Address
1045 N Ardmore Avenue Los Angeles, CA
Price
$ 3,195,000
Property Attributes
  • MLS#21783770
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaHollywood
  • Zip90029
  • Style
  • Price$ 3,195,000
  • Bedrooms14
  • Full Bathrooms15
  • Half Bathrooms0
  • Sqr Footage9940
  • Lot Size9,022 SqFt
Listing Provided Courtesy Of:
Jason Tuvia with Marcus & Millichap
Data Source:
Combined LA/Westside MLS (CLAW) - 318 - CA
Property Description

Large 9,940 SF Value-Add eleven (11) Unit building with four (4) Vacancies priced at only $290k/unit, $321/SF. Existing 4.2% Cap-Rate and 15.8 GRM with significant upside to 6.6% Cap-Rate and 11.2 GRM. Prime East Hollywood location walking distance to the Santa Monica/Vermont Metro Station. Preliminary plans for two (2) ADUs will further enhance valuation metrics to $262k/unit and $315k/SF after factoring in ADUs construction costs ($250/SF). Built in 1963, this offering contains a great unit mix of one (1) bachelor/one-bathroom unit, six (6) one-bedroom/one-bathroom units, four (4) two-bedroom/two-bathroom units, and preliminary plans for two (2) one-bedroom/one-bathroom ADU units. The property features access to the owner-owned laundry machines and large units with balconies on each and the potential to reconfigure the layouts, creating additional beds and maximizing rent potential. The property contains one (1) large building with back-alley access to the units, and front gate access to the ample parking. There are eight (8) tuck under parking spaces that need to be retrofitted, (ADUs will lower the scope and cost of required soft story retrofit). Residents can enjoy the many nearby food and entertainment options on Santa Monica Blvd, a mere one (1) block or less than five (5) minute walk away. Some of these nearby restaurants include Spicy BBQ, Tacos El Pastor, Sasoun Bakery, DeSano Pizza, El Nuevo San Salvador, and Pacific French Bakery. The property is also extremely close to many schools, including Kingsley Elementary School, Ramona Elementary School, Immaculate Heart of Mary, Los Angeles City College, and the Braille Institute Los Angeles. Lemon Grove Recreation Center is a large outdoor space within a ten (10) minute walk from the subject property. Most notably, however, is the subject property's proximity to the Vermont / Santa Monica Metro Station. Located less than a mile away, this station allows residents access to major employers and almost all that Los Angeles has to offer. All these walkable amenities have earned this area a walk score of 92. Situated in an ideal East Hollywood location, this offering presents an excellent opportunity for a savvy investor to capitalize on huge rental upside in a core market of Los Angeles.

Price History
9/14/2021 Listed $3,195,000

General Features

Appliances Gas Cooktop, Gas Range, Oven
Community Features Gated
Facing Direction West
Flooring Wood
Heating Wall Furnace
Interior Features Ceiling Fan(s)
Levels Two
Listing Agent Jason Tuvia - BRE#01772495
Listing Agent State License 01772495
MLS Area C20 - Hollywood
Pool Features None
Property Type Residential Income
PropertyCondition Additions/Alterations, Repairs Cosmetic
Security Features Security Gate, Gated Community
Senior Community Y/N No
Spa Features None
Special Listing Conditions Standard
Status Active
Stories 2
Total Units 11
Zoning LAR3

Interior Features

Heating Y/N Yes

Exterior Features

Lot Size Acres 0.2
Lot Size Area 9022
Lot Size Square Feet 9022
Lot Size Units Square Feet
Number of Buildings 1
Parking Features Covered, One Space, Side By Side, Uncovered

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 90029

Price
AVG $3.08M
$3.2M
Visits
AVG 2
2
Year Built
AVG 1936
1963
Walkscore
AVG 89
91
Data Provided by Walkscore ® not using MLS data

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