206 E Avenue 40, Los Angeles, CA 90031
206 E Avenue 40, Los Angeles, CA 90031
206 E Avenue 40, Los Angeles, CA 90031
206 E Avenue 40, Los Angeles, CA 90031
206 E Avenue 40, Los Angeles, CA 90031
206 E Avenue 40, Los Angeles, CA 90031
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Nicole Garza

Nicole Garza

+1(210) 843-8208
$ 865,000
Est. payment | /mo

7 Beds

7 Baths

2,864 SqFt

Save
$ 865,000
Est. payment | /mo
Save

7 Beds

7 Baths

2,864 SqFt

Key Details

Property Type Single Family Home

Listing Status Pending

Purchase Type For Sale

Square Footage 2,864 sqft

Price per Sqft $302

MLS Listing ID 26662129

Bedrooms 7

Construction Status Additions/Alterations,Updated/Remodeled

HOA Y/N No

Year Built 1921

Lot Size 7,501 Sqft

Property Description

We are pleased to present Avenue 40 Apartments located at 206 E. Avenue 40 in Los Angeles. The property is located on a quiet residential street nestled between Cypress Park and Highland Park. The charming seven unit complex was originally constructed in 1921 and had a major renovation in 2011. Significant upgrades were completed to the plumbing and electrical systems. New roofs were installed on three of the bungalows. Further, 206, 206 , and 208 have had major remodels since that time when the units became vacant. Total capex exceeds $150,000. The 2,864 SF property is comprised of six x studio/one bath, and one x one bedroom/one bath detached bungalows. There are individual water heaters (5 are tankless) and the property is separately metered and ownership only pays for water and sewer. The property is subject to city of Los Angeles Rental Stabilization Ordinance. Highland Park has enjoyed a renaissance over the last decade as a hip place to live. New restaurants and shopping have created a local economic engine, driving up property values and rents. The property is ideally situated to take advantage of the local burgeoning economy, and also has easy access to I-110 and I-5. Further, Metro's Heritage Square A Line station is less than a 10 minute walk from the property. The offering is an ideal opportunity for an investor to take advantage of a turnkey bungalow property. The property is 100% occupied. Priced at a 6.54% CAP upon acquisition, and major capital expenditures completed, this is an excellent low maintenance opportunity with approximately 40% rental upside.

Location

State CA

County Los Angeles

Area 677 - Lincoln Hts

Zoning LARD2

Interior

Cooling Wall/Window Unit(s)

Fireplace No

Appliance Oven, Refrigerator

Laundry None

Exterior

Parking Features Driveway

Pool None

Total Parking Spaces 1

Private Pool No

Building

Story 1

Entry Level One

Sewer Other

Architectural Style Bungalow

Level or Stories One

New Construction No

Construction Status Additions/Alterations,Updated/Remodeled

Others

Senior Community No

Tax ID 5451002005

Security Features Carbon Monoxide Detector(s),Smoke Detector(s)

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Robert Leveen Robert Leveen #01476685

NEARBY SCHOOL & BUSINESS

Nicole Garza

+1(210) 843-8208

ngarzarealtor@gmail.com

Mobile Office, United States

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206 E Avenue 40