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8% cap rate in Los Angeles? wtf?
hi guys
I am new to real estate market. I am looking at this property
12906 venice blvd 90066
price is $1495000
As you can see in the listing, they claim this property is rented at $10,000 a month
$120,000 / 1495000 = 8%
any idiot (even me) knows in Los Angeles you would be lucky to get a cap rate of 4%
what's going on here? is this a fake listing? why is nobody buying this property?