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$ 3,800,000
Est. payment | /mo
5 Beds
33 Baths
15,887 SqFt
$ 3,800,000
Est. payment | /mo
5 Beds
33 Baths
15,887 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 15,887 sqft
Price per Sqft $239
MLS Listing ID 26647019
Bedrooms 5
HOA Y/N No
Year Built 1912
Lot Size 6,747 Sqft
Property Description
The building is located less than 400 feet from LA Live, the $2.5 billion campus housing 5,600,000 square feet of sports and entertainment venues. Also adjacent to the property are Crypto.com Arena, LA Convention Center, and numerous new retail and entertainment destinations. Available at an attractive 7.42% CAP Rate based on current income, an investor can gain a substantial foothold in the Downtown Los Angeles submarket for the comparatively low price of only $115,152 per apartment unit. In addition to enjoying strong immediate cash flows, a new owner can also dramatically improve returns over time, as current rents are approximately 40% below market. The building is not on the Los Angeles Department of Building and Safety's seismic retrofit list (Buyer to verify), which will save a new owner from an otherwise costly expense. Several capital improvements have been made at the property recently, including an all new electric system, updated plumbing, new windows, a new front gate, and new hallway tile. The building is also separately metered for both gas and electricity, a rare occurrence among buildings constructed in this time period. Because of its proximity to the venues of numerous 2028 Summer Olympic events, the property sits in the direct path of scheduled infrastructure improvements that should boost the entire local neighborhood.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LAC2
Interior
Fireplace No
Exterior
Parking Features Assigned
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5137010012
Special Listing Condition Standard
Listed by Roderick 'Rick' Raymundo Marcus & Millichap #01357019
NEARBY SCHOOL & BUSINESS
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA
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