560 N Virgil AVE new Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90004
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,800 sqft
Price per Sqft $724
MLS Listing ID 25541879
Bedrooms 40
Year Built 1921
Lot Size 10,502 Sqft
Property Description
We are pleased to present a forty (40) bedroom single room occupancy (SRO) community located at 560-564 N Virgil Avenue in Los Angeles, California. The subject property is located in a prime Virgil Village location, south of Melrose Avenue and east of Vermont Avenue. Built in 1912 and 1921, this forty (40) bedroom community is located in the heart of Virgil Village, one of Los Angeles' most dynamic and in-demand neighborhoods. Positioned on a large 10,501SF double lot, this property generates a strong 8.46% cap rate through a lease with PATH and offers investors very high cash flow from day one with an opportunity to build out ADUs in the back of the property. The building features modern communal amenities including a stainless steel-equipped kitchen, shared bathrooms, dining and living rooms, as well as common area laundry. The property consists of forty (40) bedrooms as an SRO play split across two (2) APNs. 564 N Virgil Ave to the north consists of twenty-five (25) bedrooms, one (1) kitchen, and seven (7) bathrooms. 560 N Virgil Avenue to the south consists of fifteen (15) bedrooms, three (3) kitchens, six (6) bathrooms. A majority of the leases provide rental subsidies through PATH. Nestled in a prime Virgil Village Location, this offering presents an excellent opportunity for any investor to capitalize on a very high 8.46% cap rate leased through PATH with some value add remaining.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LAR3
Exterior
Parking Features None
Building
Story 2
New Construction No
Others
Special Listing Condition Standard