For Sale

Listed by:  Jed Tarr, President, Secured Financial Group (License #01828922) – updated listing as of 9/29/2011

Asking Price:  $1,950,000

Gross Income:  $220,000 per year (approx.)

Net Operating Income: $176,000 (approx.)

CAP:  9% (approx.)

Occupancy:  100%

Description:  The Drake Apartment/Hotel is located in the central city of Downtown Los Angeles and consists of 32- Single Room Occupancy (SRO) units above ground floor retail space. The building is approximately 14,900 SF on a 5,716 SF Lot.  All residential tenants are on short-term leases (week-to-week / month-to-month).  Market is on 1st year of a 5-year lease at $2,250 per month with rent increases in year 4 & 5.

HETED Organization has identified this building as a likely candidate for a Permanent Supportive Housing conversion.

Contact:  Jed Tarr, 310.579.7793, jtarrinc@yahoo.com – for more information.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: