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Levon Arzumanyan

levon.a@theagencyre.com +1(213) 414-8088

$ 2,750,000

Est. payment -/mo

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Active

1532 S Wilton PL Los Angeles, CA 90019

28 Beds

14 Baths

9,916 SqFt

UPDATED:

09/30/2024 06:38 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 9,916 sqft

Price per Sqft $277

MLS Listing ID 24419799

Bedrooms 28

HOA Y/N No

Year Built 1960

Lot Size 0.302 Acres

Acres 0.3021

Property Description

HUGE PRICE IMPROVEMENT & PRICED TO SELL! Bring all offers! 14 existing units in prime Mid City LA, all 2 Bed/1 Bath with 14 on-site parking spaces, and being offered at a low $196k per door and $277 per foot! The property will be delivered with RTI's and approved plans by the City of LA to begin building (2) ADU's in the back, which would turn the building into 16 units and add substantial income, all while still having plenty of on-site tenant parking spaces post-ADU completion. Opportunity to make it $171k per door post-ADU completion. In place 11.06 GRM on current rents with the upside to a 5.54 GRM, and a 5.61% cap rate on current rents and T12 actual expenses, with the upside to a 13.84% cap rate. 8.83 GRM and 7.53% cap rate after ADU completion, assuming all other rents remain the same. Some highlighted features include brand new electrical subpanels in all units, both roofs were replaced in 2017 and done with permits, EQ seismic retrofit work has been completed, copper plumbing, brand-new laundry room with new owner-owned washer & dryer machines (NO leases), new master water heaters, and EQ shut off valves have been installed on the gas meters. Some tenants are on RUBS for utility reimbursements to lower operating costs, and the building is separately metered for both gas & electricity. There's 95% rental upside for the next owner to achieve, and approximately 65% rental upside after ADU's are completed and assuming all other rents stay the same. There's everything to love about this prime and central Mid City location as it borders West Adams, Koreatown and Downtown Los Angeles and Pico Union, and is just blocks away from Country Club Park!

Location

State CA

County Los Angeles

Area C16 - Mid Los Angeles

Zoning LAR3

Rooms

Ensuite Laundry Common Area

Interior

Interior Features Ceiling Fan(s)

Laundry Location Common Area

Heating Wall Furnace

Fireplaces Type None

Fireplace No

Appliance Dishwasher, Disposal, Microwave, Refrigerator, Dryer, Washer

Laundry Common Area

Exterior

Garage Assigned, Covered, Driveway, One Space

Community Features Gated

Parking Type Assigned, Covered, Driveway, One Space

Total Parking Spaces 14

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5073005012

Security Features Gated Community

Financing Cash

Special Listing Condition Standard

Listed by Jonathan Rawson • Avenue Realty Group

Levon Arzumanyan

Director, Estates Division | License ID: 01836944

+1(213) 414-8088

Levon Arzumanyan

1532 S Wilton PL Los Angeles, CA 90019

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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1532 S Wilton PL