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714 College Street
Los Angeles, CA 90012
Sold
714 College Street
Los Angeles, CA 90012
Sold
First time on the market in over 40 years, this property presents a tremendous investment opportunity with the potential for significant value appreciation. The current owners have generously kept rents low for their long-term tenants, providing a savvy investor the chance to reposition the property and capture almost three times the current rental income as tenants vacate. Mostly in its original condition, this building offers ample potential for strategic renovations and modernizations over time. Ideally situated in the Chinatown neighborhood, 714 W College Ave is just minutes from Downtown Los Angeles. Located between the 101 and 110 Freeways and close to Union Station, it boasts seamless connectivity to various parts of the city and easy access to major employment centers. Additionally, it's a short drive from L.A. Live, the LA Convention Center, Crypto.com Arena, and Dodger Stadium. According to LADBS, this property does not require an earthquake soft story retrofit (Buyer to Verify), which eliminates a potentially costly and complex burden, allowing the buyer to focus on capital improvements that will directly increase rental income. The property also features tuck-under parking accessible via College Street, with space for seven vehicles, and access from both College St and New Depot Street, providing convenient access for tenants regardless of their unit location. This well-located property with tremendous upside potential offers a compelling opportunity for investors with a long-term perspective.
PROPERTY INFORMATION
| MLS # | 24420861 | Lot Size | 5,588 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 1,100,000
Price Per SqFt: $ 190 |
DOM | 326 Days |
| Address | 714 College Street | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 5,803 Sq. Ft. |
| Postal Code | 90012 | Garage | N/A |
| County | Los Angeles | Year Built | 1971 |
| Bed / Bath | 15 / 0 | Parking | 7 |
| Built In | 1971 | Status | Closed |
| Sold Date | 2024-08-22 |
INTERIOR FEATURES
| Has Appliances | Yes |
| Has Heating | No |
| Heating Information | None |
| Has Cooling | No |
| Cooling Information | None |
EXTERIOR FEATURES
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $1,173
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 07/29/2024 | Listed | $1,100,000 |
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Listing provided courtesy of Saadia 'Sam' Liberow, Marcus & Millichap. 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.
