Los Angeles, CA 90031

JNM Realty is pleased to represent, on an exclusive basis, the sale of 4021-4031 Griffin Ave., a 6-unit apartment complex located in the Montecito Heights submarket of Los Angeles. The property comprises two (2) buildings, a fourplex in the front and duplex over garage spaces in the back. All six (6) units are two-bedroom/one-bathroom units with approximately 60% potential upside to in-place rents through Section 8 and additional upside to the asset through additional dwelling units (ADUs). Included in the sale are plans that have been submitted for two (2) two-bedroom/two-bathroom ADUs. Section 8 rents for 2-bedroom/1-bathroom units are $3,052/mo and Market Rate rents are potentially $2,550/month; rent comp analysis attached. Four (4) units feature a washer/dryer in-unit and two (2) units share a washer/dryer in a secured common area. Tenants pay for electric, gas, and trash removal. The buildings were recently repainted along with other improvements to the exterior facade. The asset is attractively priced at $215,833 per unit, with a 7.42% entry cap rate and a 9.42x GRM at acquisition through the use of Section 8, making it highly competitive with recent market comparables. The property is capable of stabilizing at a 13.40% cap rate and 5.89x GRM through the use of Section 8, with additional upside through the addition of the ADUs.