$1,235,000
SOLD NOV 7, 2024
8 Beds
8 Baths
3,704 Sq Ft
3,276 Sq Ft Lot

Recently Sold

$333 Per Sq Ft

10% Below List Price

88 Days on Market

About This Home

As of November 2024

This is an excellent opportunity to purchase a renovated, 8-unit multifamily asset adjacent to Downtown Los Angeles at the intersection of Historic Filipinotown,Echo Park and City West. The classic, two-story property features a well-maintained woodframe and stucco building with vintage, character architecture. The property includes a mix of one-bedroom and studio units. Six of the eight units have been fully remodeled and are achieving strong rents. The other two units are well below the current market rent and will allow for steady increases or a large increase in income when those units vacate. As an investment, the property is offered at an attractive going-in Cap Rate with over 25% remaining upside. The property was recently repainted with character accents throughout. The common area floors and light fixtures were all upgraded while preserving the character of the Property. The six renovated units feature newer, modern flooring, new paint, fully remodeled kitchens and bathrooms, and upgraded electrical. The property also features a spacious upstairs, outdoor terrace available to the tenants for their use. The property is separately metered for gas and electric and master metered for water. There are individual water heaters for each apartment, and there is also coin-operated laundry on-site. There is no on-site parking so the tenants utilize street parking.

Last Agent to Sell the Property

Bryan Glenn

Kidder Mathews of California, Inc. License #01441095 Listed on: 06/24/2024

Last Buyer's Agent

Davis Saadian

Keller Williams Hollywood Hills License #01921748

Keller Williams Hollywood Hills

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1910

Lot Details

  • 3,276 Sq Ft Lot

Home Design

  • Split Level Home

Interior Spaces

  • 3,704 Sq Ft Home
  • 2-Story Property
  • Ceiling Fan

Kitchen

  • Oven or Range
  • Freezer
  • Disposal

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 8 Bathrooms

Utilities

  • Window Unit Cooling System
  • Heating System Mounted To A Wall or Window

Community Details

  • 8 Units

Listing and Financial Details

  • Assessor Parcel Number 5160-021-022

Property Details

Home Type

Multi-Family

Year Built

Built in 1910

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: Multi/Split
  • Street Number Display: Yes
  • Living Area: 3704
  • Lot Acreage: 0.0752
  • Stories: 2
  • Year Built: 1910
  • Number Of Photos: 15
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 8
  • Total Bathrooms: 8.00
  • Equipment: Ceiling Fan, Freezer, Garbage Disposal, Range/Oven, Refrigerator
  • Price Per S Q F T: 357.72

Exterior Features

  • Other Structures: None

Utilities

  • Cooling: Window Unit(s)
  • Heating: Wall Gas

Lot Info

  • Assessed Improvement Percent: 68.18
  • Assessed Improvement Value: 836638
  • Assessed Land Percent: 31.82
  • Assessed Land Value: 390429
  • Total Assessed Value: 1227067
  • Assessor Parcel Number: 5160-021-022
  • Lot Size Area: 3276

Multi Family

  • Unit Type: 2106, 2107
  • Gross Rent Multiplier: 10.56
  • Number Of Units: 8
  • Total Annual Expense: 39648
  • Type Of Units: Apts
  • Vacancy Rate: 0

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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
11/07/2024 11/07/24 Sold $1,235,000 -6.8% $333 / Sq Ft
09/20/2024 09/20/24 Pending -- -- --
08/22/2024 08/22/24 Price Changed $1,325,000 -3.6% $358 / Sq Ft
06/24/2024 06/24/24 For Sale $1,375,000 +25.0% $371 / Sq Ft
02/03/2016 02/03/16 Sold $1,100,000 +0.1% $297 / Sq Ft
01/04/2016 01/04/16 Pending -- -- --
11/15/2015 11/15/15 For Sale $1,099,000 +81.1% $297 / Sq Ft
06/09/2014 06/09/14 Sold $607,000 -4.4% $164 / Sq Ft
06/08/2014 06/08/14 Pending -- -- --
03/24/2014 03/24/14 For Sale $635,000 -- $171 / Sq Ft
Source: The MLS

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: The MLS

MLS Number: 23-238041

The MLS