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1371 S Cloverdale Ave

Los Angeles, CA 90019
  • $2,150,000
  • STATUS: Active
  • ON SITE: 39 days
  • MLS #: 21-727750
Open House
$2,150,000
  • 11
    BEDS
  • 0.18
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 4,904
    SQFT
  • $438
    $/SQFT
Type:
Multi-Family
Built:
1926
County:

School Ratings & Info

Description

RARE & EXCELLENT IMMEDIATE OPPORTUNITY. DELIVERED AT 5.6% CAP RATE! 5-Unit Remodeled Spanish-Mediterranean style building in Wilshire/Miracle Mile Area. 3 Units (out of 5) Delivered Vacant or Can be Rented by Close (Buyer's Choice). If fully occupied, it will be 5.6% cap rate, with future pro-forma for 7% cap rate. PRIME LOCATION & DESIRABLE NEIGHBORHOOD. Owner has already completed soft-story retrofit of garage. All 2 and 3 bedroom units. Laundry in units. RENT-READY IMMEDIATELY. New low-e windows, updated roof and copper plumbing. All units are Clean/Remodeled, except for unit 1371 (which will be delivered vacant but needs about $40k improvement budget). Very stable, easy to rent area and building. Parking provided for all units. Plus 4 storage unit single car garages. Near shops and cafes on Pico, Miracle Mile, LACMA, Culver City Art District. RARE OPPORTUNITY - CASH OFFERS AND FINANCED OFFERS OK! SEE DOCSMANAGER FOR OFFERING MEMORANDUM AND RENT ROLLS AND EXPENSE SHEET

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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/116774110
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1371 S Cloverdale Ave Los Angeles, CA 90019

  • Price: $2,150,000
  • Status: Active
  • MLS #: 21-727750
11
Beds
0
Baths
0
½ Baths
0.18
Acres
4,904
SQFT
$438
$/SQFT
1926
Built
Neighborhood:
Beverly Center-Miracle Mile
County:
Los Angeles
Area:
Beverly Center-Miracle Mile
Property Description
RARE & EXCELLENT IMMEDIATE OPPORTUNITY. DELIVERED AT 5.6% CAP RATE! 5-Unit Remodeled Spanish-Mediterranean style building in Wilshire/Miracle Mile Area. 3 Units (out of 5) Delivered Vacant or Can be Rented by Close (Buyer's Choice). If fully occupied, it will be 5.6% cap rate, with future pro-forma for 7% cap rate. PRIME LOCATION & DESIRABLE NEIGHBORHOOD. Owner has already completed soft-story retrofit of garage. All 2 and 3 bedroom units. Laundry in units. RENT-READY IMMEDIATELY. New low-e windows, updated roof and copper plumbing. All units are Clean/Remodeled, except for unit 1371 (which will be delivered vacant but needs about $40k improvement budget). Very stable, easy to rent area and building. Parking provided for all units. Plus 4 storage unit single car garages. Near shops and cafes on Pico, Miracle Mile, LACMA, Culver City Art District. RARE OPPORTUNITY - CASH OFFERS AND FINANCED OFFERS OK! SEE DOCSMANAGER FOR OFFERING MEMORANDUM AND RENT ROLLS AND EXPENSE SHEET
Exterior Features

Garage Structures Total 1 Lot Size Area 7834 Other Structures Accessory BldgsAccessory Dwelling Unit Parking Garage AssignedTandemParking Space Style Mediterranean Total Parking 8 View Description None View YN No

Interior Features

Baths Total 8.00 Common Walls Attached Cooling Wall/Window Equipment Range/Oven Fireplace Rooms None Flooring Hardwood Heating Wall Laundry In UnitInside

Property Features

Assessed Total Value 708167 Gross Income 158220 Gross Operating Income 153473 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Like Units5 1 Net Operating Income 119398.00 Number Of Buildings 2 Number Of Units 5 Rent Control YN Yes Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 34075 Type Of Units 5-Plex Year Built Source Vendor Enhanced Zoning Lard2

Listing provided courtesy of Rachel Hsieh DRE#01913428 of Keller Williams Realty Los Feliz.


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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