1629 S Van Ness Avenue Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90019
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,403 sqft
Price per Sqft $295
MLS Listing ID CRSB25043892
HOA Y/N No
Year Built 1960
Lot Size 8,065 Sqft
Acres 0.19
Property Sub-Type Other
Property Description
Huge 6 unit property on a large lot in the heart of Mid-City LA, close to everything that LA has to offer, yet on a quiet residential street. The building has an excellent mix consisting of four 2 bedroom units, one 1 bedroom unit, and an enormous 4 bed, 2.5 bath two story owner's unit with a private patio. There are over 6400 square feet of rentable space on an 8000 square foot lot with parking for 6 cars in the rear plus a single car garage and one space in the front. The property is well priced on actual rents at 12.1X GRM plus a healthy 27% upside to income for a market GRM of 9.6X and a 6.4% cap rate. The building was built in 1960 with recent improvements including exterior paint, a commercial water heater, with new floors and windows in the owner's unit. There are also additional upgrades to finishes, appliances, and windows in select units. The LA required soft story retrofit has been completed, and there is a laundry room on the premises for additional income. The units are all separately metered for gas and electric and there is an opportunity to decrease expenses through implementation of RUBS program for water, sewer, and trash. Tenants enjoy close proximity to a huge variety of entertainment and restaurants in some of the city's hottest neighborhoods including Koreat
Location
State CA
County Los Angeles
Zoning LARD
Interior
Heating Forced Air,Wall Furnace
Cooling None
Flooring Laminate,Tile,Carpet,Wood
Fireplace No
Laundry Other
Exterior
View Y/N false
View None
Building
Lot Description Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 5073023021