Seller's Agent in 2024
Demis Dokhanian
JNM Realty, INC.
(310) 270-6616
1 in this area
1 Total Sale
12
Beds
6
Baths
5,462
Sq Ft
6,487
Sq Ft Lot
About This Home
As of November 2024JNM 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.
Last Agent to Sell the Property
JNM Realty, INC. License #01940496 Listed on: 11/07/2024
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1930
Lot Details
- 6,487 Sq Ft Lot
Home Design
- 5,462 Sq Ft Home
- Split Level Home
Bedrooms and Bathrooms
- 12 Bedrooms
- 6 Bathrooms
Laundry
- Dryer
- Washer
Parking
- 6 Car Garage
- Driveway
Community Details
- 2 Buildings
- 6 Units
Listing and Financial Details
- Tenant pays for gas, electricity, trash collection
- The owner pays for water
- Assessor Parcel Number 5207-008-012
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 11/07/2024 11/07/24 | Sold | $1,145,000 | 0.0% | $210 / Sq Ft |
| 11/06/2024 11/06/24 | Off Market | $1,145,000 | -- | -- |
| 10/21/2024 10/21/24 | For Sale | $1,295,000 | -- | $237 / Sq Ft |
Source: The MLS
Tax History Compared to Growth
Agents Affiliated with this Home
-
Demis Dokhanian
Source: The MLS
MLS Number: 24-455289
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