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316 N Bixel Street

Los Angeles (City), CA 90026
  • $1,750,000
  • STATUS: Active
  • ON SITE: 3 Days
  • ID#: 21107301
New On Site 3 Days Ago
UPDATED: 30 min ago
$1,750,000
  • 0
    BEDS
  • 0.08
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1910
County:

School Ratings & Info

Listing provided courtesy of Bryan Glenn of Kidder Mathews Of California, Inc.

Description

This is an excellent opportunity to purchase a renovated, 8-unit multifamily asset adjacent to Downtown Los Angeles at the intersection of Historic Filipinotown, Echo Park and City West.The classic, two-story property features a well-maintained woodframe and stucco building with vintage, character architecture. The property includes a mix of one-bedroom and studio units. Six of the eight units have been fully remodeled and are achieving strong rents. The two unrenovated units are well below the current market rent and will allow for steady increases or a large increase in income when those units vacate. As an investment, the property is offered at an attractive going-in Cap Rate with over 25% remaining upside. The property was recently repainted with character accents throughout. The common area floors and light fixtures were all upgraded while preserving the character of the Property. The six renovated units feature newer, modern flooring, new paint, fully remodeled kitchens and bathrooms, and upgraded electrical. The property also features a spacious upstairs, outdoor terrace available to the tenants for their use. The property is separately metered for gas and electric and master metered for water. There are individual water heaters for each apartment, and there is also coin-operated laundry on-site. There is no on-site parking so the tenants utilize street parking.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-11-26T18:26:17.017. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
www.themarellygroup.com/homes/123494521
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316 N Bixel Street Los Angeles (City), CA 90026

  • Price: $1,750,000
  • Status: Active
  • On Site: 3 Days
  • Updated: 30 min ago
  • ID#: 21107301
0
Beds
0
Baths
0
½ Baths
0.08
Acres
1910
Built
Neighborhood:
C21 - Silver Lake - Echo Park
County:
Los Angeles
Area:
C21 - Silver Lake - Echo Park
Property Description
This is an excellent opportunity to purchase a renovated, 8-unit multifamily asset adjacent to Downtown Los Angeles at the intersection of Historic Filipinotown, Echo Park and City West.The classic, two-story property features a well-maintained woodframe and stucco building with vintage, character architecture. The property includes a mix of one-bedroom and studio units. Six of the eight units have been fully remodeled and are achieving strong rents. The two unrenovated units are well below the current market rent and will allow for steady increases or a large increase in income when those units vacate. As an investment, the property is offered at an attractive going-in Cap Rate with over 25% remaining upside. The property was recently repainted with character accents throughout. The common area floors and light fixtures were all upgraded while preserving the character of the Property. The six renovated units feature newer, modern flooring, new paint, fully remodeled kitchens and bathrooms, and upgraded electrical. The property also features a spacious upstairs, outdoor terrace available to the tenants for their use. The property is separately metered for gas and electric and master metered for water. There are individual water heaters for each apartment, and there is also coin-operated laundry on-site. There is no on-site parking so the tenants utilize street parking.
Exterior Features

Parking Features None Parking Total 0

Interior Features

Appliances DisposalMicrowaveRefrigerator Interior Features Ceiling Fan(S)

Property Features

Association Fee 0 Disclosures Listing Broker AdvantageRent Control Gross Income 118213 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 72926 New Construction YN No Rent Control YN Yes Senior Community YN No Special Listing Conditions Standard Total Actual Rent 118213 Vacancy Allowance Rate 0 Zoning Lacw



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-11-26T18:26:17.017. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
 
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The Marelly Group | Sentry Residential
5256 South Mission Rd, Suite 1006
Bonsall CA, 92003
Listing provided courtesy of Bryan Glenn of Kidder Mathews Of California, Inc.