Seller's Agent in 2023
Alex Izbicki
RE/MAX
(818) 613-0177
1 in this area
31 Total Sales
5118 Klump Ave Los Angeles, CA 91601
North Hollywood Neighborhood
--
Bed
1
Bath
4,314
Sq Ft
6,849
Sq Ft Lot
Highlights
- Laundry Room
- North Hollywood Senior High School Rated A
- Heat Pump System
About This Home
As of July 2023HUGE PRICE IMPROVEMENT! Check out this low-maintenance building with a great GRM and cap rate! This 3-story, 4,314-square-foot property sits on a 6,849-square-foot lot, and it boasts a great unit mix of twelve units (8 Studios and 4 Bachelors) each with one full bath. The unit breakdown is as follows... 6 Studios, 4 Guest Units and 2 Mini one-bedroom units! Located in the very desirable NoHo Arts District neighborhood. Built in 1979, this property is free of LA's strict rent control laws, and is only subject to California's AB-1482, which limits annual rent increases to 5% + CPI. (buyer to confirm) giving the investor the opportunity to capitalize on over 80% upside potential in rents. Perfect rental mix for the entry-level demographics NoHo is so popular for. One unit vacating 6/30/23 The property offers laundry facilities in the building. All units are bright and spacious and close to all of the grandeur that is the NoHo Arts District which is a one-square-mile community in North Hollywood that is home to more than 20 live, professional theaters, dance studios, art galleries, public art, music recording venues, acting and art workshops, international dining options, clothing and specialty shops, and businesses that create a myriad of art forms. NoHo is "Where the Arts Are Made." This is the first time this property has been on the market in over 20 years and sellers have never listed the property for sale since, making this a rare opportunity to own a generational asset in a robust rental market.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1979
Lot Details
- 6,849 Sq Ft Lot
- No Common Walls
- Density is 11-15 Units/Acre
Parking
- 12 Car Garage
- 12 Carport Spaces
Home Design
- Cosmetic Repairs Needed
Interior Spaces
- 1 Bathroom
- 4,314 Sq Ft Home
- 2-Story Property
- Security Lights
Laundry
- Laundry Room
- Leased Washer and Dryer
Utilities
- Heat Pump System
- Natural Gas Connected
Listing and Financial Details
- Tenant pays for electricity
- Legal Lot and Block 4 / 3
- Tax Tract Number 2170
- Assessor Parcel Number 2353004016
- $1,122 per year additional tax assessments
Community Details
Building Details
- Rent Control
- 6 Separate Electric Meters
- Insurance Expense $2,997
- Maintenance Expense $7,200
- Trash Expense $5,280
- Water Sewer Expense $9,580
- Operating Expense $38,000
- Gross Income $150,188
- Net Operating Income $112,862
Additional Features
- 12 Units
- Laundry Facilities
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 07/13/2023 07/13/23 | Sold | $1,750,000 | -7.4% | $406 / Sq Ft |
| 06/29/2023 06/29/23 | Pending | -- | -- | -- |
| 06/16/2023 06/16/23 | Price Changed | $1,890,000 | -14.1% | $438 / Sq Ft |
| 04/30/2023 04/30/23 | For Sale | $2,200,000 | -- | $510 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
Agents Affiliated with this Home
-
-
Buyer's Agent in 2023
Chase Simonton
RE/MAX
(310) 383-5927
3 in this area
92 Total Sales
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR23026350
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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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