R
Seller's Agent in 2024
Raymond Rodriguez
Equity Union
(805) 892-8119
2 in this area
34 Total Sales
1913 W 3rd St Los Angeles, CA 90057
Westlake Neighborhood
1
Bed
2
Baths
21,692
Sq Ft
0.47
Acres
Highlights
- Gated Parking
- Park
- Laundry Room
- 0.47 Acre Lot
About This Home
As of July 2024We are proud to present The Victorian on 3rd, an amazing multifamily opportunity located at 1901 & 1913 West 3rd Street in The City of Los Angeles, California. This unique apartment complex is comprised of *41 highly improved apartment units in two separate and distinct two-story buildings, and the addition of (1) One-Bedroom + One-Bath detached home.
The buildings are constructed of wood frame with a flat/pitched roof and stucco exterior as well as wood siding. Development for each of the buildings was completed in 1942 & 1923 respectively and encompassing a total of **±21,692 building square feet situated on two separate parcels totaling ±20,283 square feet offering a zoning of LAC2 which could be beneficial for future development.
*(34) Singles + One Bath Units
*(6) One-Bedroom + One-Bath Units
*(1) One-Bedroom + One-Bath Detached Unit
* Total unit count differs from title and was provided by Seller and is believed to be the correct legal unit count. Buyer to verify.
** Total building square footage differs from title and was provided by Seller and said to be a correct accounting of all improvement square footage including basement. Buyer to verify.
*** Currently there are ±21 parking spaces with the potential to add an additional ±3 spaces. Buyer to verify.
PROPERTY HIGHLIGHTS
+ Attractive value metrics of 6.04% Cap Rate | 9.75 GRM | $153,659 CPU
+ Excellent leverage quoted with attractive interest only financing
+ Solid day-1 cash flow and additional rental upside potential
+ Ratio Utility Billing System (RUBS) in place for many units
+ Major electrical and unit upgrades
+ Individually metered for gas and electric
+ Upgraded fire suppression system including hard-wired smoke detectors
+ 50% plus of the units tastefully remodeled
+ Complete unit appliance package of gas range, fridge, dishwasher & microwave
+ Two adjacent buildings & lots on a signalized corner
+ Separate APNs for each property & zoned LAC2 totaling +/-20,283 sq. ft. of land
+ Great candidate to capitalize on newly approved Section 8 housing voucher increases
+ Controlled intercom access and CCTV monitoring
+ On-site gated parking for 24 cars & 2 separate laundry rooms
+ Beautifully maintained and clean property
Last Agent to Sell the Property
Equity Union Brokerage Phone: 866-582-7865 License #01402283 Listed on: 01/03/2024
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,468
Year Built
- Built in 1923
Lot Details
- 0.47 Acre Lot
- Two or More Common Walls
- 5154020026
Home Design
- Apartment
Interior Spaces
- 21,692 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 1 Bedroom
- 2 Bathrooms
Parking
- 24 Open Parking Spaces
- 24 Parking Spaces
- Parking Available
- Gated Parking
Listing and Financial Details
- Legal Lot and Block 29 / B
- Tax Tract Number 208
- Assessor Parcel Number 5154020025
Community Details
Overview
- 3 Buildings
- 41 Units
Amenities
- Laundry Facilities
Recreation
- Park
Building Details
- 39 Leased Units
- Rent Control
- 41 Separate Electric Meters
- 41 Separate Gas Meters
- Insurance Expense $18,477
- Trash Expense $11,916
- Operating Expense $246,195
- Gross Income $646,199
- Net Operating Income $380,618
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Jan 3, 2024
Closed on
Jul 18, 2024
Sold by
Crenshaw Two Llc and M Siblings Llc
Bought by
W-Group Properties Llc
Seller's Agent
Raymond Rodriguez
Equity Union
Buyer's Agent
Hank Hoang
Treeline Realty & Investment
List Price
$6,475,000
Sold Price
$6,170,000
Premium/Discount to List
-$305,000
-4.71%
Views
57
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$5,156,000
Original Mortgage
$3,650,000
Outstanding Balance
$3,373,569
Interest Rate
6.95%
Mortgage Type
New Conventional
Purchase Details
Closed on
Mar 12, 2014
Sold by
1901 W 3Rd St Llc
Bought by
Crenshaw Two Llc and M Siblings Llc
Purchase Details
Closed on
Nov 11, 1999
Sold by
Carmen Rita H and Carmen Revocable Family Trust
Bought by
1901 W 3Rd St Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$396,650
Interest Rate
7.82%
Mortgage Type
Commercial
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Grant Deed | $1,220,000 | Fidelity National Title | |
| Quit Claim Deed | $3,000,030 | Fnt | |
| Individual Deed | $610,000 | North American Title Co |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Open | $3,650,000 | New Conventional | |
| Previous Owner | $396,650 | Commercial |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/24/2024 07/24/24 | Sold | $6,170,000 | -2.1% | $284 / Sq Ft |
| 04/01/2024 04/01/24 | Pending | -- | -- | -- |
| 02/27/2024 02/27/24 | Price Changed | $6,300,000 | -2.7% | $290 / Sq Ft |
| 01/03/2024 01/03/24 | For Sale | $6,475,000 | -- | $298 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $9,468 | $721,086 | $709,073 | $12,013 |
| 2023 | $9,300 | $706,948 | $695,170 | $11,778 |
| 2022 | $8,895 | $693,088 | $681,540 | $11,548 |
| 2021 | $8,770 | $679,499 | $668,177 | $11,322 |
| 2020 | $8,851 | $673,652 | $661,326 | $12,326 |
| 2019 | $8,522 | $660,466 | $648,359 | $12,107 |
| 2018 | $8,304 | $647,539 | $635,647 | $11,892 |
| 2016 | $7,793 | $621,319 | $610,965 | $10,354 |
| 2015 | $7,682 | $611,987 | $601,788 | $10,199 |
| 2014 | $4,775 | $357,946 | $355,447 | $2,499 |
Source: Public Records
Agents Affiliated with this Home
-
Raymond Rodriguez
-
Hank Hoang
Buyer's Agent in 2024
Hank Hoang
Treeline Realty & Investment
(626) 523-8787
1 in this area
27 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR24000632
APN: 5154-020-025
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.
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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