NOT LISTED FOR SALE

974 W Kensington Rd Los Angeles, CA 90026

Echo Park Neighborhood
10 Beds
10 Baths
5,484 Sq Ft
9,377 Sq Ft Lot

Last Sold December 01, 2023

Last sale price $2,100,000 $383 Per Sq Ft

143 Days on Market

Highlights

  • Midcentury Modern Architecture
  • Ceramic Countertops
  • 2 Attached Carport Spaces
  • Cooling System Mounted To A Wall/Window
  • Laundry Room
  • Garden

About This Home

As of December 2023

GROSS RENT MULTIPLIER OF 10 BASED ON MARGET RENTS IN AS-IS CONDITION AND 16.4 BASED ON EXISTING RENTS.The property is located on a quiet street in Angelino Heights adjacent to Echo Park and Dodger Stadium.Easy commute to Downtown LA, Hollywood and the Miracle Mile. Close to shopping, restaurants andentertainment. Vintage 60's vibe and design with solid wood cabinets, wall heaters and individual wall A/Cunits. Building is well maintained but retains the original 60's ambiance.The property is subject to the LA Rent Stabilization Ordinance. Which in conjunction with COVIDrestrictions has resulted in rents well below market.The property has been managed by the owner who resides nearby and takes pride in the property. Significant management upside when COVID restrictions expire. Rents are currently below market, however, the moratorium on rental increases is currently expected to expire in January of 2024. Existing Rents average $1,128/mo./unit while Market rents are estimated to be $1,850/ mo. in as-is condition and $2,500/mo./unit if the units are renovated. Gross Income, Expenses, NOI and Cap Rate reflect estimated market rents and expenses in as-is condition. Rent collected in 2021 was $115,387.It may be possible to convert the existing carports, storage room and laundry room into 2 ADU's. Buyer to investigate the feasibility of the conversion.This is a great opportunity for either a first time orexperienced multi-family investor to acquire a fairlypriced, well located property with the potential forsignificant upside in rent and value.Drive by only. Please do not enter the property or otherwise disturbthe tenants.Please submit all offers for consideration by the Seller.

Last Agent to Sell the Property

Donald Hinton

Engel & Völkers La Canada License #00575959 Listed on: 05/26/2023

Engel & Völkers La Canada

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1961

Lot Details

  • 9,377 Sq Ft Lot
  • Two or More Common Walls
  • Southwest Facing Home
  • Fenced
  • Garden

Home Design

  • Midcentury Modern Architecture
  • Apartment
  • Slab Foundation
  • Fire Rated Drywall
  • Shingle Roof
  • Mixed Roof Materials
  • Membrane Roofing
  • Copper Plumbing
  • Plaster
  • Stucco

Interior Spaces

  • 5,484 Sq Ft Home
  • 2-Story Property
  • Ceiling Fan
  • Laundry Room

Kitchen

  • Gas Oven
  • Gas Range
  • Ceramic Countertops

Flooring

  • Carpet
  • Vinyl

Bedrooms and Bathrooms

  • 10 Bedrooms
  • 10 Bathrooms

Parking

  • 8 Open Parking Spaces
  • 10 Parking Spaces
  • 2 Attached Carport Spaces
  • Parking Available
  • Off-Street Parking
  • Assigned Parking

Utilities

  • Cooling System Mounted To A Wall/Window
  • Wall Furnace
  • Natural Gas Connected
  • Gas Water Heater
  • Sewer Paid

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Tax Lot 1
  • Assessor Parcel Number 5405004016

Community Details

Amenities

  • Laundry Facilities

Building Details

  • Rent Control
  • 10 Separate Electric Meters
  • 10 Separate Gas Meters
  • Operating Expense $59,468
  • Gross Income $222,000
  • Net Operating Income $159,092

Property Details

Home Type

Multi-Family

Year Built

Built in 1961

Lot Details

0

Listing Details

  • Assessments: No
  • CapRate: 7.15
  • Inclusions: 10 stoves, 10 refrigerators and coin operated washer and dryer.
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • View: No
  • Zoning: LARD2
  • Architectural Style: Mid Century Modern
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Parcel Number: 5405004016
  • Year Built: 1961
  • Special Features: None

Interior Features

  • Fireplace: No
  • Interior Amenities: Ceramic Counters, Copper Plumbing Full, Ceiling Fan(s)
  • Stories: 2
  • Entry Location: ground floor and stairs to second floor.
  • Common Walls: 2+ Common Walls
  • Flooring: Carpet, Vinyl
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 405.73

Exterior Features

  • Direction Faces: Southwest
  • Foundation: Slab
  • Fence: Yes
  • Pool Private: No
  • Roof: Shingle, Membrane, Mixed
  • Spa: No
  • Construction Materials: Plaster, Drywall Walls, Stucco

Garage/Parking

  • Carport Spaces: 2.00
  • Parking: Yes
  • Parking Features: Assigned, Off Street, Uncovered, On Site, Attached Carport
  • Total Parking Spaces: 10.00
  • Uncovered Spaces: 8.00

Utilities

  • Utilities: Electricity Connected, Water Connected, Sewer Connected, Natural Gas Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Refrigerator, Gas Water Heater, Gas Range, Gas Oven
  • Electric: Standard
  • Heating Type: Wall Furnace
  • Laundry Features: Community
  • Sewer: Sewer Paid
  • Water Source: Public
  • Cooling: Electric, Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Curbs

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Garden
  • Lot Size Sq Ft: 9377.00
  • Lot Size Acres: 0.2153

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Average1 Bed Area: 495 Square Feet
  • Gross Income: 222000.00
  • Gross Scheduled Income: 222000.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 9377.0000 Square Feet
  • Net Operating Income: 159092.00
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Operating Expense: 58468.00
  • Rent Control: Yes
  • Total Expenses: 59468.00
  • Vacancy Allowance: 2

Tax Info

  • Tax Lot: 1

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
12/01/2023 12/01/23 Sold $2,100,000 -5.6% $383 / Sq Ft
07/07/2023 07/07/23 Price Changed $2,225,000 -19.1% $406 / Sq Ft
05/26/2023 05/26/23 For Sale $2,750,000 -- $501 / Sq Ft
Source: Pasadena-Foothills Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2023

    Donald Hinton

    Engel & Völkers La Canada

    (818) 790-6774

    1 in this area

    4 Total Sales

    Donald Hinton
    Section Image
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Map

Source: Pasadena-Foothills Association of REALTORS®

MLS Number: P1-13746

Pasadena-Foothills Association of REALTORS®

California Los Angeles County Los Angeles 90026 Echo Park

974 W Kensington Rd, Los Angeles, CA

This home is located at 974 W Kensington Rd, Los Angeles, CA 90026 since 26 May 2023. This property was built in 1961. 974 W Kensington Rd is a home located in Los Angeles County with nearby schools including Logan Academy of Global Ecology, Belmont High School, and Academic Leadership Community Miguel Contreras Learning Complex.

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.

Pasadena-Foothills Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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