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    1214 S Lake Street

    Los Angeles (City), CA 90006
    • $5,395,000
    • STATUS: Active
    • ON SITE: 120 days
    • ID#: 20669164
    UPDATED: 19 min ago
    $5,395,000
    • 0
      BEDS
    • 0.19
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 20,460
      SQFT
    • $264
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1914
    County:

    School Ratings & Info

    Description

    Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown. The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn.Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $145,811 per unit and $264 per square foot.1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint... etc

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-11T08:24:53.98. 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 Realty Masters & Associates. Licensed in the State of California, USA.
    www.mckeeregroup.com/homes/112540190
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    1214 S Lake Street Los Angeles (City), CA 90006

    • Price: $5,395,000
    • Status: Active
    • Updated: 19 min ago
    • ID#: 20669164
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.19
    Acres
    20,460
    SQFT
    $264
    $/SQFT
    1914
    Built
    Neighborhood:
    C42 - Downtown L.A.
    County:
    Los Angeles
    Area:
    C42 - Downtown L.A.
    Property Description
    Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown. The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn.Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $145,811 per unit and $264 per square foot.1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint... etc
    Exterior Features

    Lot Size Units Square Feet Parking Features None Parking YN No

    Interior Features

    Appliances Disposal Appliances YN Yes Cooling Wall/Window Unit(S) Cooling YN Yes Flooring Wood Heating Wall Furnace Heating YN Yes

    Property Features

    Country Us Gross Income 411312.00 Gross Multiplier 13.32 Gross Operating Income 412915.00 Net Operating Income 205366.00 Senior Community YN No Special Listing Conditions Standard Total Expenses 186903.00 Zoning R4-1-Hpoz

    Listing provided courtesy of Neema Ahadian of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-04-11T08:24:53.98. 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 Realty Masters & Associates. Licensed in the State of California, USA.
     
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