10824 Morrison St is a rare, non-rent controlled 2018 construction fourplex in prime Toluca Lake Adj./NoHo Arts District that is being offered at an unheard-of low price of $2,649,000! The property boasts a cap rate of 4.69% and is made up of quiet tenants that diligently pay their rent each month. Once the current tenants leases expire, we expect a conservative 5.00% cap rate. 10824 Morrison features two 2-story duplexes containing a total of one 4b/3b unit, two 3b/2b units, and one 2b/1.5b unit with 8 total parking spots (3 garage spots and 5 surface spots)! Enjoy other notable perks including: no rent control, stainless steel appliances, washers and dryers, well-designed open floor plans, little to no maintenance, separate meters for gas, water & electric, and extreme desirability amongst renters for years to come! With a major lack of new construction inventory under $3 million, this property is priced to sell fast at $2,649,000! Between the lack of rent control, charming residential neighborhood, and the major upside potential, this is an ideal newer construction property to act on ASAP! With SB-8 in effect, less fourplexes are being built, making properties like this an even more rare and hot commodity. This property is a dream come true for 1031 exchange buyers- ready to close right away!
10824 Morrison St is a rare, non-rent controlled 2018 construction fourplex in prime Toluca Lake Adj./NoHo Arts District that is being offered at an unheard-of low price of $2,649,000! The property boasts a cap rate of 4.69% and is made up of quiet tenants that diligently pay their rent each month. Once the current tenants leases expire, we expect a conservative 5.00% cap rate. 10824 Morrison features two 2-story duplexes containing a total of one 4b/3b unit, two 3b/2b units, and one 2b/1.5b unit with 8 total parking spots (3 garage spots and 5 surface spots)! Enjoy other notable perks including: no rent control, stainless steel appliances, washers and dryers, well-designed open floor plans, little to no maintenance, separate meters for gas, water & electric, and extreme desirability amongst renters for years to come! With a major lack of new construction inventory under $3 million, this property is priced to sell fast at $2,649,000! Between the lack of rent control, charming residential neighborhood, and the major upside potential, this is an ideal newer construction property to act on ASAP! With SB-8 in effect, less fourplexes are being built, making properties like this an even more rare and hot commodity. This property is a dream come true for 1031 exchange buyers- ready to close right away!