Residential Income Details
620 N Serrano is a luxurious new construction fourplex that is made up of two standalone 3-story duplexes in a prime Hollywood location. This centrally located property is minutes from Paramount Studios, Raleigh Studios, trendy Larchmont Village, upscale Hancock Park, Koreatown, and of course all the action Hollywood has to offer.
620 N Serrano is in the final stages of construction, with completion estimated to be June 2018. This property provides investors an unbelievably high projected cap rate of 5.64%. In addition to the high return, buyers will enjoy other notable perks including: NO RENT CONTROL, a 1 year builder’s warranty, brand new EVERYTHING, little to no maintenance, separate meters for gas, water & electric, and extreme desirability amongst renters. Between the fantastic location and the countless benefits of buying high quality new construction, purchasing this property is a no-brainer.
The property is made up of two 3 bedroom, 3 bathroom units with pro forma rents of $3,900 & $3,900, and two 3 bedroom, 2.5 bathroom units with pro forma rents of $3,550 & $3,550. These are very conservative market rents with potential to obtain even higher. There are 4 covered parking spaces and 4 partially covered parking spaces that are accessed from the back alley. Additionally, there is an area in the front of the property with room for additional parking.
|Number of Units||4|
|Listing Brokerage||The 2-4 Unit Specialists|
|Listing Agent||Elizabeth Maddox|
|Listing Agent BRE #||01921425|
|Features||Balcony,Open Floor Plan|
|Appliances||Dishwasher,Freezer,Garbage Disposal,Gas Oven,Gas Range,Microwave,Refrigerator|
Based on information from California Regional Multiple Listing Service, Inc. as of Wednesday, August 29, 2018.
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