CA > Los Angeles
Los Angeles, CA 90019,1629 S Van Ness AVE
Los Angeles, CA 90019,1629 S Van Ness AVE
Los Angeles, CA 90019,1629 S Van Ness AVE
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$1,795,000
Est. payment /mo
8,062 Sqft Lot
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UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB25043892

HOA Y/N No

Year Built 1960

Lot Size 8,062 Sqft

Property Sub-Type Apartment

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 11.3X GRM plus a healthy 25% upside to income for a market GRM of 9.1X and a 6.8% 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 C16 - Mid Los Angeles

Zoning LARD2

Interior

Heating Forced Air, Wall Furnace

Cooling None

Flooring Carpet, Laminate, Tile, Wood

Fireplaces Type None

Fireplace No

Appliance Gas Range

Laundry Common Area

Exterior

Parking Features Attached Carport, Garage Faces Front

Garage Spaces 1.0

Carport Spaces 3

Garage Description 1.0

Fence Block, Wrought Iron

Pool None

Community Features Urban

View Y/N No

View None

Roof Type Shingle

Accessibility None

Total Parking Spaces 8

Private Pool No

Building

Lot Description Rectangular Lot

Faces East

Story 2

Entry Level Two

Foundation Slab

Sewer Public Sewer

Water Public

Architectural Style Mid-Century Modern

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5073023021

Energy Description 2136.0

Acceptable Financing Cash to New Loan

Listing Terms Cash to New Loan

Special Listing Condition Standard

Read Less Info
California Regional MLS (CRMLS)
Listed by Anthony Walker • Buckingham Investments, Inc • 310-561-4776

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