NOT LISTED FOR SALE

1251 S Wilton Place Los Angeles, CA 90019

Arlington Heights Neighborhood
9 Beds
8 Baths
5,634 Sq Ft
10,491 Sq Ft Lot

Last Sold April 05, 2023

Last sale price $2,058,000 $365 Per Sq Ft

20 Days on Market

Highlights

  • Property is near public transit
  • Lawn
  • Rectangular Lot
  • Spanish Architecture

About This Home

As of April 2023

The subject property is a two story 8 unit apartment building constructed in 1934 with classic Spanish style architecture situated on a large 10,491 square foot lot. The rents are significantly below market, and there is additional income potential from renting 5 of the 7 garages that are presently used by the landlord. 2 of the garages are included with two of the rental units. The property could also generate additional income potential using the ADU process to add dwellings (buyer to verify). The property has been upgraded with newer electric breakers, and a new water heater that was installed in 2022. The landlord pays for trash service, but there are separate gas and electric meters for each unit, which the tenants pay for. The property is located within Country Club Park, which is a quit residential neighborhood that is gated off at Pico Boulevard. The streets are very wide with many older historic buildings that were constructed in the early 1900’s situated on large lots. The property location provides convenient access to the 10 freeway, Mid-Wilshire, Koreatown, Downtown LA, USC, and has a walk score of 82 (Very Walkable). This offering provides huge upside in future income with stability of current income as it is 100% leased with all tenants paying their full rent on time.

Last Agent to Sell the Property

Stephen Lampe

Re/Max Commercial & Investment License #01164364 Listed on: 02/17/2023

Re/Max Commercial & Investment

Last Buyer's Agent

Young Sun Chang

Ivy Realty Co. License #01495920

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1934

Lot Details

  • 10,491 Sq Ft Lot
  • Lot Dimensions are 70' x 150'
  • Two or More Common Walls
  • Rectangular Lot
  • Level Lot
  • Lawn

Parking

  • 7 Car Garage
  • Parking Available
  • Assigned Parking

Home Design

  • Spanish Architecture
  • Apartment
  • Spanish Tile Roof

Interior Spaces

  • 5,634 Sq Ft Home
  • 2-Story Property

Bedrooms and Bathrooms

  • 9 Bedrooms
  • 8 Bathrooms

Additional Features

  • Exterior Lighting
  • Property is near public transit
  • Natural Gas Connected

Listing and Financial Details

  • Tax Lot 15
  • Tax Tract Number 1600
  • Assessor Parcel Number 5081023011

Community Details

Overview

  • 8 Units

Building Details

  • Rent Control
  • 8 Separate Electric Meters
  • 8 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $1,420
  • Fuel Expense $1,200
  • Gardener Expense $1,200
  • Insurance Expense $3,696
  • Maintenance Expense $4,800
  • Trash Expense $1,420
  • Water Sewer Expense $1,420
  • New Taxes Expense $25,641
  • Operating Expense $46,627
  • Gross Income $11,574
  • Net Operating Income $92,262

Property Details

Home Type

Multi-Family

Year Built

Built in 1934

Lot Details

0

Parking

7

Listing Details

  • CapRate: 4.19
  • Improvements Percent: 39.00
  • Price Per Unit: 275000
  • Property Attached: Yes
  • View: No
  • Water Sewer Expenses: 1420.00
  • Zoning: LAC4
  • Architectural Style: Spanish
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 5081023011
  • Year Built: 1934
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 365.28

Exterior Features

  • Pool Private: No
  • Roof: Spanish Tile
  • Spa: No

Garage/Parking

  • Garage Spaces: 7.00
  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 7.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
  • Laundry: No
  • Electric: Standard
  • Sewer: Public Sewer
  • Trash Expense: 1420.00
  • Water Source: Public

Condo/Co-op/Association

  • Senior Community: No
  • Common Interest: Community Apartment
  • Community Features: Sidewalks, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Lawn, Lot 10000-19999 Sqft, Rectangular Lot, Level, Near Public Transit
  • Lot Size: 70' x 150'
  • Lot Size Sq Ft: 10491.00
  • Lot Size Acres: 0.2408

Rental Info

  • Garage Rental Rate: 100.00

Multi Family

  • Electric Expense: 1420.00
  • Fuel Expense: 1200.00
  • Garage Income: 500.00
  • Gross Income: 11574.00
  • Gross Multiplier: 15.84
  • Gross Operating Income: 138888.00
  • Gross Scheduled Income: 138888.00
  • Insurance Expense: 3696.00
  • Lot Size Area: 10491.0000 Square Feet
  • Maintenance Expense: 4800.00
  • Net Operating Income: 92262.00
  • Number Of Rented Garages: 5
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 8
  • Operating Expense: 46627.00
  • Rent Control: Yes
  • Total Expenses: 46627.00

Tax Info

  • New Taxes Expense: 25641.00
  • Tax Area: 401
  • Tax Census Tract: 2131.00
  • Tax Lot: 15
  • Tax Tract Number: 1600

Range of Values:

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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
04/05/2023 04/05/23 Sold $2,058,000 -6.5% $365 / Sq Ft
03/09/2023 03/09/23 Pending -- -- --
02/17/2023 02/17/23 For Sale $2,200,000 -- $390 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Stephen Lampe

    Seller's Agent in 2023

    Stephen Lampe

    RE/MAX

    (310) 802-2500

    1 in this area

    45 Total Sales

    Section Image
  • Young Sun Chang

    Buyer's Agent in 2023

    Young Sun Chang

    Ivy Realty Co.

    (213) 387-7777

    1 in this area

    3 Total Sales

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB23028069

California Regional Multiple Listing Service (CRMLS)

California Los Angeles County Los Angeles 90019 Arlington Heights

1251 S Wilton Place, Los Angeles, CA

This home is located at 1251 S Wilton Place, Los Angeles, CA 90019 since 17 February 2023. This property was built in 1934. 1251 S Wilton Place is a home located in Los Angeles County with nearby schools including Carson-Gore Academy Of Enviornmental Studies, Pio Pico Middle School, and Los Angeles Senior High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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