2506 S Budlong Ave
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2506 S Budlong Ave
5 Unit Block of Flats £899,235 (£179,847/Unit) 5.42% Net Initial Yield Los Angeles, CA 90007
Investment Highlights
- Excellent Unit Mix of massive (2) 1-Bed/1-Bath and (3) 2-Bed/1-Bath Units, with most units well over 1,000 Sq Ft.
- Priced at only $257/Sq Ft, the subject is one of the Best $/Sq Ft in the neighborhood.
- Steps from USC, BMO Stadium, Lucas Museum, The Reef, Exposition Park and beautiful Downtown Los Angeles.
- Strong Day 1 Income with a 12.70 GRM and 5.04% Cap Rate, stabilizing at 7.22 GRM and a 10.89% Cap Rate.
- 2 Vacant units come renovated and tenant ready, with the opportunity to choose your own tenants.
- New Roof Installed in 2024, as well as newer sewer line system and updated Gas Lines.
Executive Summary
We are pleased to present a 5-unit (4 units + Single Family Home) property located in the heart of Jefferson Park, just steps from the USC Patrol Zone. 2 Units will be delivered Tenant Ready by COE! These spacious units feature new flooring, high ceilings, and renovated kitchens. Boasting an excellent unit mix of (3) 2-Bed/1-Bath and (2) 1-Bed/1-Bath Units, this partially renovated asset is ideal for any value add investor with strong income.
Priced at $257/Sq Ft, this property will come with two tenant ready units and an additional 78% in Rental Upside! With a new roof installed in 2024 and updated Gas and Sewer lines, this asset comes with very minimal maintenance requirements, as tenants are responsible for Gas, Electricity and Trash. Once stabilized, 2506 Budlong will operate at 6.90 GRM and a 11.42% Pro Forma Cap Rate! The subject property boasts a "Walk Score" of 88-Making this a very walkable neighborhood.
The subject property is conveniently located in-between Downtown Culver City, Downtown Los Angeles and the city's metro line. Renters will enjoy the proximity to the 10, 405, and 110 Freeways, making commuting in Los Angeles a breeze. This is an excellent opportunity to acquire an investment property with strong day one income and immense upside.
Priced at $257/Sq Ft, this property will come with two tenant ready units and an additional 78% in Rental Upside! With a new roof installed in 2024 and updated Gas and Sewer lines, this asset comes with very minimal maintenance requirements, as tenants are responsible for Gas, Electricity and Trash. Once stabilized, 2506 Budlong will operate at 6.90 GRM and a 11.42% Pro Forma Cap Rate! The subject property boasts a "Walk Score" of 88-Making this a very walkable neighborhood.
The subject property is conveniently located in-between Downtown Culver City, Downtown Los Angeles and the city's metro line. Renters will enjoy the proximity to the 10, 405, and 110 Freeways, making commuting in Los Angeles a breeze. This is an excellent opportunity to acquire an investment property with strong day one income and immense upside.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£75,121
|
£16.84
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£75,121
|
£16.84
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £75,121 |
| Annual Per SF | £16.84 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £75,121 |
| Annual Per SF | £16.84 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
| Price | £899,235 | Apartment Style | Low Rise |
| Price Per Unit | £179,847 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Net Initial Yield | 5.42% | Building Size | 4,460 SF |
| Gross Rent Multiplier | 12.22 | Number of Floors | 2 |
| No. Units | 5 | Year Built | 1921 |
| Property Type | Residential | Parking Ratio | 1.35/1,000 SF |
| Property Subtype | Apartment |
| Price | £899,235 |
| Price Per Unit | £179,847 |
| Sale Type | Investment |
| Net Initial Yield | 5.42% |
| Gross Rent Multiplier | 12.22 |
| No. Units | 5 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,460 SF |
| Number of Floors | 2 |
| Year Built | 1921 |
| Parking Ratio | 1.35/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Freezer
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 2 | £1,275 | 400 - 1,015 |
| 2+1 | 3 | £1,492 | 1,015 |
Walk Score ®
Very Walkable (88)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 5054-020-003 | Improvements Assessment | £163,061 (2024) |
| Land Assessment | £379,117 (2024) | Total Assessment | £542,179 (2024) |
PROPERTY TAXES
Parcel Number
5054-020-003
Land Assessment
£379,117 (2024)
Improvements Assessment
£163,061 (2024)
Total Assessment
£542,179 (2024)
zoning
| Zoning Code | LAR2 |
| LAR2 |
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2506 S Budlong Ave
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