971 N Wilton Place Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90038
Key Details
Property Type Single Family Home
Sub Type OTHER
Listing Status Active
Purchase Type For Sale
Square Footage 2,654 sqft
Price per Sqft $442
MLS Listing ID CL25492999
Bedrooms 4
HOA Y/N No
Year Built 1913
Lot Size 6,752 Sqft
Acres 0.16
Property Sub-Type OTHER
Property Description
Rare opportunity to secure a well-maintained Hollywood triplex with immediate upside and strong cash flow potential. Fully stabilized, the property can generate approximately $90,000 per year in gross rental income, yielding an estimated net operating income of $54,000 annually and a projected 4.5% cap rate at the $1.2 million purchase price. Current income totals $4,400 per month from two occupied units: a spacious 3-bedroom, 2-bath unit renting at $2,900/month and a 1-bedroom, 1-bath unit renting at $1,500/month. The third unit, delivered vacant, is a bright 1-bedroom, 1-bath with a private balcony, ready to lease at market rate of approximately $2,500/month, immediately boosting total monthly income to $7,500. Operating expenses are just $3,000 per month ($36,000 annually), supporting strong cash flow and a clear path to increase income by over 50% as existing below-market rents are adjusted over time. Zoned RD1.5XL, the property allows 5 units by right or up to 8 units with TOC Tier 2 bonuses, offering exceptional redevelopment potential in a rapidly transforming neighborhood. A similar property next door was recently redeveloped into 8+ units, highlighting the area's upside for developers. The building has been well maintained and features on-site parking and a private yard.
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating None
Cooling No Air Conditioning
Fireplace No
Exterior
Total Parking Spaces 4
Building
New Construction No
Others
Tax ID 5536016006