SELLER IS MOTIVATED - MAJOR PRICE REDUCTION - Located at 8819 Reading Avenue in the highly desirable Westchester neighborhood, this multifamily property offers a prime investment opportunity with significant upside potential. Currently 3 vacancies for new buyer to take advantage of. The property features a total of 7 units, including a newly constructed 2-bedroom/1-bathroom ADU completed in 2024, enhancing its modern appeal. The remaining unit mix includes 4 one-bedroom/one-bathroom units and 2 two-bedroom/one-bathroom units, with a total rentable square footage of 4,616 on a 7,006-square-foot lot. With 3 current vacanies this presents a rare opportunity for immediate income growth. With a 22% rental upside, the property has the potential to produce $19,460 per month ($236,820 annually) at market rents, achieving a cap rate of 7.54% and a GRM of 9.69. Currently, it operates at a 5.63% cap rate and a GRM of 11.97. The property includes four dedicated parking spaces and ample street parking, ensuring convenience for tenants in an area where parking is a premium. Its location near LAX, Playa Vista, Silicon Beach, and the 405 freeway ensures strong demand from tenants seeking convenience and proximity to major employment and lifestyle hubs. With its combination of current cash flow, three immediate lease-up opportunities, and substantial rental upside in a high-demand area. *** Please click property website link for floor plans.
Days on market: 2
Listing updated: April 21, 2025 - 06:35:04
Listed by: John McCann DRE #01963932 310-425-9838, Lyon Stahl Investment Real Estate, Inc. - Beverly Hills/Greater LA
Source: Beverly Hills/Greater LA, MLS#: CLW-X82195 Originating MLS: CRMLS
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