11347 Emelita St is a 7-unit building in the NoHo Arts District that has been extensively renovated (5 of 7 units fully remodeled) and boasts an outstanding current cap rate of 4.69%. These gorgeously updated 2 bedroom and 1 bedroom units quickly achieved market rents of $2,495 for the 2 bedrooms and $2,195 for the 1 bedrooms. In addition to the already strong return, this property boasts major upside potential- with 2 remaining units under market rent, there is room to boost the return to 5.71% ($2,519 more in monthly rent)! Additionally, there may be potential to add ADU s above the carport, an addition that would generate further income (buyer to do their own due diligence). There is also a large storage room that can certainly bring additional income- be that via an additional ADU conversion, paid storage or an extra room rental. With small new construction developments going for the high $2 millions and beyond, this is your chance to buy as close to new as possible while locking in an unheard of price per door of $385,000 and price per square foot of $420.57! 11347 Emelita is made up of five 2 bedroom, 1 bathroom units and two 1 bedroom, 1 bathroom units. All seven units are enormous and have very open, spacious floorplans. This property is rich with amenities, including: upscale stainless steel appliances in 5/7 units, quartz countertops, vinyl floors in the new units and hardwood floors in the non-updated units, a laundry room generating approximately $100 in additional income a month, a massive storage unit currently set up as a gym, 8 smaller storage units in the carport, 7 parking spaces (4 carport, 3 surface), new windows and doors throughout the whole property, mini splits and new wall units in the renovated units, a resealed roof, and new electrical subpanels. Another huge bonus is that 5 of the 7 units are on RUBS- in addition to paying electric and gas individually, tenants also pay for their portion of water/sewer and trash, making the expenses very light on this property! This impressive compound is located 5 minutes from both the heart of the NoHo Arts District and NoHo West- a dream come true for renters.
Courtesy of The 2-4 Unit Specialists, Elizabeth Maddox,
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Data last updated 12/6/22