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    1962 W 22ND St

    Los Angeles, CA 90018
    • $1,595,000
    • STATUS: Active
    • ON SITE: 37 days
    • ID#: 20-583792
    UPDATED: 46 min ago
    $1,595,000
    • 14
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,866
      SQFT
    • $272
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1964
    County:

    School Ratings & Info

    Description

    Built in 1964, this unique 8-unit property totals 5,866 SF located in Mid-City's Adams-Normandie neighborhood, between Normandie Ave & S Western Ave. The building features a unit mix that includes 2 one-bedroom and 6 two-bedroom two-bath apartments.This offering presents an investor the opportunity to capture a 83% overall increase in rent with a pro forma CAP rate of 8.41% through renovations when the units turn. The property is being offered at a 14.63 GRM on current income and a low price per unit of $199,375 and a low price per square foot of $272. The property features 8 parking spaces and the soft story retrofit work has been completed. Furthermore, there is a community laundry room for the building.Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units continues to increase year-over-year.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-07-05T19:42:23.37. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.randyplaice.com/homes/106311132
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    1962 W 22ND St Los Angeles, CA 90018

    • Price: $1,595,000
    • Status: Active
    • Updated: 46 min ago
    • ID#: 20-583792
    14
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    5,866
    SQFT
    $272
    $/SQFT
    1964
    Built
    Neighborhood:
    Mid Los Angeles
    County:
    Los Angeles
    Area:
    Mid Los Angeles
    Property Description
    Built in 1964, this unique 8-unit property totals 5,866 SF located in Mid-City's Adams-Normandie neighborhood, between Normandie Ave & S Western Ave. The building features a unit mix that includes 2 one-bedroom and 6 two-bedroom two-bath apartments.This offering presents an investor the opportunity to capture a 83% overall increase in rent with a pro forma CAP rate of 8.41% through renovations when the units turn. The property is being offered at a 14.63 GRM on current income and a low price per unit of $199,375 and a low price per square foot of $272. The property features 8 parking spaces and the soft story retrofit work has been completed. Furthermore, there is a community laundry room for the building.Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units continues to increase year-over-year.
    Exterior Features

    Direction Faces North Exterior Construction Stucco Lot Size Area 6732 Other Structures None Parking Garage Covered Parking Pool YN No Roof Flat Tennis YN No Total Parking 8

    Interior Features

    Baths Total 14.00 Cooling Other Den No Dining Room No Equipment Ceiling Fan Family Room No Flooring Vinyl Foundation Details Slab Heating Other Kitchen Features Granite Counters Laundry Community

    Property Features

    Gross Income 109000 Gross Operating Income 105730 Insurance Expense 2933.00 Like Units1 2 Like Units2 6 Net Operating Income 60402.00 Number Of Buildings 1 Number Of Units 8 Owner Pays Gas Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Assessor Tenant Pays Electricity Total Annual Expense 45328 Type Of Units Apartment Water Heaters YN Yes Zoning R3-1-Cpio

    Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-07-05T19:42:23.37. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Valencia CA, 91355