2 Homes on 1 Lot in South Central

$500,000

632 E. 78th St

# of Units: 2

GRM: 13.52

CAP Rate: 4.71%

Price/SF: $306

Building SF: 1,632

Lot SF: 5,957

Zoning: LAR2

Year Built: 1960

Description

Excellent opportunity to purchase TWO detached homes on one lot on a nice, tree lined street for the price of one home! The front home (Unit # 632) provides appx 936 SF of living space and is configured as a 3Br+2Ba, and the rear home (Unit #630) offers appx 696 SF and is configured as a 2Br+1Ba. The property also includes a detached rear garage with alley access, and a permitted storage room attached to the garage that is a total of 640 SF (per permits). This could be a potential ADU conversion (Buyer to investigate). There is also open parking between each structure. Both homes are tenant occupied, and the property is subject to City of LA Rent Control (LA RSO). PROPERTY TO BE SOLD WITH TENANTS. Current rental income is over $3,000/mo, with room to double that when the units eventually turn over. With separate homes, rear alley access, and future value-add potential, this property offers an attractive opportunity for investors seeking both immediate cash flow and long-term upside.

Location

Conveniently located just one block from John C. Fremont High School and McKinley Ave Elementary School, the property sits between Florence Ave and Manchester Ave, providing easy access to a variety of popular neighborhood dining destinations, markets, and everyday conveniences.

Property Highlights

INCREDIBLE VALUE! Front House is appx 940 SF, Rear House is appx 700 SF, PLUS the Rear Detached Garage and Storage Room is 640 SF Total.
Buyer Should Investigate if There is ADU Potential via Garage.
Charming Tree Lined Street With Multiple Pride of Ownership Properties on The Block
Tenant occupied with current rental income over $3,000/month.
Property is subject to City of Los Angeles Rent Stabilization Ordinance (RSO).
Both Tenants Have Separate Parking Leases, Which Are Not Subject to RSO.
Properties Appear to be in Overall Nice Condition For Their Age & The Asking Price - Able to Finance!