974 W Kensington Road
Los Angeles
90026
$2,750,000
Residential Income
baths: 0.0
built: 1961
- Status:
- Active
- Prop. Type:
- Residential Income
- MLS® Num:
- P1-13746
- Year Built:
- 1961
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The property is located on a quiet street in Angelino Heights adjacent to Echo Park and Dodger Stadium.Easy commute to Downtown LA, Hollywood and the Miracle Mile. Close to shopping, restaurants andentertainment. Vintage 60's vibe and design with solid wood cabinets, wall heaters and individual wall A/Cunits. Building is well maintained but retains the original 60's ambiance.The property is subject to the LA Rent Stabilization Ordinance. Which in conjunction with COVIDrestrictions has resulted in rents well below market.The property has been managed by the owner who resides nearby and takes pride in the property, however,maximizing rents has not been a priority. Significant management upside when COVID restrictions expire. Rents are currently below market, however, the moratorium on rental increases is currently expected to expire in January of 2024. Market rents are estimated to be $1,850/ mo. in as-is condition. Rent Comparable Properties indicate that rents for one bedroom units average just over $2,250 with a high of $3,275 in the market area. Thus upgrading the units should result in additional upside to the rents. Gross Income, Expenses, NOI and Cap Rate reflect estimated market rents and expenses. Rent collected in 2021 was $115,387.This is a great opportunity for either a first time orexperienced multi-family investor to acquire a fairlypriced, well located property with the potential forsignificant upside in rent and value.Drive by only. Please do not enter the property or otherwise disturbthe tenants.Please submit all offers for consideration by the Seller.
- Home Style:
- Mid-Century Modern
- Property Sub Type:
- Apartment
- Property Attached:
- Yes
- Lot Area:
- 9,377 sq. ft.
- Bathrooms:
- 0.0 (Full:-, Half:-)
- Year built:
- 1961 (Age: 62)
- General Listing Location:
- 1961 (Age: 62)
- County Or Parish:
- Los Angeles
- Tenant Pays:
- Electricity, Gas
- Gross Income:
- 222000.0
- Gross Scheduled Income:
- 222000.0
- Net Operating Income:
- 152252.0
- Cap Rate %:
- 5.55
- Rent Control:
- Yes
- Association Fee:
- 0.0
- Land Lease:
- No
- Electric Expense:
- 0.0
- Fuel Expense:
- 0.0
- Insurance Expense:
- 0.0
- Operating Expense:
- 64978.0
- Trash Expense:
- 0.0
- Water and Sewer Expense:
- 0.0
- Vacancy Allowance:
- 2.0
- Tax Lot:
- 1
- South of Sunset Blvd.
- View:
- None
- Inclusions:
- 10 stoves, 10 refrigerators and coin operated washer and dryer.
- Appliances:
- Gas Oven, Gas Range, Gas Water Heater, Refrigerator
- Number of Buildings:
- 1
- # of Electric Meters:
- 10
- # of Gas Meters:
- 10
- # of Water Meters:
- 0
- Community Features:
- Curbs
- Senior Community:
- No
- Interior Features:
- Ceiling Fan(s), Ceramic Counters
- Laundry Features:
- Common Area
- Pool Features:
- None
- Private Pool:
- No
- Spa Features:
- None
- Lot Features:
- Garden
- Fireplace Features:
- None
- Subdivision Name:
- Not Applicable
- Fronting on:
- Southwest
- Levels:
- Two
- Num Stories:
- 2
- Entry Level:
- 1
- Entry Location:
- ground floor and stairs to second floor.
- Construction Materials:
- Drywall, Plaster, Stucco, Copper Plumbing
- New Constr.:
- No
- Flooring:
- Carpet, Vinyl
- Foundation:
- Slab
- Roof:
- Membrane, Mixed, Shingle
- Common Walls:
- 2+ Common Walls
- Heating:
- Wall Furnace
- Fireplace:
- No
- Cooling:
- Electric, Wall/Window Unit(s)
- Utilities:
- Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
- Electricity:
- Standard
- Water supply:
- Public
- Sewer:
- Sewer Tap Paid
- Spa:
- No
- Road Frontage Type:
- City Street
- Road Surface Type:
- Paved
- Garage Spaces:
- 0
- Uncovered Spaces:
- 8
- Carport Spaces:
- 2
- Total Parking Spaces:
- 10
- Parking Features:
- Attached Carport, Assigned, On Site, Off Street, Uncovered
- Special Listing Conditions:
- Standard, Trust
- Parcel Number:
- 5405004016
- Zoning:
- LARD2
-
IMG_0592
Listed by Dilbeck Real Estate
Data was last updated June 10, 2023 at 10:40 PM (UTC)
- BILLY LONG
- 1 (310) 663-1177
- Contact by Email
Based on information from California Regional Multiple Listing Service, Inc. as of June 10, 2023 at 10:40 PM (UTC) and/or other sources.
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.