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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$1,590,000

Est. payment - /mo

7,479 Sqft Lot

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2603204

HOA Y/N No

Year Built 1963

Lot Size 7,479 Sqft

Property Description

7 unit value-add apartment located in Glassell Park, one of the hottest neighborhoods of Los Angeles bordered by Glendale, Silver Lake, Eagle Rock, Highland Park, Cypress Park, Mt. Washington and Atwater Village. Its centralized LA County location provides extended proximity to Hollywood, Koreatown, Downtown LA, Monterey Park, Alhambra and Pasadena. It is a hilly neighborhood with modest homes and fashionable neighbors, serviced by many locally owned eateries, coffee shops and shopping boutiques. Residents are further benefited by public transportation and quick access to the 2 and 5 Freeways. This continually flourishing sub-market coupled with a property generating income well-below market, presents an investor with a considerable opportunity worth seizing. In recent years the owners have spent significant funds in improving the property. In addition, seismic gas shut-off valves and completing soft-story seismic retrofit (permitted 03/2020) was also completed. There are 7 parking spaces equally assigned to each unit. There is a dedicated on-site laundry room, which currently has no machines. Charging for parking and providing laundry machines are opportunities to immediately enhance yield. Additionally, market rents are projected at $2,100 for all the 2BR units after full renovation, which equates to 120% in rental upside. The property is subject to The City of LA Rent Stabilization Ordinance (RSO).

Location

State CA

County Los Angeles

Area 623 - Glassel Park

Zoning R1-1-CDO

Interior

Fireplace No

Laundry Washer Hookup, Gas Dryer Hookup

Exterior

Pool None

Community Features Curbs, Street Lights, Suburban, Sidewalks

View Y/N No

Private Pool No

Building

Lot Description Front Yard, Landscaped

Story 2

Sewer Public Sewer

Others

Senior Community No

Tax ID 5457019026

Energy Description 14000.0

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2603204

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Listed by Ani Ginosyan Rise Realty anig.realtor@gmail.com, DRE #02153123

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