The Montecito presents a rare investment opportunity that marries both a charming Spanish style front duplex with a newly developed and modern rear duplex comprised of two new spacious Townhome ADUs. Priced to sell at an attractive 6.58% cap rate.This investment opportunity presents an ideal income property for a savvy investor looking to acquire a well-positioned asset with a 9.90% rental upside potential with an attractive private financing option.This high-income producing 4-plex is comprised of 2 (3+2) units in a one-story building built in 1923, averaging ±918 sq ft, and 2 (3+2) newly developed townhouse ADU units built in 2024 averaging ±1,200 sq ft each. The combined building structure is ±4,236 square feet. The structures sit on a ±6,055 square foot lot, zoned LAR2. Additionally, 50% of the units are non-rent control.Unit Improvement Summary includes:3-Bedroom + 2-Bath Units:One of the front units has been highly improved with new countertops, wood like flooring and stainless steel appliances. Both units offer laundry rooms with washer/dryer hookups and individual hot water heaters. In 2016, the roof was replaced, and in 2024, ownership upgraded the electrical panels.3-Bedroom + 2-Bath Tri-Level Townhome Units:Both newly constructed Townhome ADUs are immaculate and were developed in 2024 with sophistication and efficiency in mind. Each unit offers soaring 16’ vaulted ceiling, accompanied by recessed lighting that illuminates the wide plank eco-friendly vinyl wood flooring with in-suite washer and dryer hook-ups.Both townhomes are equipped with fire suppression systems and ownership installed solar panels, along with tankless water heaters, making these units not only beautiful, but energy efficient. The solar panels are owned. There is no debt or lease obligation associated with the solar panels.Location DescriptionThe Montecito is located at 5507-09 S. Manhattan Place in the vibrant and emerging submarket of South Los Angeles adjacent to Park Mesa Heights. The property is conveniently close to Leimert Park and just south of The University of Southern California. Located on the 5500 block of S. Manhattan Place, the property is situated between W. 54th St and W. Slauson Ave., just east of S. Van Ness Ave.
|
DAYS ON MARKET
|
6
|
LAST UPDATED
|
2/19/2025
|
|
YEAR BUILT
|
1923
|
COMMUNITY
|
Park Hills Heights
|
|
COUNTY
|
Los Angeles
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AREA |
Park Hills Heights |
| GARAGE |
On Street |
| LOT |
6055 sq ft |
| LOT DESCRIPTION |
Rectangular Lot |
| PARKING |
On Street |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
3 |
| WATER |
Public |
| ZONING |
LAR2 |
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The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 2/24/25 12:17 AM PST and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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