2651 S Manhattan Place Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90018
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 9,840 sqft
Price per Sqft $279
MLS Listing ID CL25569621
Year Built 1927
Lot Size 6,525 Sqft
Property Sub-Type Other
Property Description
We are pleased to present a seventeen (17) unit apartment building located at 2651 Manhattan Place in Los Angeles, California. The subject property is located in a solid West Adams location, south of W Adams Boulevard and west of Western Avenue. This well-located multifamily property in the heart of West Adams presents a strong investment opportunity with a desirable unit mix of twelve (12) spacious studios and five (5) large one-bedroom units, including one (1) unit delivered vacant. Offering a solid initial cap rate of 6.29% and significant rental upside potential of over 30%, the property is primed for value-add investors. Recent electrical upgrades with new panels and separately metered gas and electricity help reduce operational costs, while low maintenance landscaping and ample street parking add to overall convenience. There is also an unfinished non-conforming studio unit in the basement, which can quickly be converted into a market rate rental unit as an ADU. Tenants benefit from immediate access to key commercial corridors Western Ave, Normandie Ave, W Adams Blvd, and Jefferson Blvd as well as the 10, 110, and 101 Freeways. The property is also steps from the Loren Miller Recreation Center and a wide array of dining options including Starbucks and Bird's Nest Cafe, maki
Location
State CA
County Los Angeles
Zoning LAR4
Building
New Construction No