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115 E 31St St

Los Angeles, CA 90011
  • $1,200,000
  • STATUS: Active
  • ON SITE: 18 Days
  • MLS #: 21-100353
Price Reduced
UPDATED: 81 min ago
$1,200,000
  • 7
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,420
    SQFT
  • $351
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1984
County:

School Ratings & Info

Description

Fully remodeled and clean three-unit building, with ready to issue permits for a 4th ADU garage conversion. Built in 1984 which means this property does NOT fall under LA's rent stabilization ordinance and you can raise rent 5% a year + CPI, or over a 10% rental increase once COVID restrictions are lifted. Pro Forma 5.8% cap rate after ADU is complete. The front unit is a large (approx 1,200 sq ft) 3 bed/1 bath leased for $2,790. Unit B is a 2 bed/1 bath leased for $1,795, fully remodeled. Unit C is a remodeled 2 bed/1 bath currently rented for $1,790. On top of that, permits are ready to convert the garage into a legal studio/4th unit. RTI permits sold with property. All you need to do is pull the permits and start construction! All units remodeled with high-quality floors, appliances, and finishes. There on-site parking for each unit, and laundry inside each unit. Close to DTLA, USC, Fashion District, and lots of new development. This is one is a no-brainer! Owner is motivated, make all offers.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-23T23:42:24.28. 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/124450735
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115 E 31St St Los Angeles, CA 90011

  • Price: $1,200,000
  • Status: Active
  • On Site: 18 Days
  • Updated: 81 min ago
  • MLS #: 21-100353
7
Beds
0
Baths
0
½ Baths
0.14
Acres
3,420
SQFT
$351
$/SQFT
1984
Built
Neighborhood:
Downtown L.A.
County:
Los Angeles
Area:
Downtown L.A.
Property Description
Fully remodeled and clean three-unit building, with ready to issue permits for a 4th ADU garage conversion. Built in 1984 which means this property does NOT fall under LA's rent stabilization ordinance and you can raise rent 5% a year + CPI, or over a 10% rental increase once COVID restrictions are lifted. Pro Forma 5.8% cap rate after ADU is complete. The front unit is a large (approx 1,200 sq ft) 3 bed/1 bath leased for $2,790. Unit B is a 2 bed/1 bath leased for $1,795, fully remodeled. Unit C is a remodeled 2 bed/1 bath currently rented for $1,790. On top of that, permits are ready to convert the garage into a legal studio/4th unit. RTI permits sold with property. All you need to do is pull the permits and start construction! All units remodeled with high-quality floors, appliances, and finishes. There on-site parking for each unit, and laundry inside each unit. Close to DTLA, USC, Fashion District, and lots of new development. This is one is a no-brainer! Owner is motivated, make all offers.
Exterior Features

Garage Structures Total 1 Lot Size Area 6283 Other Structures Other Parking Garage Gated Total Parking 5

Interior Features

Baths Total 3.00 Common Walls Attached Cooking Appliances Oven-Gas Cooling None Equipment Gas Dryer HookupRange/OvenRefrigeratorCableHood Fan Heating Wall Gas Laundry In Unit Laundry Equipment Own

Property Features

Assessed Total Value 690373 Gross Income 89820 Gross Operating Income 89820 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Net Operating Income 69240.00 Number Of Buildings 1 Number Of Units 4 Sale Type Standard Source Living Area Other Source Lot Size Area Vendor Enhanced Total Annual Expense 20400 Type Of Units Apartments Year Built Source Vendor Enhanced Zoning Lard1.5

Listing provided courtesy of Oron Maher DRE# of Maher Commercial Realty.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-23T23:42:24.28. 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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