$1,953,000
$2,300,000
15.1%For more information regarding the value of a property, please contact us for a free consultation.
15,406 SqFt
SOLD DATE : 10/01/2024
Key Details
Sold Price $1,953,000
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Sold
Purchase Type For Sale
Square Footage 15,406 sqft
Price per Sqft $126
MLS Listing ID PV24178488
Sold Date 10/01/24
HOA Y/N No
Year Built 1948
Lot Size 0.499 Acres
Acres 0.4989
Property Description
Welcome to this prime 16-unit apartment building located in the heart of Park Hills Heights, one of Los Angeles’ most vibrant and historically significant neighborhoods. This is a rare opportunity considering the area's low
inventory and a great property to add to your portfolio with a projected 5.22% Cap Rate and a 48% upside in rental income. This property offers a unique investment opportunity in an appreciating area known for its rich cultural heritage and strong community ties. With a mix of one and two-bedroom units organized into four-unit complexes with two units on each level. The building features a brand-new roof installed in 2023, ensuring long-term durability and peace of mind for the next owner.
Each tenant enjoys the convenience of a detached garage and access to on-site laundry facilities, making this property a sought-after choice for renters. The building also offers secure entry and dedicated parking, further enhancing its appeal. With the ongoing development in Park Hills Heights and the nearby Crenshaw/LAX Metro Line, the area is poised for continued growth, presenting an excellent opportunity for future rent increases.
For investors looking to maximize returns, there is significant potential to boost cash flow through strategic renovations and rent adjustments. Upgrading the units and common areas in line with the neighborhood’s revitalization efforts could command higher rents, making this property an ideal addition to any investment portfolio.
Centrally located within minutes of major Freeways, this ideal location provides access to major area shopping areas nearby educational opportunities, and much more.
Location
State CA
County Los Angeles
Area Phht - Park Hills Heights
Zoning LAR3
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Heating Floor Furnace
Cooling None
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Garage Assigned
Garage Spaces 16.0
Garage Description 16.0
Pool None
Community Features Sidewalks
Parking Type Assigned
Total Parking Spaces 16
Private Pool No
Building
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5032011007
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
Special Listing Condition Standard
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Bought with Josh Cohen • Keller Williams South Bay
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
Scott Greenspan
Broker Owner