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1301 E 59Th Pl

Los Angeles, CA 90001
  • $1,500,000
  • STATUS: Active
  • ON SITE: 40 days
  • MLS #: 21-726834
$1,500,000
  • 8
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 4,924
    SQFT
  • $305
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1949
County:

School Ratings & Info

Description

We are pleased to present 1301 E 59th Place -a seven (7) unit multifamily investment opportunity located in the Florence-Graham submarket of Los Angeles, CA and built in 1949. This property is not subject to Los Angeles city rent control; however, it is subject to California Assembly Bill 1482(Buyer to Verify). The two (2) story property consists of six (6) One Bedroom / One Bath units and one (1) Two Bedroom/ Two Bath unit that are 100% occupied. The property has been well-maintained and features the following upgrades:Units contain new kitchens with all new appliances along with new fixtures, a new exterior gate, and the entire exterior of the property was just painted. The property has a total of nine (9) parking spots. Situated on a 6,081 SF lot with 4,924 SF of building space, the building offers a spacious amount of room for each unit. The offering is priced at 12.65 GRM and 5.18% CAP, which are attractive rates in this active and emerging market. 1301 E 59th Place will benefit an investor with high returns,room to raise rents by modernizing the interiors, and providing a strong CAP rate and extremely low annual expenses. With historically high rental demand in the Florence Multi-Family submarket of Los Angeles, an investor can benefit from receiving strong rental income from a well-maintained property that provides on-site parking.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-06-12T23:42:42.417. 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/116724664
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1301 E 59Th Pl Los Angeles, CA 90001

  • Price: $1,500,000
  • Status: Active
  • MLS #: 21-726834
8
Beds
0
Baths
0
½ Baths
0.14
Acres
4,924
SQFT
$305
$/SQFT
1949
Built
Neighborhood:
Downtown L.A.
County:
Los Angeles
Area:
Downtown L.A.
Property Description
We are pleased to present 1301 E 59th Place -a seven (7) unit multifamily investment opportunity located in the Florence-Graham submarket of Los Angeles, CA and built in 1949. This property is not subject to Los Angeles city rent control; however, it is subject to California Assembly Bill 1482(Buyer to Verify). The two (2) story property consists of six (6) One Bedroom / One Bath units and one (1) Two Bedroom/ Two Bath unit that are 100% occupied. The property has been well-maintained and features the following upgrades:Units contain new kitchens with all new appliances along with new fixtures, a new exterior gate, and the entire exterior of the property was just painted. The property has a total of nine (9) parking spots. Situated on a 6,081 SF lot with 4,924 SF of building space, the building offers a spacious amount of room for each unit. The offering is priced at 12.65 GRM and 5.18% CAP, which are attractive rates in this active and emerging market. 1301 E 59th Place will benefit an investor with high returns,room to raise rents by modernizing the interiors, and providing a strong CAP rate and extremely low annual expenses. With historically high rental demand in the Florence Multi-Family submarket of Los Angeles, an investor can benefit from receiving strong rental income from a well-maintained property that provides on-site parking.
Exterior Features

Lot Size Area 6081 Other Structures None Parking Garage GatedUncovered Total Parking 9

Interior Features

Baths Total 8.00 Cooling None Equipment Other Heating Wall

Property Features

Assessed Total Value 878047 Gross Income 118548 Gross Operating Income 115019 Like Units1 1 Like Units2 2 Like Units3 3 Like Units4 4 Like Units5 5 Like Units6 6 Net Operating Income 77696.00 Number Of Buildings 2 Number Of Units 7 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 37323 Type Of Units 1+12+2 Year Built Source Assessor Zoning Lcr3yy

Listing provided courtesy of Derrick Vartanian DRE#01816119 of Keller Williams Silicon Beach.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-06-12T23:42:42.417. 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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