Property listed by LANDMARK LENDING REALTY, EDMOND WU 626-246-8680
$1,389,000
First time on the market property! Priced only at $335 per sq ft and $270,000 per unit with no RSO. This five-unit building consists of eleven beds and five baths in Lincoln Heights neighborhood, totalling 4,032 sq ft. Great location next to Chinatown, Art District, and many freeways (110 fwy,… Read More 5 fwy, 2 fwy, 101 fwy). There is a mix of four 2-bed 1-bath units and one 3-bed 2-bath unit. Two units have been completely renovated with new electric, plumbing, and cooling units, with new kitchens and bathrooms. The building was just painted for curb appeal. There are upside rents with three of the under-market units. Since the building was built in 1980, it is not under RSO, so rents can be caught up to market sooner. The property is on a large lot of 7789 square feet with RD-1 zoning. This allows for additional development opportunities in the future. Based on zoning, owners can add up to 4 more units on existing (but please verify with the city). Another cheaper alternative is adding an ADU by utilizing the six parking spaces under the building. The property is close to many new restaurants in Chinatown, Los Angeles State Historical Park, Dodger Stadium, San Antonio Winery, Elysium Park, Keck USC Hospital, and many other attractions, making it a great investment opportunity for owners seeking rental income and stability. Interior showings contingent on offers. Do not disturb tenants. Full occupied. Read Less
Listing Snapshot
Days Online
47
Last Updated
Property Type
Apartment
Lot Size
0.18 Acres
Year Built
1980
MLS Number
WS25165151
30 Days Snapshot Of 90031
$1.02M
-17%
(avg) sold price
5
-28%
homes sold
81
-8%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1980, Building area total: 4,032, 1 building, Architectural style: , Attached, Common walls: TwoCommonWallsOrMore
Community
Urban
Expenses
Electric expense: $600, Insurance expense: $3,000, Operating expense: $30,000, Water sewer expense: $5,000
Garage
6 spaces
Income
Gross income: $112,000, Net operating income: $72,000
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.
Confirm your time
Fill in your details and we will contact you to confirm a time.
