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552 40th Place
Los Angeles, CA 90037
Sold
Assumable bridge financing available to help buyer through lease-up phase of ownership. We are pleased to offer an excellent opportunity to purchase a fully vacant five-unit apartment building with a stabilized GRM of 8.14 and stabilized cap rate of 7.88%. Two of the units are completely remodeled with modern finishes including hardwood floors and stainless steel appliances. Gated off-street parking and an on-site storage unit is available for each unit. The property is currently striped with 7 parking spaces, has a separate building that includes four storage closets, and has a charming backyard area that can be enjoyed by all residents. If a new owner wanted to add washer and dryer hookups, and AC Units, they might be able to ask as much as $2,407 per month, the Section 8 maximum for 1 bedroom units.Buyer shall determine for themselves how much rent they can obtain from Section 8. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes or potentially more using AB2345 or other affordable city and state laws. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.
PROPERTY INFORMATION
| MLS # | 24353087 | Lot Size | 6,752 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 1,175,000
Price Per SqFt: $ 534 |
DOM | 454 Days |
| Address | 552 40th Place | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 2,200 Sq. Ft. |
| Postal Code | 90037 | Garage | N/A |
| County | Los Angeles | Year Built | 1952 |
| Bed / Bath | 5 / 0 | Parking | 7 |
| Built In | 1952 | Status | Closed |
| Sold Date | 2024-04-03 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | None |
| Has Appliances | Yes |
| Kitchen Appliances | Gas Oven |
| Has Cooling | No |
| Cooling Information | None |
| InteriorFeatures Information | Ceiling Fan(s) |
| SecuritySafety | Gated Community |
EXTERIOR FEATURES
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $1,253
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 02/06/2024 | Listed | $1,175,000 |
Topfind Realty
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(844)-333-8033
Questions? Contact today.
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Listing provided courtesy of Oron Maher, Maher Commercial Realty. 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.
