115 E 31st St, Los Angeles, CA 90011

Fully remodeled and clean three-unit building, with ready to issue permits for a 4th ADU garage conversion. Built in 1984 which means this property does NOT fall under LA's rent stabilization ordinance and you can raise rent 5% a year + CPI, or over a 10% rental increase once COVID restrictions are lifted. Pro Forma 5.8% cap rate after ADU is complete. The front unit is a large (approx 1,200 sq ft) 3 bed/1 bath leased for $2,790. Unit B is a 2 bed/1 bath leased for $1,795, fully remodeled. Unit C is a remodeled 2 bed/1 bath currently rented for $1,790. On top of that, permits are ready to convert the garage into a legal studio/4th unit. RTI permits sold with property. All you need to do is pull the permits and start construction! All units remodeled with high-quality floors, appliances, and finishes. There on-site parking for each unit, and laundry inside each unit. Close to DTLA, USC, Fashion District, and lots of new development. This is one is a no-brainer! Owner is motivated, make all offers.