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$ 6,170,000
$ 6,300,000 2.1%
1913 W 3rd St. Los Angeles, CA 90057
0.47 Acres Lot
UPDATED:
Key Details
Sold Price $6,170,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR24000632
Sold Date 07/24/24
HOA Y/N No
Year Built 1923
Lot Size 0.466 Acres
Property Description
The buildings are constructed of wood frame with a flat/pitched roof and stucco exterior as well as wood siding. Development for each of the buildings was completed in 1942 & 1923 respectively and encompassing a total of **±21,692 building square feet situated on two separate parcels totaling ±20,283 square feet offering a zoning of LAC2 which could be beneficial for future development.
*(34) Singles + One Bath Units
*(6) One-Bedroom + One-Bath Units
*(1) One-Bedroom + One-Bath Detached Unit
* Total unit count differs from title and was provided by Seller and is believed to be the correct legal unit count. Buyer to verify.
** Total building square footage differs from title and was provided by Seller and said to be a correct accounting of all improvement square footage including basement. Buyer to verify.
*** Currently there are ±21 parking spaces with the potential to add an additional ±3 spaces. Buyer to verify.
PROPERTY HIGHLIGHTS
+ Attractive value metrics of 6.04% Cap Rate | 9.75 GRM | $153,659 CPU
+ Excellent leverage quoted with attractive interest only financing
+ Solid day-1 cash flow and additional rental upside potential
+ Ratio Utility Billing System (RUBS) in place for many units
+ Major electrical and unit upgrades
+ Individually metered for gas and electric
+ Upgraded fire suppression system including hard-wired smoke detectors
+ 50% plus of the units tastefully remodeled
+ Complete unit appliance package of gas range, fridge, dishwasher & microwave
+ Two adjacent buildings & lots on a signalized corner
+ Separate APNs for each property & zoned LAC2 totaling +/-20,283 sq. ft. of land
+ Great candidate to capitalize on newly approved Section 8 housing voucher increases
+ Controlled intercom access and CCTV monitoring
+ On-site gated parking for 24 cars & 2 separate laundry rooms
+ Beautifully maintained and clean property
Location
State CA
County Los Angeles
Area C34 - Los Angeles Southwest
Zoning LAC2
Interior
Fireplace No
Laundry Common Area
Exterior
Parking Features Gated
Pool None
Community Features Park
Total Parking Spaces 24
Private Pool No
Building
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5154020025
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan, Conventional, Contract, 1031 Exchange
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, Contract, 1031 Exchange
Financing Cash to New Loan
Special Listing Condition Standard
Bought with Hank Hoang • Treeline Realty & Investment