4546 St Elmo Dr is a gorgeously renovated, pride-of-ownership fourplex located in red-hot Mid City, only a few minutes from Downtown Culver City! This designer fourplex is made up of four expansive 2 bedroom, 1 bath units (all 1,223 square feet!) that boast modern kitchens and bathrooms. This unique property blends the charm and character of the 1920's with sleek, upscale elements! Between the unbeatable location (Mid-City is the hottest rental market in town) and the size and beauty of these units, 4546 St Elmo is a renter's dream come true. Priced at only $388 per SF in a market with comps averaging $472 per SF- this deal is priced to fly! The current cap rate is an outstanding 4.00%- and the building comes with massive upside. We conservatively project a pro forma cap rate of 5.53%. With the massive influx of new construction properties on every surrounding street, we predict rents will continue to go up rapidly in this pocket! Other notable features include: washers and dryers provided for each unit, stainless steel appliances throughout, new exterior paint, new/newer water heaters, wonderful existing tenants that pay on time, a large rear parking lot with 4 parking spaces, a front patio area, a rear garden area, and a back patio and storage unit. It is located 10 minutes from Downtown Culver City and the countless local hotspots, including the trendy Helms Bakery District, the Culver City Steps (Amazon Studios), Ivy Station (HBO headquarters), and the Cumulus District (Whole Foods). This area boasts a huge quantity of entertainment, tech, and creative jobs- ideal for easy leasing!
|--||New Value: $1,899,000|
|8/8/2022 3:01:44 PM||New Value: Pending|
|6/23/2022 12:34:00 PM||New Value: $1,899,000|