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Updated about 11 years ago on . Most recent reply

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John H.
  • Real Estate Broker
  • Los Angeles, CA
2
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33
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Thoughts on Mid City and West Adams area in LA?

John H.
  • Real Estate Broker
  • Los Angeles, CA
Posted

I've been running numbers for 2-4 units in the Mid City or more West Adams areas and found a few promising opportunities. What does the BP community think about the area?


Thanks in advance!

Most Popular Reply

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Matt Mason
  • Investor
  • Los Angeles, CA
260
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Matt Mason
  • Investor
  • Los Angeles, CA
Replied

@John H.

I have a triplex in Mid-City. Several savvy RE people I know believe Mid-City is really ready to gentrify. Pico Blvd is coming into its own and that is the hottest area of Mid-City right now. Farther South, there are less current signs of gentrification. However, the area around the Culver City Metro Station is about to see a bunch of development and parts of Mid-City and West Adams are right up against this area.

However, this story is no secret as anyone with a map can tell what is going on or what is likely to happen here. Therefore, you won't find any 10% cash on cash deals unless you really market in a gem. I'd concentrate on value-add opportunities.

That is basically what I did. Found a property where someone had for some reason taken a 4bd and took out a wall to make it 3. I put it back up and got quite a bit more rent. The cash on cash return is still low compared to the middle of the country, but I am locked in for 30 years with a low rate, Prop. 13 property tax limits, and what I think is a pretty good future.

Good luck.

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