

• Bright and airy 2bd/1ba units all come with personal outdoor space

• 4 garage units each receive $150/month/unit for a total of $600 in income per month

• Easy access to the 101 freeway and four blocks to the Redline Metro

• Four surface lot parking spaces in addition to the four-car garage

• Multiple potential development opportunities as the property is zoned LAC1 along with TOC Tier 3 and Opportunity Zone designations

• Located in the heart of Virgil Village and within a short distance from hot venues such as Vinovore and Sqirl, Erewhon, Tartine, Intelligentsia, and Courage Bagels

• Priced at a 4.7 cap and 16.51 GRM with current income, and an unheard of 7.2 cap with pro forma income, this building is a great play for the savvy investor — with excellent current income, and the opportunity to for even better upside

Details

  • Property Type: Multifamily
  • Property Status: For Sale
  • Property Size: 3288 Sq Ft
  • Lot Size: 5665 Sq Ft
  • Bedrooms: 8
  • Bathrooms: 4
  • Year Built: 1918
  • Price: $1,595,000
  • Number of Units: 4
  • Price/Unit: $398,750
  • GRM: 16.51
  • Price/SqFt: $485.10
  • CAP: 4.7%
  • Address 858 N Virgil Ave
  • City Los Angeles
  • State/county California
  • Zip/Postal Code 90044
  • Area Virgil Village

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