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1703 Toberman Street

Los Angeles, CA 90015
  • $1,495,000
  • STATUS: Active
  • ON SITE: 29 Days
  • ID#: SR22152228
UPDATED: 61 min ago
$1,495,000
  • 0
    BEDS
  • 0.08
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1899
County:

School Ratings & Info

Description

This historic Victorian home has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. The building was completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. The location of the property is just across the 110 Freeway from DTLA's Convention Center and just across the I-10 freeway from USC. This is perfect for a 1031 exchange or for any investor looking for reliable cash flow. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented. Gross Income is over $132k in year 1 with 5% rental increases built in. The GRM is 11.3 and the cap rate is 5.8% on the purchase.

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Based on information from CRISNet MLS as of 2022-08-11T06:56:45.887. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Based on information from the i-Tech MLS as of 2022-08-11T06:56:45.887. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchhomesincalifornia.com/homes/130793649
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1703 Toberman Street Los Angeles, CA 90015

  • Price: $1,495,000
  • Status: Active
  • On Site: 29 Days
  • Updated: 61 min ago
  • ID#: SR22152228
0
Beds
0
Baths
0
½ Baths
0.08
Acres
1899
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
This historic Victorian home has been carefully and fully restored and upgraded as a 5-unit multi-family apartment community. The building was completely renovated down to the studs with new electrical, plumbing, HVAC, new sewer to the street, new flooring, kitchens, and bathrooms. Two of the units are rented by the bedroom and all tenants are placed through a program assisting those at risk of homelessness. The rent is guaranteed by non profit agencies and tenant services are provided through the program. The program is in place for 5 years with rental guarantees and incentives in place to benefit the owner. This architectural gem is a turn key property with strong cash flow on a prominent corner lot. The location of the property is just across the 110 Freeway from DTLA's Convention Center and just across the I-10 freeway from USC. This is perfect for a 1031 exchange or for any investor looking for reliable cash flow. The property is legally entitled as 5 units and it is rented with 7 separate leases through the non profit program. 4 of the units have two shared "Jack & Jill" bathrooms and 4 of the units are completely independent studios. Two of the studios have their own exterior entrances with private yard spaces. There are two tandem parking spaces which are also rented. Gross Income is over $132k in year 1 with 5% rental increases built in. The GRM is 11.3 and the cap rate is 5.8% on the purchase.
Exterior Features

Architectural Style Victorian Carport Spaces 0.00 Construction Materials Drywall WallsFrameWood Siding Exterior Features Rain Gutters Fence YN Yes Fencing BlockChain LinkWood Foundation Details Raised Levels Two Lot Features Corner LotLandscapedRectangular LotLevelNear Public TransitOver 40 Units/AcrePark NearbyYard Lot Size Area 3509.0000 Parking Features DrivewayGravelTandem Uncovered Parking Total 2.00 Parking YN Yes Road Frontage Type City Street Road Surface Type Paved Uncovered Spaces 2.00 View City Lights View YN Yes

Interior Features

Appliances Built-In RangeGas RangeRange HoodRefrigerator Appliances YN Yes Common Walls No Common Walls Cooling Central AirZoned Cooling YN Yes Door Features Panel Doors Fireplace Features None Fireplace YN No Flooring Laminate Heating Forced AirZoned Heating YN Yes Interior Features Ceiling Fan(S)Copper Plumbing FullGranite Counters Laundry Features None Laundry YN No Room Type Jack & Jill

Property Features

Additional Parcels YN No Association Fee 0.00 Association YN No Community Features SidewalksStreet LightsUrban Electric Electricity - On Property Land Lease YN No New Construction YN Yes Pool Features None Pool Private YN No Property Attached YN No Property Condition TurnkeyUpdated/Remodeled Property Sub Type Apartment Security Features Carbon Monoxide Detector(S)Closed Circuit Camera(S)Fire And Smoke Detection SystemFire Rated DrywallSecurity LightsWindow Bars Senior Community YN No Sewer Public Sewer Spa Features None Spa YN No Special Listing Conditions Standard Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedSewer Connected Water Source Public Zoning Lard1.5

Listing provided courtesy of Logan Altman, CA DRE# 01965826, of Altman Apartments Llc.


Based on information from CRISNet MLS as of 2022-08-11T06:56:45.887. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Based on information from the i-Tech MLS as of 2022-08-11T06:56:45.887. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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