NOT LISTED FOR SALE

2314 W Pico Blvd Los Angeles, CA 90006

Pico-Union Neighborhood
-- Bed
1 Bath
9,408 Sq Ft
7,003 Sq Ft Lot

Last Sold December 01, 2023

Last sale price $2,600,000 $276 Per Sq Ft

88 Days on Market

About This Home

As of December 2023

Proud to present the sale of 2314 W Pico Blvd. A Prime Value-Add Opportunity at the heart of the Pico-Union Neighborhood. This submarket has been on the rise for years as more and more luxury developments pour into the area pushing a high occupancy rate in the last decade. The offering consists of 16 units with a low price per SQFT ±$276 which offers a whopping Proforma CAP Rate of over ±9% and low Proforma GRM of ±8.15x (Buyer to verify)! 2314 W Pico Blvd is perfectly adjacent to Downtown Los Angeles, Harvard Heights, Mid-City, MacArthur Park, University Park, and Koreatown.

Built-in 1922, this building consists of 16 exceptional units totaling ±9,408 SF of square footage on a sizeable ±7,003 SF lot. The property is an easily maintained two-story building, with an efficient unit mix of (16) large studios averaging ±500 SQFT each. Each unit offers a spacious and functional layout, including a large full kitchen & bathrooms with large closet space. The building has undergone major capital improvements in recent years, including a full electrical upgrade (service and main panel - 2019), earthquake retrofitting (2019), and a new mini split A/C system for each unit. (Buyer to verify & conduct due diligence).

With an underutilized roof-top, buyers can possibly convert it into a prime Tenant Common Area with added amenities & stunning view of Downtown Los Angeles and Koreatown.

Last Agent to Sell the Property

Abel Benitez

GIG Real Estate Inc. License #02173463 Listed on: 01/05/2023

Co-Listed By

Han Widjaja-Chen

GIG Real Estate Inc. License #01749321

Last Buyer's Agent

Abel Benitez

GIG Real Estate Inc. License #02173463 Listed on: 01/05/2023

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1922

Lot Details

  • 7,003 Sq Ft Lot
  • Two or More Common Walls
  • Density is up to 1 Unit/Acre

Home Design

  • Property Attached

Interior Spaces

  • 1 Bathroom
  • 9,408 Sq Ft Home
  • 2-Story Property

Listing and Financial Details

  • Legal Lot and Block 4 / A
  • Tax Tract Number 221
  • Assessor Parcel Number 5056004004

Community Details

Overview

  • No Home Owners Association
  • 16 Units

Building Details

  • Rent Control
  • 16 Separate Electric Meters
  • 16 Separate Gas Meters
  • 1 Separate Water Meter
  • Net Operating Income $124,840

Property Details

Home Type

Multi-Family

Year Built

Built in 1922

Lot Details

0

Listing Details

  • CapRate: 4.80
  • Price Per Unit: 162500
  • Property Attached: Yes
  • Zoning: LAC2
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Parcel Number: 5056004004
  • Year Built: 1922
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Levels: Two
  • Price Per Square Foot: 276.36

Exterior Features

  • Pool Private: No

Garage/Parking

  • Parking: No

Utilities

  • Laundry: No
  • Sewer: Public Sewer
  • Water Source: Public

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 7003.00
  • Lot Size Acres: 0.1608

Multi Family

  • Gross Multiplier: 12.99
  • Gross Scheduled Income: 200079.00
  • Lot Size Area: 7003.0000 Square Feet
  • Net Operating Income: 124840.00
  • Number Of Separate Electric Meters: 16
  • Number Of Separate Gas Meters: 16
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 16
  • Operating Expense Percent: 35.00
  • Rent Control: Yes
  • Vacancy Allowance Rate: 3.00

Tax Info

  • Tax Block: A
  • Tax Census Tract: 2211.10
  • Tax Lot: 4
  • Tax Tract Number: 221...

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
12/01/2023 12/01/23 Sold $2,600,000 0.0% $276 / Sq Ft
04/03/2023 04/03/23 Pending -- -- --
01/05/2023 01/05/23 For Sale $2,600,000 -- $276 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • A

    Seller's Agent in 2023

    Abel Benitez

    GIG Real Estate Inc.

    Section Image
  • Han Widjaja-Chen

    Seller Co-Listing Agent in 2023

    Han Widjaja-Chen

    GIG Real Estate Inc.

    (626) 594-4901

    1 in this area

    44 Total Sales

    Han Widjaja-Chen
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: AR23002463

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Los Angeles 90006 Pico-Union

2314 W Pico Blvd, Los Angeles, CA

This home is located at 2314 W Pico Blvd, Los Angeles, CA 90006 since 05 January 2023. This property was built in 1922. 2314 W Pico Blvd is a home located in Los Angeles County with nearby schools including Magnolia Avenue Elementary School, Berendo Middle, and West Adams Preparatory 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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