CA > Los Angeles
Los Angeles, CA 90019,1629 S Van Ness Avenue
Los Angeles, CA 90019,1629 S Van Ness Avenue
Los Angeles, CA 90019,1629 S Van Ness Avenue
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$1,895,000
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9 Beds
6 Baths
8,065 Sqft Lot
Price Dropped by $55K

1629 S Van Ness Avenue Los Angeles, CA 90019

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Patty Doyle

Patty Doyle

+1(619) 886-0321

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25043892

Bedrooms 9

HOA Y/N No

Lot Size 8,065 Sqft

Property Sub-Type Res Income 2-4 Units

Property Description

Huge 6 unit property on a large lot in the heart of Mid-City LA, close to everything that LA has to offer, yet on a quiet residential street. The building has an excellent mix consisting of four 2 bedroom units, one 1 bedroom unit, and an enormous 4 bed, 2.5 bath two story owner's unit with a private patio. There are over 6400 square feet of rentable space on an 8000 square foot lot with parking for 6 cars in the rear plus a single car garage and one space in the front. The property is well priced on actual rents at 12.1X GRM plus a healthy 27% upside to income for a market GRM of 9.6X and a 6.4% cap rate. The building was built in 1960 with recent improvements including exterior paint, a commercial water heater, with new floors and windows in the owner's unit. There are also additional upgrades to finishes, appliances, and windows in select units. The LA required soft story retrofit has been completed, and there is a laundry room on the premises for additional income. The units are all separately metered for gas and electric and there is an opportunity to decrease expenses through implementation of RUBS program for water, sewer, and trash. Tenants enjoy close proximity to a huge variety of entertainment and restaurants in some of the city's hottest neighborhoods including Koreatown, Larchmont Village, Miracle Mile, and Downtown LA. Over 80% of households within 5 miles are renters with an average household income of over $87,000 per CoStar. The location offers great access to the city via the 10 freeway just a few blocks away, and two close metro rail stations.
Huge 6 unit property on a large lot in the heart of Mid-City LA, close to everything that LA has to offer, yet on a quiet residential street. The building has an excellent mix consisting of four 2 bedroom units, one 1 bedroom unit, and an enormous 4 bed, 2.5 bath two story owner's unit with a private patio. There are over 6400 square feet of rentable space on an 8000 square foot lot with parking for 6 cars in the rear plus a single car garage and one space in the front. The property is well priced on actual rents at 12.1X GRM plus a healthy 27% upside to income for a market GRM of 9.6X and a 6.4% cap rate. The building was built in 1960 with recent improvements including exterior paint, a commercial water heater, with new floors and windows in the owner's unit. There are also additional upgrades to finishes, appliances, and windows in select units. The LA required soft story retrofit has been completed, and there is a laundry room on the premises for additional income. The units are all separately metered for gas and electric and there is an opportunity to decrease expenses through implementation of RUBS program for water, sewer, and trash. Tenants enjoy close proximity to a huge variety of entertainment and restaurants in some of the city's hottest neighborhoods including Koreatown, Larchmont Village, Miracle Mile, and Downtown LA. Over 80% of households within 5 miles are renters with an average household income of over $87,000 per CoStar. The location offers great access to the city via the 10 freeway just a few blocks away, and two close metro rail stations.

Location

State CA

County Los Angeles

Area Los Angeles (90019)

Zoning Assessor

Interior

Appliance Forced Air Unit

Exterior

Exterior Feature Stucco

Building

Story 2

Lot Size Range 7500-10889 SF

Level or Stories 2 Story

Others

Space Rent $3,629

San Diego Regional MLS (SDMLS)
Listed by Anthony Walker • Buckingham Investments, Inc

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Patty Doyle

Agent | License ID: 01507441

+1(619) 886-0321

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1629 S Van Ness Avenue

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