$ 1,685,000
1329 2nd AVE Los Angeles, CA 90019
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$ 1,685,000
Est. payment /mo
New
1329 2nd AVE Los Angeles, CA 90019
8 Beds
6 Baths
5,824 SqFt
UPDATED:
11/25/2024 11:50 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,824 sqft
Price per Sqft $289
MLS Listing ID 24466229
Bedrooms 8
HOA Y/N No
Year Built 1906
Lot Size 7,501 Sqft
Property Description
Daniel Hirth and Alex Reyhan of The Hirth Group are excited to present the exclusive opportunity to acquire 1329 2nd Avenue, a rare six-unit multifamily property in the vibrant and rapidly evolving Arlington Heights submarket of Los Angeles. This investment gem offers not only immediate cash flow but also substantial upside through renovation and re-tenanting. Situated on a 7,500 square-foot lot, this well-maintained asset features two separate buildings that span a total of approx. 5,824 square feet. The front building is a quadruplex with four distinct units, while the rear structure is a duplex with two units. The current unit mix includes two 2-bedroom, 1-bath units and four 1-bedroom, 1-bath units, two of which have been upgraded to 2-bedroom, 1-bath layouts, providing versatility and potential for higher rents. With six private parking garages, the property offers a competitive edge in an area where parking is a coveted amenity. 1329 2nd Avenue is a compelling investment for those seeking both stability and a value-add component. Currently delivering a strong return of 5.85% at a 12.62 GRM, with tremendous upside potential upon re-tenanting after renovation, this multifamily asset has the ability to perform at a projected 8.33% CAP rate and an attractive 9.24 GRM.As an added advantage, the unit conversions (from 1-bedroom to 2-bedroom layouts) were completed without permits, offering savvy investors the flexibility to formalize these changes with permits, reconfigure to original specifications, or even explore further development options, subject to local zoning regulations.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LARD1.5
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Disposal, Refrigerator
Exterior
Garage Private
Total Parking Spaces 6
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5072036019
Security Features Window Bars
Special Listing Condition Standard
Listed by Daniel Hirth • KW Advisors