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1026 W 22ND St

Los Angeles, CA 90007
  • $3,650,000
  • STATUS: Active Under Contract
  • ON SITE: 11 Days
  • MLS #: 22-118141
Under Contract
UPDATED: 78 min ago
$3,650,000
  • 18
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 12,315
    SQFT
  • $296
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1911
County:

School Ratings & Info

Description

This North University Park 18 unit apartment building is located within the USC patrol zone and shuttle service. It is a blend of 50% USC student housing and 50% standard rentals. There is stabilized income yet incredible upside potential through rental appreciation, enhanced student housing strategy, expense efficiencies and additional pass throughs and intelligent building capex improvements to minimize maintenance and repairs over time. This is a master metered building and relies on street parking. Nine singles and nine 1+1 units, all with high ceilings and historical charm. 15 of 18units have been fully or partially renovated. A new roof was installed in 2016, security cameras throughout, new electric wiring and main panel, common areas updated in2013, retrofitted in 2013 and generally well maintained. Laundry is leased on a shared revenue month to month agreement and benefits from a new credit card payment system which is producing month over month income increases. Unit 19 enjoys unobstructed views of Downtown LA and is newly vacant ready for strategic repositioning. There is a small cellular tower on the roof owned/operated by Crown Castle. The cell tower includes additional income potential (50% to C.C. 50% to property owner) for any future rooftop rent generated by C.C.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-24T11:42:31.283. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchdesertrealestate.com/homes/124692415
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1026 W 22ND St Los Angeles, CA 90007

  • Price: $3,650,000
  • Status: Active Under Contract
  • On Site: 11 Days
  • Updated: 78 min ago
  • MLS #: 22-118141
18
Beds
0
Baths
0
½ Baths
0.14
Acres
12,315
SQFT
$296
$/SQFT
1911
Built
Neighborhood:
Downtown L.A.
County:
Los Angeles
Area:
Downtown L.A.
Property Description
This North University Park 18 unit apartment building is located within the USC patrol zone and shuttle service. It is a blend of 50% USC student housing and 50% standard rentals. There is stabilized income yet incredible upside potential through rental appreciation, enhanced student housing strategy, expense efficiencies and additional pass throughs and intelligent building capex improvements to minimize maintenance and repairs over time. This is a master metered building and relies on street parking. Nine singles and nine 1+1 units, all with high ceilings and historical charm. 15 of 18units have been fully or partially renovated. A new roof was installed in 2016, security cameras throughout, new electric wiring and main panel, common areas updated in2013, retrofitted in 2013 and generally well maintained. Laundry is leased on a shared revenue month to month agreement and benefits from a new credit card payment system which is producing month over month income increases. Unit 19 enjoys unobstructed views of Downtown LA and is newly vacant ready for strategic repositioning. There is a small cellular tower on the roof owned/operated by Crown Castle. The cell tower includes additional income potential (50% to C.C. 50% to property owner) for any future rooftop rent generated by C.C.
Exterior Features

Lot Size Area 6211 Other Structures None Parking Garage None Total Parking 0 View Description City View YN Yes

Interior Features

Baths Total 18.00 Cooling None Equipment RefrigeratorRange/Oven Flooring Laminate Heating Wall Gas Laundry Equipment Lease Water Heater Features Central Water HeaterGas

Property Features

Assessed Total Value 1746285 Entry Floor Number 1 Gross Income 279917 Gross Operating Income 278519 Like Units1 9 Like Units2 9 Net Operating Income 143469.00 Number Of Buildings 1 Number Of Units 18 Owner Pays GasWaterOtherGardenerElectricity Property Condition FixerRepair Cosmetic Rent Control YN Yes Sale Type Standard Security Features Fire And Smoke Detection SystemFire SprinklersSmoke DetectorResident ManagerWindow BarsCarbon Monoxide Detector(S) Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Tenant Pays Electricity Total Annual Expense 135050 Type Of Units Apartment Year Built Source Vendor Enhanced Zoning Lard1.5

Listing provided courtesy of Amanda Robertson DRE#01405403 of Amanda Robertson.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-24T11:42:31.283. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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