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Key Details
Sold Price $850,000
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Sold
Purchase Type For Sale
MLS Listing ID AR23138710
Sold Date 09/27/23
Bedrooms 2
HOA Y/N No
Lot Size 6,874 Sqft
Property Description
Take a look at this charming 5-unit building located in the heart of Thai Town, East Hollywood, presents a unique investment opportunity. The property has been well maintained and has been in the same family for nearly half a century, indicating a history of ownership and care. The building comprises three freestanding 1-bedroom bungalows and a two-story duplex with 1-bedroom units. All tenants are long-term, and the rents are currently set at very low levels. This situation creates a significant opportunity for the next owner to capitalize on over 200% rental upside by completing renovations that align with the market demands and justify higher rental rates. Each unit is individually metered for gas and electricity, with individual water heaters, which is a practical and desirable feature for both landlords and tenants. The propertys layout provides a small community-type feel, with freestanding units and open lawn spaces, giving tenants an element of privacy within a close-knit setting. The layout also offers potential for the new owner to envision creating private houses for the tenants with their own patio spaces, adding to the appeal of the property. The area has a high rental demand based on its proximity to everything Hollywood has to offer!
Take a look at this charming 5-unit building located in the heart of Thai Town, East Hollywood, presents a unique investment opportunity. The property has been well maintained and has been in the same family for nearly half a century, indicating a history of ownership and care. The building comprises three freestanding 1-bedroom bungalows and a two-story duplex with 1-bedroom units. All tenants are long-term, and the rents are currently set at very low levels. This situation creates a significant opportunity for the next owner to capitalize on over 200% rental upside by completing renovations that align with the market demands and justify higher rental rates. Each unit is individually metered for gas and electricity, with individual water heaters, which is a practical and desirable feature for both landlords and tenants. The propertys layout provides a small community-type feel, with freestanding units and open lawn spaces, giving tenants an element of privacy within a close-knit setting. The layout also offers potential for the new owner to envision creating private houses for the tenants with their own patio spaces, adding to the appeal of the property. The area has a high rental demand based on its proximity to everything Hollywood has to offer!
Location
State CA
County Los Angeles
Area Los Angeles (90027)
Zoning Assessor
Building
Story 2
Lot Size Range 4000-7499 SF
Level or Stories 2 Story
Others
Monthly Total Fees $76
Acceptable Financing Cash
Space Rent $717
Listing Terms Cash
Financing Cash
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Bought with Justin McCardle • Growth Investment Group Pasade