I know, I know.... seems like a lot of money for just a duplex, but hear me out. Factually, when you see all the info below, this could possibly be the best investment deal in Echo Park right now! What you are buying is: a) two beautifully and thoroughly renovated units, each of which are 1600 sq ft two story 3 bed 3 bath units with parking and views. But additionally, you are buying b) the plans for two brand new construction 3 bed 2.5 bath 1450 sq ft units in the rear of the property. The current owner will pay for and deal with most of the permit process. We estimate you will have a cost of $550K to complete the two new units. That puts you at a total of $2,300,000 between purchase and build. If you care to hold it, you have a property that will gross approx $18K/mo, or net approx $5700/mo in cash flow after mortgage and ALL expenses, or close to 12% cash on cash return! Or, if you sell it, you will probably be able to do so for approx $3,000,000 in today's market.
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Listing Courtesy ofSilverwood Properties