2051 S Corning Street

Los Angeles , CA 90034

MLS#: 25519279

$2,395,000

Status: Active
Listing number: 25519279
Listing provided by: Kidder Mathews of California, Inc.
Listing agent phone: None
Last update: 2 months ago
On site: 4 months ago
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Property

Beds

15

Full Baths

None

1/2 Baths

None

Year Built

1960

Sq.Footage

6,448

We are proud to present 2051 S Corning St, a 6-unit property located in the Palms submarket priced at a 5.24% CAP and a 111.99 GRM! This opportunity consists of a single, two-story building built in 1960 comprising of 6,448sf situated on a 6,307sf LARD1.5 zoned lot featuring a superior unit mix of (5) three-bedroom two bath and (1) studio units. 4 of 6 units have been renovated and the Earthquake Retrofit has been completed! With alley access, this property features 5 parking spaces in the rear, providing tenants easy access to and from the building. One three-bedroom two bath unit, featuring a private yard, will be delivered VACANT and renovated. There is potential to operate the building at a 7.04% cap rate and 9.74 GRM at market rents, offering an exceptional opportunity for any type investor looking to preserve capital while continuing to drive long term returns in an exceptionally robust submarket that is continuing to improve with ongoing development. Contact the listing broker for additional details.

Features & Amenities

Interior

  • Total Bedrooms

    15

  • Bathrooms

    N/A

Exterior

  • Garage

    No

  • Parking

    Attached, Attached Carport

  • Pool

    No

Area & Lot

  • Lot Size(acres)

    0.1448

  • Property Type

    Residential Income

Price

  • Sales Price

    $2,395,000

  • Sq. Footage

    6, 448

  • Price/SqFt

    $371

HOA

  • Association

    NO

School District

  • Elementary School

    N/A

  • Middle School

    N/A

  • High School

    N/A

Property Features

  • Stories

    2

  • Senior Community YN

    NO

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Location

County

Los Angeles

Elementary School

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Listing Courtesy of Casey Lins , Kidder Mathews of California, Inc.

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We are proud to present 2051 S Corning St, a 6-unit property located in the Palms submarket priced at a 5.24% CAP and a 111.99 GRM! This opportunity consists of a single, two-story building built in 1960 comprising of 6,448sf situated on a 6,307sf LARD1.5 zoned lot featuring a superior unit mix of (5) three-bedroom two bath and (1) studio units. 4 of 6 units have been renovated and the Earthquake Retrofit has been completed! With alley access, this property features 5 parking spaces in the rear, providing tenants easy access to and from the building. One three-bedroom two bath unit, featuring a private yard, will be delivered VACANT and renovated. There is potential to operate the building at a 7.04% cap rate and 9.74 GRM at market rents, offering an exceptional opportunity for any type investor looking to preserve capital while continuing to drive long term returns in an exceptionally robust submarket that is continuing to improve with ongoing development. Contact the listing broker for additional details.

2051 S Corning Street

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