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$ 865,000
Est. payment | /mo
2,864 SqFt
$ 865,000
Est. payment | /mo
2,864 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 2,864 sqft
Price per Sqft $302
MLS Listing ID CL26662129
HOA Y/N No
Year Built 1921
Lot Size 7,500 Sqft
Acres 0.1722
Property Sub-Type Other
Property Description
We are pleased to present Avenue 40 Apartments located at 206 E. Avenue 40 in Los Angeles. The property is located on a quiet residential street nestled between Cypress Park and Highland Park. The charming seven unit complex was originally constructed in 1921 and had a major renovation in 2011. Significant upgrades were completed to the plumbing and electrical systems. New roofs were installed on three of the bungalows. Further, 206, 206 , and 208 have had major remodels since that time when the units became vacant. Total capex exceeds $150,000. The 2,864 SF property is comprised of six x studio/one bath, and one x one bedroom/one bath detached bungalows. There are individual water heaters (5 are tankless) and the property is separately metered and ownership only pays for water and sewer. The property is subject to city of Los Angeles Rental Stabilization Ordinance. Highland Park has enjoyed a renaissance over the last decade as a hip place to live. New restaurants and shopping have created a local economic engine, driving up property values and rents. The property is ideally situated to take advantage of the local burgeoning economy, and also has easy access to I-110 and I-5. Further, Metro's Heritage Square A Line station is less than a 10 minute walk from the property. The offering is an ideal opportunity for an investor to take advantage of a turnkey bungalow property. The property is 100% occupied. Priced at a 6.54% CAP upon acquisition, and major capital expenditures completed, this is an excellent low maintenance opportunity with approximately 40% rental upside.
Location
State CA
County Los Angeles
Zoning LARD2
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Laundry No Hookups
Building
Water Other
New Construction No
Others
Tax ID 5451002005
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Listed by Robert Leveen • Robert Leveen
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