We are proud to present a great multifamily asset in the very strong rental market, The Noho Arts district. The property is situated on the corner of Hesby and Riverton.Built in 1963, this 10-Unit, 9,552 square foot property sits on a large 10,799 square foot lot (0.25 acres), and it has a great unit mix of (2) 1-Bed / 1-Bath units, (7) 2-Bed / 1.5-Bath and (1) 3-Bed / 1.5-Bath units, most of them being town home style. The property has been well maintained by the previous owner as well as the current owner. It also has secured entry, covered parking, central air and heat, and the Seller has already completed the mandatory seismic retrofitting in March 2021. The savvy investor who purchases this opportunity will have huge upside potential since only 3 of the 10 units have been turned since the current owner purchased the property in 2016, leaving the next buyer over 60% upside in rents that can be realized by bringing the 7 low paying tenants up to market rate.*note: The information in the marketing package is for September 2021 because the seller has a prepayment penalty that will end at that time, and the Seller would prefer to wait until September for the close of escrow. Furthermore, the financial information includes 4% rent increases to all tenants since we assume by that time the 4% annual rent increases will be allowed once again.
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Based on information from California Regional Multiple Listing Service, Inc. as of 6/17/21 2:10 AM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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