Property listed by KW Advisors, Daniel Hirth 310-482-2200
$1,500,000
Daniel Hirth and Alex Reyhan of The Hirth Group are excited to present the exclusive opportunity to acquire 1329 2nd Avenue, a rare six-unit multifamily property in the vibrant and rapidly evolving Arlington Heights submarket of Los Angeles. This investment gem offers not only immediate cash flow but also substantial… Read More upside through renovation and re-tenanting. Situated on a 7,500 square-foot lot, this well-maintained asset features two separate buildings that span a total of approx. 5,824 square feet. The front building is a quadruplex with four distinct units, while the rear structure is a duplex with two units. The current unit mix includes two 2-bedroom, 1-bath units and four 1-bedroom, 1-bath units, two of which have been upgraded to 2-bedroom, 1-bath layouts, providing versatility and potential for higher rents. With six private parking garages, the property offers a competitive edge in an area where parking is a coveted amenity. 1329 2nd Avenue is a compelling investment for those seeking both stability and a value-add component. Currently delivering a strong return of 6.27% at a 11.58 GRM, with tremendous upside potential upon re-tenanting after renovation, this multifamily asset has the ability to perform at a projected 8.33% CAP rate and an attractive 9.76 GRM. As an added advantage, the unit conversions (from 1-bedroom to 2-bedroom layouts) were completed without permits, offering savvy investors the flexibility to formalize these changes with permits, reconfigure to original specifications, or even explore further development options, subject to local zoning regulations. Read Less
Listing Snapshot
Days Online
139
Last Updated
Property Type
Other
Beds
8
Square Ft.
5,824
Lot Size
0.17 Acres
Year Built
1906
MLS Number
24466229
30 Days Snapshot Of 90019
$1,155k
-29%
(avg) sold price
10
-23%
homes sold
165
+55%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
Disposal, Refrigerator
Building
Built in 1906, Building area total: 5,824, Levels: Two, Living area: 5824, 2 stories, 2 buildings
Cooling
None
Heating
WallFurnace
Income
Gross income: $133,488, Net operating income: $100,825
Lot
0.1722 acres, 7,502 square feet, Size: 7,502
Parking
6 totals parking, Private
Property
Zoning: LARD1.5
Security Features
WindowBars
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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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