Property listed by Robert Leveen, Robert Leveen 213-995-6684
$865,000
We are pleased to present Avenue 40 Apartments located at 206 E. Avenue 40 in Los Angeles. The property is located on a quiet residential street nestled between Cypress Park and Highland Park. The charming seven unit complex was originally constructed in 1921 and had a major renovation… Read More in 2011. Significant upgrades were completed to the plumbing and electrical systems. New roofs were installed on three of the bungalows. Further, 206, 206 , and 208 have had major remodels since that time when the units became vacant. Total capex exceeds $150,000. The 2,864 SF property is comprised of six x studio/one bath, and one x one bedroom/one bath detached bungalows. There are individual tankless water heaters and the property is separately metered and ownership only pays for water and sewer. The property is subject to city of Los Angeles Rental Stabilization Ordinance. Highland Park has enjoyed a renaissance over the last decade as a hip place to live. New restaurants and shopping have created a local economic engine, driving up property values and rents. The property is ideally situated to take advantage of the local burgeoning economy, and also has easy access to I-110 and I-5. Further, Metro's Heritage Square A Line station is less than a 10 minute walk from the property. The offering is an ideal opportunity for an investor to take advantage of a turnkey bungalow property. Priced at a 6.54% CAP upon acquisition, and major capital expenditures completed, this is an excellent low maintenance opportunity with approximately 40% rental upside. Read Less
Listing Snapshot
Days Online
0
Last Updated
Beds
7
Square Ft.
2,864
Lot Size
0.17 Acres
Year Built
1921
MLS Number
26662129
Additional Details
Appliances & Equipment
Oven, Refrigerator
Building
Built in 1921, Living area: 2864.0, 7 buildings, 1 storey, Levels: One
Cooling
WallWindowUnits
Income
Gross Income: $11,700, Net Operating Income: $90,240
Laundry
None
Lot
0.1722 acres
Parking
1 open parking spaces, 1 total parking spaces, Driveway
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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