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$1,145,000
Est. payment /mo
6,791 Sqft Lot
UPDATED:
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR26241254
HOA Y/N No
Year Built 1923
Lot Size 6,791 Sqft
Property Sub-Type Apartment
Property Description
Presenting a seven-unit bungalow-style multifamily investment opportunity in the Westlake/MacArthur Park neighborhood of Los Angeles. Built in 1923, the property features seven individual bungalow structures totaling approximately 3,450 square feet on an approximately 6,789-square-foot LAR4-zoned lot.
The property offers a unit mix of five one-bedroom/one-bath units and two two-bedroom/one-bath units. Improvements include a new Siemens main electrical panel and subpanels, individual water heaters for each unit, and separate gas and electric meters. Select units feature upgraded modern interiors, providing a foundation for additional improvements and a value-add investment strategy.
Investors have the opportunity to pursue targeted interior renovations, exterior enhancements, and operational improvements, with approximately 17.7% potential rental upside based on current underwriting. The LAR4 zoning may also provide future redevelopment opportunities, subject to applicable City of Los Angeles regulations, development standards, and approvals.
Situated near Olympic Boulevard and Hoover Street, the property offers convenient connections to Downtown Los Angeles, Koreatown, Pico-Union, and surrounding employment and entertainment destinations. Nearby amenities include MacArthur Park, Metro rail service, neighborhood retail, restaurants, and major transportation corridors.
With its distinctive bungalow configuration, existing income stream, and potential for additional value creation, the property presents an opportunity to acquire a multifamily asset in a centrally located Los Angeles rental market.
The property offers a unit mix of five one-bedroom/one-bath units and two two-bedroom/one-bath units. Improvements include a new Siemens main electrical panel and subpanels, individual water heaters for each unit, and separate gas and electric meters. Select units feature upgraded modern interiors, providing a foundation for additional improvements and a value-add investment strategy.
Investors have the opportunity to pursue targeted interior renovations, exterior enhancements, and operational improvements, with approximately 17.7% potential rental upside based on current underwriting. The LAR4 zoning may also provide future redevelopment opportunities, subject to applicable City of Los Angeles regulations, development standards, and approvals.
Situated near Olympic Boulevard and Hoover Street, the property offers convenient connections to Downtown Los Angeles, Koreatown, Pico-Union, and surrounding employment and entertainment destinations. Nearby amenities include MacArthur Park, Metro rail service, neighborhood retail, restaurants, and major transportation corridors.
With its distinctive bungalow configuration, existing income stream, and potential for additional value creation, the property presents an opportunity to acquire a multifamily asset in a centrally located Los Angeles rental market.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Interior
Fireplace No
Laundry None
Exterior
Parking Features On Street
Pool None
Community Features Urban
Private Pool No
Building
Lot Description Rectangular Lot
Story 1
Entry Level One
Sewer Public Sewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 5136002011
Acceptable Financing Cash, Cash to New Loan, Conventional, Contract
Listing Terms Cash, Cash to New Loan, Conventional, Contract
Special Listing Condition Standard
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Listed by Raymond Rodriguez Equity Union 818-581-5829, DRE #01402283
Nearby Locations
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