The borrower and real estate investor were seeking a new 1st TD to payoff existing mortgage and cash-out for reserves on this Los Angeles multi-unit apartment building.
The subject property is a 5-unit apartment building that offers 2 freestanding buildings. The buildings are 2-stories with good “class D” quality construction. Building measures 4,750 SF and is situated on a 6,415 SF lot. Each unit is a 1 BR/1 BA layout and each measures 950 SF. Total monthly rental income is $5,290. Each unit is valued at $170k and property has a Cap Rate of 4.40%.