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1040 Lake Street
Los Angeles, CA 90006
Sold
We are delighted to introduce Lake Street, an Excellent Value Add Opportunity! Five units will be unoccupied at close, while immediate rent increases can be implemented for the remaining three units, creating the ideal scenario to achieve market rents. With a current Cap. Rate just under 6% and a Market Cap. Rate of over 8%, an astute investor will realize the potential to turn this property into a turn-key asset with strong cash-on-cash returns. The units offer spacious floorplans which provide the ideal foundation for updated and modern renovations. The current owners built the property which consists of four large three-bedroom, two-bath units and four large two-bedroom, two-bath units with eleven parking spaces in an enclosed gate. Other highlights include a laundry room, newer roof, and the potential to add an ADU for additional income. The building is not identified in the Los Angeles RSO and is excluded from the LADBS Soft-story retrofitting program.
PROPERTY INFORMATION
| MLS # | PW23204104 | Lot Size | 7,609 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Apartment |
| Price | $ 2,395,000
Price Per SqFt: $ 324 |
DOM | 549 Days |
| Address | 1040 Lake Street | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 7,392 Sq. Ft. |
| Postal Code | 90006 | Garage | N/A |
| County | Los Angeles | Year Built | 1988 |
| Bed / Bath | 5 / 0 | Parking | 11 |
| Built In | 1988 | Status | Closed |
| Sold Date | 2024-03-26 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Community |
| EntryLocation | / |
| Entry Level | 1 |
EXTERIOR FEATURES
| Has Pool | No |
| Pool | None |
WALKSCORE
Walk Score: 94 (Walker's Paradise)
Transit Score: 80 (Excellent Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,555
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 03/26/2024 | Sold | $2,250,000 |
| 03/01/2024 | Active Under Contract | $2,395,000 |
| 12/11/2023 | Relisted | $2,650,000 |
| 12/11/2023 | Active Under Contract | $2,650,000 |
| 11/02/2023 | Listed | $2,650,000 |
Topfind Realty
REALTOR®
(844)-333-8033
Questions? Contact today.
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Listing provided courtesy of Christopher Walker, Triqor Group. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
