NOT LISTED FOR SALE

1962 W 22nd St Los Angeles, CA 90018

Adams-Normandie Neighborhood
14 Beds
14 Baths
5,866 Sq Ft
6,731 Sq Ft Lot

Last Sold April 09, 2021

Last sale price $1,555,000 $265 Per Sq Ft

75 Days on Market

Highlights

  • Wood Flooring
  • Ceiling Fan
  • Laundry Facilities

About This Home

As of April 2021

Built in 1964, this unique 8-unit property totals 5,866 SF located in Mid-City's Adams-Normandie neighborhood, between Normandie Ave & S Western Ave. The building features a unit mix that includes 2 one-bedroom and 6 two-bedroom two-bath apartments.This offering presents an investor the opportunity to capture a 76% overall increase in rent with a pro forma CAP rate of 9.01% through renovations when the units turn. The property is being offered at a 13.86 GRM on current income and a low price per unit of $196,250 and a low price per square foot of $267.64. The property features 8 parking spaces and the soft story retrofit work has been completed. Furthermore, there is a community laundry room for the building.Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units continues to increase year-over-year in this submarket with such close proximity to job and educational opportunities in Downtown Los Angeles, as well as the

Last Agent to Sell the Property

Neema Ahadian

Marcus & Millichap License #01346750 Listed on: 01/21/2021

Last Buyer's Agent

Eliza Kerndian

Keller Williams Beverly Hills License #01398836

Keller Williams Beverly Hills

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1964

Lot Details

  • 6,731 Sq Ft Lot

Interior Spaces

  • 5,866 Sq Ft Home
  • Ceiling Fan
  • Wood Flooring
  • Oven or Range

Bedrooms and Bathrooms

  • 14 Bedrooms
  • 14 Bathrooms

Parking

  • 8 Parking Spaces
  • Driveway

Community Details

  • 8 Units
  • Laundry Facilities

Listing and Financial Details

  • Assessor Parcel Number 5058-023-026

Property Details

Home Type

Multi-Family

Year Built

Built in 1964

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Street Number Display: Yes
  • Additional Assessor Parcel Numbers: No
  • Advertising Remarks: Built in 1964, this unique 8-unit property totals 5,866 SF located in Mid-City's Adams-Normandie neighborhood, between Normandie Ave & S Western Ave. The building features a unit mix that includes 2 one-bedroom and 6 two-bedroom two-bath apartments.This offering presents an investor the opportunity to capture a 76% overall increase in rent with a pro forma CAP rate of 9.01% through renovations when the units turn. The property is being offered at a 13.86 GRM on current income and a low price per unit of $196,250 and a low price per square foot of $267.64. The property features 8 parking spaces and the soft story retrofit work has been completed. Furthermore, there is a community laundry room for the building.Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units continues to increase year-over-year in this submarket with such close proximity to job and educational opportunities in Downtown Los Angeles, as well as the numerous transportation options available for an easy commute throughout the city. The subject property is centrally located with easy access to the Western Ave Metro Expo Line and the Santa Monica Freeway.
  • Living Area: 5866
  • Lot Acreage: 0.1545
  • Year Built: 1964
  • Number Of Photos: 12
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily
  • Stories: 0

Interior Features

  • Flooring: Hardwood
  • Bedrooms: 14
  • Laundry: Community
  • Total Bathrooms: 14.00
  • Equipment: Refrigerator, Range/Oven, Ceiling Fan
  • Price Per S Q F T: 267.64

Exterior Features

  • Other Structures: None

Garage/Parking

  • Parking Garage: Driveway
  • Total Parking: 8

Utilities

  • Water Heaters: Yes

Lot Info

  • Assessed Improvement Percent: 22.90
  • Assessed Improvement Value: 216528
  • Assessed Land Percent: 77.1
  • Assessed Land Value: 728808
  • Total Assessed Value: 945336
  • Assessor Parcel Number: 5058-023-026
  • Lot Size Area: 6731

Multi Family

  • Unit Type: 2106, 2107
  • Gross Rent Multiplier: 13.86
  • Number Of Units: 8
  • Total Annual Expense: 44615
  • Type Of Units: Apartment
  • Vacancy Rate: 3398

Range of Values:

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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
04/09/2021 04/09/21 Sold $1,555,000 0.0% $265 / Sq Ft
04/06/2021 04/06/21 Pending -- -- --
03/05/2021 03/05/21 Off Market $1,555,000 -- --
01/22/2021 01/22/21 Price Changed $1,570,000 +1.3% $268 / Sq Ft
01/21/2021 01/21/21 For Sale $1,550,000 +19.8% $264 / Sq Ft
12/08/2017 12/08/17 Sold $1,294,340 +3.6% $221 / Sq Ft
09/19/2017 09/19/17 Pending -- -- --
09/06/2017 09/06/17 For Sale $1,249,000 +39.6% $213 / Sq Ft
02/06/2014 02/06/14 Sold $895,000 +19.3% $153 / Sq Ft
12/31/2013 12/31/13 Pending -- -- --
11/07/2013 11/07/13 For Sale $750,000 -- $128 / 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

    2 in this area

    88 Total Sales

    Section Image
  • Eliza Kerndian

    Buyer's Agent in 2021

    Eliza Kerndian

    Keller Williams Beverly Hills

    (310) 482-2500

    1 in this area

    31 Total Sales

    Section Image

  • D

    Seller's Agent in 2017

    David Bellman

    Bellman Properties

    Section Image
  • Jacob Hausman

    Seller Co-Listing Agent in 2017

    Jacob Hausman

    The RFC Group

    (310) 678-3335

    29 Total Sales

    Section Image
  • Nancy Sanborn

    Seller's Agent in 2014

    Nancy Sanborn

    Berkshire Hathaway HomeServices California Properties

    (310) 777-7800

    225 Total Sales

    Section Image
  • Cliff Uzan

    Buyer's Agent in 2014

    Cliff Uzan

    Uzan Realty

    (310) 704-5653

    8 Total Sales

    Section Image
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Map

Source: The MLS

MLS Number: 21-683536

The MLS

California Los Angeles County Los Angeles 90018 Adams-Normandie

1962 W 22nd St, Los Angeles, CA

This home is located at 1962 W 22nd St, Los Angeles, CA 90018 since 21 January 2021. This property was built in 1964. 1962 W 22nd St is a home located in Los Angeles County with nearby schools including Twenty-Fourth Street Elementary School, Birdielee V. Bright Elementary School, and Johnnie L. Cochran Jr. Middle School.

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