Property listed by Iconic Investments, Adam Zunder 747-444-3300
$6,290,000
We are pleased to present 3232 W. Avenue 32, a 16 Unit apartment community located in Glassell Park, CA (90065). Constructed in 1990, the property is NOT subject to LA City rent control and is designated by AB 1482 in which the most recent allowable rent increase was 8.8%… Read More in 2024.Glassell Park is adjacent to Atwater Village, Eagle Rock and just blocks to both DTLA and Echo Park. The area continues to experience a dramatic and significant shift like what Silver Lake and Echo Park experienced over the past 20 years. Important news for the area is the LA River Master Plan project which is just 1 mile away from the offering. This mammoth, +/- $30 Billion undertaking is poised to alter the face of LA and specifically, Glassell Park, forever. A world-class team, including urban design architect Frank Gehry and international landscape architects Olin, are leading the transform of 51 miles of the LA River into a recreational green oasis. The offering, built in 1990 and encompassing +/-16,128 SF of improvements, features 16 large apartment homes with an exceptional unit composition featuring Ten (10) Large 2 Bedroom-2 Bathroom, Four (4) 2 Bedroom-1.5 Bathroom, One (1) 4 Bedroom-2.5 Bathroom and One (1) 4 Bedroom- 2 bathroom apartment homes encompassing +/-16,128 square feet of improvements. In recent years, most units have been completely remodeled and feature central air conditioning / heating, bright and open floor plans, new wood flooring. The kitchens feature a modern, custom European design with premium stainless-steel appliance packages, dishwashers, garbage disposals, and new cabinetry. The upgraded baths feature new vanities and tile surrounds. New recessed lighting, locks, hardware and innovative finishes complete the upgrades. The common areas feature gated/secured entry, two laundry rooms (building owned), updated lobby and central courtyard, secured parking for each unit, one or more balconies for each unit and select upper units feature treetop views of the surrounding city.Since the assets are not subject to LA City rent control, any below market rents will provide the astute investor future increased rent potential and ease of management.Glassell Park (90065) is as diverse as the people living in it. Thanks to its neighborhood feel, the area is perfect for young people looking for a next-level coffee experience and a community vibe. Within blocks you will find many of L.A.'s newest foodie revolution hot spots along with Habitat Coffee for a barista inspired espresso, Lemon Poppy Kitchen for European pastries, Tres Palmas for seafood tacos, dog friendly Division 3 for an alfresco breakfast or Verdugo Bar for craft beer on the patio. Read Less
Listing Snapshot
Days Online
10
Last Updated
Property Type
Other
Beds
36
Square Ft.
17,466
Lot Size
0.29 Acres
Year Built
1990
MLS Number
25498359
30 Days Snapshot Of 90065
$1,344k
-9%
(avg) sold price
13
-18%
homes sold
72
+12%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1990, Building area total: 17,466, Levels: MultiSplit, Living area: 17466, 1 building
Heating
WallFurnace
Income
Gross income: $533,513, Net operating income: $352,215
Lot
0.295 acres, 12,851 square feet, Size: 12,851
Parking
32 totals parking, CommunityStructure
Property
Zoning: LARD2
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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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