$4,000,000
1984 Park Grove Avenue, Los Angeles 90007
1
Bed
2
Baths
14,549
Square feet
5,941
Lot Size
26
# Of Units
Listing Agent
Jonathan Rawson - Avenue Realty GroupTWO WEEK CALL FOR OFFERS! LARGE PRICE ADJUSTMENT WITH NEW & IMPROVED METRICS! BRING ALL OFFERS! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber's! Great price per door of $153K. In-place GRM of 8.22 with the upside to a 5.67 GRM, and an in-place cap rate of 8.02% with the upside to a 12.62% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There's a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated and done with permits, in addition to extensive plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU's/units (no in-place permits or RTI's), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!
Facts & Features
MLS® # | 24350759 |
---|---|
Price | $4,000,000 |
Bedrooms | 1 |
Bathrooms | 2.00 |
Square Footage | 14,549 |
Lot Size | 5,941 |
Year Built | 1912 |
Type | Residential Income |
Status | Active |
# Of Units | 26 |
Community Information
Address | 1984 Park Grove Avenue |
---|---|
Area | C42 - Downtown L.A. |
City | Los Angeles |
County | Los Angeles |
Zip Code | 90007 |
Amenities
Parking | None |
---|---|
Garages | None |
Is Waterfront | No |
Has Pool | No |
Interior
Appliances | Dryer, Washer |
---|---|
Heating | Wall Furnace |
Has Basement | No |
Fireplace | No |
Fireplaces | None |
# of Stories | 3 |
Stories | Multi/Split |
Additional Information
Date Listed | January 23rd, 2024 |
---|---|
Days on Market | 103 |
Zoning | LARD1.5 |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Jonathan Rawson |
---|---|
Office | Avenue Realty Group |