NOT LISTED FOR SALE

1214 S Lake St Los Angeles, CA 90006

Pico-Union Neighborhood
-- Bed
37 Baths
20,460 Sq Ft
8,700 Sq Ft Lot

Last Sold July 16, 2021

Last sale price $5,395,000 $264 Per Sq Ft

126 Days on Market

About This Home

As of July 2021

Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown. The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn.Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $145,811 per unit and $264 per square foot.1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint... etc

Last Agent to Sell the Property

Neema Ahadian

Marcus & Millichap License #01346750 Listed on: 12/09/2020

Last Buyer's Agent

Neema Ahadian

Marcus & Millichap License #01346750 Listed on: 12/09/2020

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1914

Lot Details

  • 8,700 Sq Ft Lot

Interior Spaces

  • 37 Bathrooms
  • 20,460 Sq Ft Home
  • 3-Story Property
  • Ceiling Fan
  • Wood Flooring

Kitchen

  • Oven or Range
  • Disposal

Utilities

  • Cooling System Mounted To A Wall/Window
  • Heating System Mounted To A Wall or Window

Community Details

  • 37 Units

Listing and Financial Details

  • Assessor Parcel Number 5136-024-012

Property Details

Home Type

Multi-Family

Year Built

Built in 1914

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Advertising Remarks: Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown. The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn. Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $145,811 per unit and $264 per square foot.1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring..
  • Living Area: 20460
  • Lot Acreage: 0.1997
  • Price Per Unit: 148649.00
  • Stories: 3
  • Year Built: 1914
  • Number Of Photos: 7
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Hardwood
  • Total Bathrooms: 37.00
  • Equipment: Garbage Disposal, Ceiling Fan, Range/Oven
  • Price Per S Q F T: 263.69

Exterior Features

  • Other Structures: None

Utilities

  • Cooling: Wall/Window
  • Heating: Wall
  • Water Heaters: Yes

Lot Info

  • Assessed Improvement Percent: 40.00
  • Assessed Improvement Value: 1560000
  • Assessed Land Percent: 60
  • Assessed Land Value: 2340000
  • Total Assessed Value: 3900000
  • Assessor Parcel Number: 5136-024-012
  • Lot Size Area: 8700

Multi Family

  • Unit Type: 2106, 2107, 2108
  • Gross Rent Multiplier: 13.32
  • Number Of Units: 37
  • Total Annual Expense: 186903
  • Type Of Units: Apartment
  • Vacancy Rate: 20646

Range of Values:

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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/16/2021 07/16/21 Sold $5,395,000 0.0% $264 / Sq Ft
04/14/2021 04/14/21 Pending -- -- --
02/05/2021 02/05/21 Price Changed $5,395,000 -1.9% $264 / Sq Ft
12/09/2020 12/09/20 For Sale $5,500,000 -- $269 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • N

    Seller's Agent in 2021

    Neema Ahadian

    Marcus & Millichap

    (213) 943-1800

    5 in this area

    93 Total Sales

    Neema Ahadian
    Section Image
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Map

Source: The MLS

MLS Number: 20-669164

The MLS
California Los Angeles County Los Angeles 90006 Pico-Union

1214 S Lake St, Los Angeles, CA

This home is located at 1214 S Lake St, Los Angeles, CA 90006 since 09 December 2020. This property was built in 1914. 1214 S Lake St is a home located in Los Angeles County with nearby schools including Leo Politi Elementary, Berendo Middle, and Belmont High School.

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