820 Coronado Terrace

Description

We are pleased to present 820 Coronado Terrace, a 6 unit apartment building being delivered 100% vacant plus fully approved RTI plans for two 3+2.5 bath ADU units at the rear of the property in the prime Echo Park/Silver Lake area. The existing six units is comprised of six 1 bedroom units, vacant and ready to be reimagined, with excellent views of Downtown Los Angeles from the upper units. Market rents for these units once fully renovated and modernized will easily reach $2,700. The property also features fully approved RTI plans for two 3+2.5 bath units, averaging 1,056 square feet each will easily rent for $4,500 each or more once completed. Once the units are renovated and the ADU units are built, the proforma monthly income is $25,200, or $302,400 in gross annual income. At that time, we estimate the value of this 8 unit property once completed at $4,200,000, which is a 4.7% cap and a 13.9 GRM on the above mentioned proforma income. Property Highlights: *Tremendous Value-Add Property in Prime Silver Lake/Echo Park* *6 1 Bedroom Units Delivered 100% Vacant* *Fully Approved RTI Plans for Two 3+2.5 Bath Units Avg. 1,056 SF* *91 Walk Score - A True Walker's Paradise* *Proforma Rents Once Renovated is $2,700 for the 1 Bedrooms* *New Construction 3+2.5 ADU Units Will be $4,500+* *Once Units Renovated + ADUS Built - $302,000 Gross Income * *$4,200,000 Future Value Once Completed 4.7% Cap & 13.9 GRM * 820 Coronado Terrace offers an investor the rare opportunity to purchase a fully vacant 6 unit building ready to be reimagined and re-leased at market rents once fully renovated, plus fully approved RTI plans for two 3+2.5 ADU units which will make this into an 8 unit apartment building grossing well over $300,000 per year!