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741 S Detroit St

Los Angeles, CA 90036
  • $2,495,000
  • STATUS: Active Under Contract
  • ON SITE: 34 Days
  • ID#: 22-159715
Under Contract
UPDATED: 74 min ago
$2,495,000
  • 4
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 4,429
    SQFT
  • $563
    $/SQFT
Type:
Multi-Family
Built:
1924
County:

School Ratings & Info

Description

We are pleased to present 741 S. Detroit Street, a turnkey 4-unit apartment building located in a highly desirable residential neighborhood of Miracle Mile, Los Angeles. The property is comprised of 4,429 rentable square feet and consists of three (3) large one-bedroom/one-bathroom units and one (1) one-bedroom/one-bathroom + den unit. All units are considerably large with an average size of approximately 1,100 square feet and features in-unit laundry, most units have central A/C and heating, walk-in closets, high ceilings, and tons of light. The large units, in combination with the unique sought-after features that they offer, create a perfect opportunity for an investor or an owner user seeking to live on the premises. Besides for the 4 on grade parking spaces, this property also boasts 4 detached parking garages which can be delivered vacant upon the close of escrow giving an investor the opportunity to immediately add value and capture the upside potential. This is a true pride of ownership asset, as the current ownership has kept the property in immaculate condition all while persevering and maintaining the property's Historic and unique character. With a Walk Score of 95, the location not only provides residents ideal proximity to a myriad of entertainment venues, cultural destinations, and world-class dining but also happens to be nearby to a variety of new, high-quality developments in the works. Between Hackman Capital in the process of redeveloping the massive 25-acres CBS Television Studio lot, the Onni Group is currently working to reposition the one-million-square-feet Wilshire Courtyard business park, and the Metro Purple Line in the midst of a westward expansion running through Miracle Mile, the surrounding areas will surely benefit from the alterations in more ways than one. Given the property's prime Miracle Mile location and anticipated future developments in the area, 741 S. Detroit Street is an ideal investment for investors or owner-users seeking a pride of ownership property in one of the most sought-after neighborhoods in Los Angeles.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-06-24T23:43:02.24. 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/128994738
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741 S Detroit St Los Angeles, CA 90036

  • Price: $2,495,000
  • Status: Active Under Contract
  • On Site: 34 Days
  • Updated: 74 min ago
  • ID#: 22-159715
4
Beds
0
Baths
0
½ Baths
0.15
Acres
4,429
SQFT
$563
$/SQFT
1924
Built
Neighborhood:
Beverly Center-Miracle Mile
County:
Los Angeles
Area:
Beverly Center-Miracle Mile
Property Description
We are pleased to present 741 S. Detroit Street, a turnkey 4-unit apartment building located in a highly desirable residential neighborhood of Miracle Mile, Los Angeles. The property is comprised of 4,429 rentable square feet and consists of three (3) large one-bedroom/one-bathroom units and one (1) one-bedroom/one-bathroom + den unit. All units are considerably large with an average size of approximately 1,100 square feet and features in-unit laundry, most units have central A/C and heating, walk-in closets, high ceilings, and tons of light. The large units, in combination with the unique sought-after features that they offer, create a perfect opportunity for an investor or an owner user seeking to live on the premises. Besides for the 4 on grade parking spaces, this property also boasts 4 detached parking garages which can be delivered vacant upon the close of escrow giving an investor the opportunity to immediately add value and capture the upside potential. This is a true pride of ownership asset, as the current ownership has kept the property in immaculate condition all while persevering and maintaining the property's Historic and unique character. With a Walk Score of 95, the location not only provides residents ideal proximity to a myriad of entertainment venues, cultural destinations, and world-class dining but also happens to be nearby to a variety of new, high-quality developments in the works. Between Hackman Capital in the process of redeveloping the massive 25-acres CBS Television Studio lot, the Onni Group is currently working to reposition the one-million-square-feet Wilshire Courtyard business park, and the Metro Purple Line in the midst of a westward expansion running through Miracle Mile, the surrounding areas will surely benefit from the alterations in more ways than one. Given the property's prime Miracle Mile location and anticipated future developments in the area, 741 S. Detroit Street is an ideal investment for investors or owner-users seeking a pride of ownership property in one of the most sought-after neighborhoods in Los Angeles.
Exterior Features

Lot Size Area 6696 Other Structures None Parking Garage Garage Total Parking 8

Interior Features

Baths Total 4.00 Cooling Central Equipment None Heating Central

Property Features

Assessed Total Value 1308657 Gross Income 151740 Gross Operating Income 147494 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Net Operating Income 102435.00 Number Of Buildings 1 Number Of Units 4 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 45059 Type Of Units Standard Year Built Source Vendor Enhanced Zoning Lar4

Listing provided courtesy of Saadia 'Sam' Liberow DRE#01933858 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-06-24T23:43:02.24. 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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Randy Plaice and Associates | RE/MAX Gateway
27720 Dickason Drive
Valencia CA, 91355