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%.

Recent Transaction – $550,000 Business Purpose, Los Angeles, CA 90037