NOT LISTED FOR SALE

2858 W 8th St Los Angeles, CA 90005

Westlake Neighborhood
-- Bed
3 Baths
2,376 Sq Ft
6,751 Sq Ft Lot

Last Sold December 21, 2012

Last sale price $400,000 $168 Per Sq Ft

329 Days on Market

About This Home

As of December 2012

Great opportunity in HEART of KOREA TOWN! Over 11% CAP RATE! Property Zoned R4 with Office use code. Current use converted to residential home office and SEO (Single Room Occupancy) collecting high rents. Buyer to due own due diligence on the property. Near Koreatown on 8th street and westmoreland. Current income is good but also upside opportunity to convert Commercial Center. Ideal for Small Office business (CPA, Medical Office, ect.)Extra income coming from Billboard on the side of property.

Last Agent to Sell the Property

Tommy Kim

So Cal Avalar Real Estate License #01795209 Listed on: 02/15/2010

Last Buyer's Agent

Tommy Kim

So Cal Avalar Real Estate License #01795209 Listed on: 02/15/2010

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $6,482

Year Built

  • Built in 1950

Lot Details

  • 6,751 Sq Ft Lot
  • Lot Dimensions are 50x125

Parking

  • 5 Parking Spaces

Interior Spaces

  • 2,376 Sq Ft Home
  • Fireplace Features Masonry

Utilities

  • Floor Furnace

Community Details

  • New Taxes Expense $6,539
  • Net Operating Income $55,392

Listing and Financial Details

  • Tax Lot 10
  • Assessor Parcel Number 5077022010

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$6,482

Year Built

Built in 1950

Lot Details

0

Listing Details

  • Assessments: No
  • CapRate: 11.66
  • View: No
  • Property Type: Residential Income
  • Parcel Number: 5077022010
  • Year Built: 1950
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: No
  • Appliances: No
  • Fireplace Features: Masonry
  • Price Per Square Foot: 168.35

Exterior Features

  • Pool Private: No
  • Spa: No

Garage/Parking

  • Parking: No
  • Total Parking Spaces: 5.00

Utilities

  • Heating: Yes
  • Laundry: No
  • Heating Type: Floor Furnace

Condo/Co-op/Association

  • Senior Community: No

Lot Info

  • Lot Size: 50x125
  • Lot Size Sq Ft: 6751.00
  • Lot Size Acres: 0.1550

Multi Family

  • Gross Multiplier: 6.86
  • Gross Scheduled Income: 69240.00
  • Net Operating Income: 55392.00
  • Number Of Units Total: 1
  • Operating Expense: 13848.00
  • Operating Expense Percent: 20.00

Tax Info

  • New Taxes Expense: 6539.00
  • Tax Area: 67
  • Tax Lot: 10

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Dec 5, 2011
Sold by
Park Jeong Suk
Bought by
Jeon Ki Hyun and Lee Mina

Purchase Details

Closed on
Aug 14, 2003
Sold by
So Byung Moo and So Mi Sook
Bought by
Park Jeong Suk

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$322,000
Interest Rate
5.6%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 2, 2002
Sold by
Lee Se Young and Lee Chun Hee
Bought by
So Byung Moo

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$273,000
Interest Rate
6.87%
Mortgage Type
Commercial

Purchase Details

Closed on
Aug 7, 2001
Sold by
Cho Peter Kwangjin and Cho Cheong Cha
Bought by
Lee Se Young

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$290,000
Interest Rate
7.19%
Mortgage Type
Seller Take Back
Source: Public Records

Range of Values:

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Average Value
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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

Purchase History

Date Buyer Sale Price Title Company
Jeon Ki Hyun $400,000 Advantage Title
Park Jeong Suk $460,000 First American Title Co
So Byung Moo $420,000 First American Title Co
Lee Se Young $430,000 First American Title Co
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Park Jeong Suk $322,000
Previous Owner So Byung Moo $273,000
Previous Owner Lee Se Young $290,000
Closed Park Jeong Suk $30,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
12/21/2012 12/21/12 Sold $400,000 -19.2% $168 / Sq Ft
01/10/2011 01/10/11 Pending -- -- --
02/15/2010 02/15/10 For Sale $495,000 -- $208 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

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
2025 $6,482 $502,410 $376,811 $125,599
2024 $6,482 $492,560 $369,423 $123,137
2023 $6,368 $482,903 $362,180 $120,723
2022 $6,092 $473,435 $355,079 $118,356
2021 $6,008 $464,153 $348,117 $116,036
2019 $5,839 $450,389 $337,793 $112,596
2018 $5,693 $441,559 $331,170 $110,389
2016 $5,435 $424,414 $318,311 $106,103
2015 $5,360 $418,040 $313,530 $104,510
2014 $5,386 $409,852 $307,389 $102,463
Source: Public Records

Agents Affiliated with this Home

  • T

    Seller's Agent in 2012

    Tommy Kim

    So Cal Avalar Real Estate

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: S606411

California Regional Multiple Listing Service (CRMLS)

APN: 5077-022-010

California Los Angeles County Los Angeles 90005 Westlake

2858 W 8th St, Los Angeles, CA

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