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552 W 40th Place

Los Angeles (City), CA 90037
  • $1,175,000
  • STATUS: Active
  • ON SITE: 20 Days
  • ID#: 24353087
UPDATED: 24 min ago
$1,175,000
  • 5
    BEDS
  • 0.16
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,200
    SQFT
  • $534
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1952
County:

School Ratings & Info

Listing Agent(s): Oron Maher of Maher Commercial Realty (310-464-1453)


Description

Assumable bridge financing available to help buyer through lease-up phase of ownership. We are pleased to offer an excellent opportunity to purchase a fully vacant five-unit apartment building with a stabilized GRM of 8.14 and stabilized cap rate of 7.88%. Two of the units are completely remodeled with modern finishes including hardwood floors and stainless steel appliances. Gated off-street parking and an on-site storage unit is available for each unit. The property is currently striped with 7 parking spaces, has a separate building that includes four storage closets, and has a charming backyard area that can be enjoyed by all residents. If a new owner wanted to add washer and dryer hookups, and AC Units, they might be able to ask as much as $2,407 per month, the Section 8 maximum for 1 bedroom units.Buyer shall determine for themselves how much rent they can obtain from Section 8. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes or potentially more using AB2345 or other affordable city and state laws. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-27T12:28:51.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.kevinhillre.com/homes/147339381
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552 W 40th Place Los Angeles (City), CA 90037

  • Price: $1,175,000
  • Status: Active
  • On Site: 20 Days
  • Updated: 24 min ago
  • ID#: 24353087
5
Beds
0
Baths
0
½ Baths
0.16
Acres
2,200
SQFT
$534
$/SQFT
1952
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
Assumable bridge financing available to help buyer through lease-up phase of ownership. We are pleased to offer an excellent opportunity to purchase a fully vacant five-unit apartment building with a stabilized GRM of 8.14 and stabilized cap rate of 7.88%. Two of the units are completely remodeled with modern finishes including hardwood floors and stainless steel appliances. Gated off-street parking and an on-site storage unit is available for each unit. The property is currently striped with 7 parking spaces, has a separate building that includes four storage closets, and has a charming backyard area that can be enjoyed by all residents. If a new owner wanted to add washer and dryer hookups, and AC Units, they might be able to ask as much as $2,407 per month, the Section 8 maximum for 1 bedroom units.Buyer shall determine for themselves how much rent they can obtain from Section 8. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes or potentially more using AB2345 or other affordable city and state laws. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.
Exterior Features

Open Parking Spaces 7 Parking Features GatedPrivateOne Space Parking Total 7

Interior Features

Appliances Gas Oven Cooling None Cooling YN No Interior Features Ceiling Fan(s)

Property Features

Association YN No Cap Rate 7.88 Community Features Gated Gross Income 146800 Laundry Features None Levels One Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 118167 New Construction YN No Property Condition Updated/Remodeled Security Features Gated Community Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 100 Zoning LARD1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-27T12:28:51.17. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Berkshire Hathaway HomeServices California Properties
25909 Pala Dr, Suite 100
Mission Viejo CA, 92691
Listing Agent(s): Oron Maher of Maher Commercial Realty (310-464-1453)