1629 S Van Ness AVE new Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90019
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB25043892
HOA Y/N No
Year Built 1960
Lot Size 8,062 Sqft
Property Sub-Type Apartment
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 12.4X GRM plus a healthy 27% upside to income for a market GRM of 9.8X and a 6.2% 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 Koreatown, Larchmont Village, Miracle Mile, and Downtown LA. Over 80% of households within 5 miles are renters with an average household income of over $87,000 per CoStar. The location offers great access to the city via the 10 freeway just a few blocks away, and two close metro rail stations.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LARD2
Interior
Heating Forced Air,Wall Furnace
Cooling None
Flooring Carpet,Laminate,Tile,Wood
Fireplaces Type None
Fireplace No
Appliance Gas Range
Laundry Common Area
Exterior
Parking Features Attached Carport,Garage Faces Front
Garage Spaces 1.0
Carport Spaces 3
Garage Description 1.0
Fence Block,Wrought Iron
Pool None
Community Features Urban
View Y/N No
View None
Roof Type Shingle
Accessibility None
Total Parking Spaces 8
Private Pool No
Building
Lot Description Rectangular Lot
Faces East
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5073023021
Energy Description 2136.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard