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560 N Virgil Ave

Los Angeles CA 90004

40
13
5800 sq. ft.
10501 sq. ft.
Multi-Family
Currently for sale - view listing

Overview

We are pleased to present a forty (40) bedroom single room occupancy (SRO) community located at 560-564 N Virgil Avenue in Los Angeles, California. The subject property is located in a prime Virgil Village location, south of Melrose Avenue and east of Vermont Avenue. Built in 1912 and 1921, this forty (40) bedroom community is located in the heart of Virgil Village, one of Los Angeles' most dynamic and in-demand neighborhoods. Positioned on a large 10,501SF double lot, this property generates a strong 8.46% cap rate through a lease with PATH and offers investors very high cash flow from day one with an opportunity to build out ADUs in the back of the property. The building features modern communal amenities including a stainless steel-equipped kitchen, shared bathrooms, dining and living rooms, as well as common area laundry. The property consists of forty (40) bedrooms as an SRO play split across two (2) APNs. 564 N Virgil Ave to the north consists of twenty-five (25) bedrooms, one (1) kitchen, and seven (7) bathrooms. 560 N Virgil Avenue to the south consists of fifteen (15) bedrooms, three (3) kitchens, six (6) bathrooms. A majority of the leases provide rental subsidies through PATH. Nestled in a prime Virgil Village Location, this offering presents an excellent opportunity for any investor to capitalize on a very high 8.46% cap rate leased through PATH with some value add remaining.

Features

40 bedrooms
13 bathrooms
5800 sq. ft. floor area
10501 sq. ft. lot size
Multi-Family

Property history for 560 N Virgil Ave

2021
Sold
$2,035,000
24 Feb 2021 by Tomoko Okumura, of Re/Max Tri-City

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Local market activity for 40 bedroom multi families in Los Angeles

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(619) 566-0008
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