LIST PRICE IS $400,000 LESS THAN RECENTLY APPRAISED VALUE - 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. The property features a total of 7 units, including… Read More 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. Listed at $2,195,000, the property currently generates $16,026 per month ($192,312 annually) with one vacancy, presenting a rare opportunity for immediate income growth. With a 23% rental upside, the property has the potential to produce $19,760 per month ($237,120 annually) at market rents, achieving a cap rate of 7.94% and a GRM of 9.26. Currently, it operates at a 6.11% cap rate and a GRM of 11.41. The property includes three dedicated parking spaces and ample street parking, ensuring convenience for tenants in an area where parking is a premium. Each unit features in-unit laundry, and the property is well-maintained, with several units in excellent condition and the newly built ADU adding value. 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, 8819 Reading Avenue is a compelling investment in the thriving Westchester market. *** Please click property website link for floor plans. Read Less
Courtesy of Lyon Stahl Investment Real Estate, Inc., John McCann, 310-408-0121.
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