1239 N. Westmoreland is for sale

We’re selling 1239 N. Westmoreland Ave. in East Hollywood in order to realize some profits for our investors.

It’s a pretty great building:

  • 5 units, 4 one bed, 1 two bed
  • Totally rebuilt in 2009-10 with permits; no deferred maintenance
  • Monthly rent is $7,980
  • For sale at $949,000 (9.9x grm)

Here’s the listing on Loopnet: http://www.loopnet.com/lid/17621152

Here’s the MLS listing: http://guests.themls.com/Details/CA/LOS-ANGELES/1239-N-WESTMORELAND-AVE/90029/12-594467.aspx

Here are some indicative numbers (but you should not rely on them; you need to do your own diligence):

  • Put down 25%, $237,250
  • Borrow $711,750 at 4.25%
  • Annual NOI of $62k
  • Annual debt service of $42k
  • So, cash-on-cash return of $20k / $236k = 8.4%
  • First year return (including loan reduction of $12k) = $32k
  • Total first year return of $32k/ $236k = 13.6%

Finally, here are some pics:

I’m brokering the deal on our end. If you work with me directly, I can do a bit better on price, since I won’t have to pay another broker. Any questions, get in touch.