22
See all 22 photos
$1,795,000
Est. payment /mo
9 Beds
6 Baths
Active
1629 S Van Ness Avenue Los Angeles, CA 90019
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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
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 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
Zoning Assessor
Direction Van Ness just South of Venice
Interior
Heating Forced Air Unit
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Tax ID 5073023021
Listed by Anthony Walker Buckingham Investments, Inc