Address
1216 W Court Street Los Angeles, CA
Price
$ 3,600,000
Property Attributes
  • MLS#21101595
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaSilver Lake - Echo Park
  • Zip90026
  • Style
  • Price$ 3,600,000
  • Bedrooms20
  • Full Bathrooms20
  • Half Bathrooms0
  • Sqr Footage10480
  • Lot Size7,292 SqFt
Listing Provided Courtesy Of:
Neema Ahadian with Marcus & Millichap
Data Source:
Combined LA/Westside MLS (CLAW) - 318 - CA
Property Description

Built in 1927, this property is made up of 20 singles located minutes from Downtown Los Angeles in the Greater Echo Park Elysian neighborhood of Los Angeles with easy access to the 110 and 101 Freeways. This is an ideal investment opportunity located in a rapidly gentrifying submarket of Los Angeles with strong cash flow at a 4.74% CAP rate on current income with additional 20% rental upside when units turn. With strong in-place cash flow and opportunistic financing, there is a strong projected cash on cash return of 8.0% on the current income at the asking price.1216 W Court St. is a well-kept building with minimal deferred maintenance allowing an investor to continue to add value through the focus of interior renovations for the remaining unrenovated units. Since 2016, ownership has completed approximately $250,000 in capital expenditures in common area and interior unit renovations. The pro forma rents of $1,350 are proven as the recently rented units have achieved that rental rate. Additionally, there is a RUBS program in-place to reimburse the landlord of water, sewage and trash expenses as well as monthly cap ex reimbursements for common area improvements. The property features a private wood sundeck spanning the length of the buildings rear. The units are separately metered for gas & electric and have upgraded electrical. Furthermore, there is laundry facility on-site with two washers and two dryers providing additional monthly income. The Westlake area is rapidly gentrifying and experiencing an influx of new developments, including five recent projects within walking distance of the subject property. Court Street is close to the local bus lines and Metro Red, Purple, A, and E Lines, allowing for a fast commute to many neighborhoods in Los Angeles. With its close proximity to schools, transit, and shopping, this location makes it convenient for residents to commute through the city even without a vehicle. South Park is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles.

Price History
11/3/2021 Listed $3,600,000

General Features

Appliances Disposal, Refrigerator
Heating Natural Gas
Interior Features Ceiling Fan(s)
Listing Agent Neema Ahadian - BRE#01346750
Listing Agent State License 01346750
Lot Size Square Feet 7292
MLS Area C21 - Silver Lake - Echo Park
Property Type Residential Income
Senior Community Y/N No
Special Listing Conditions Standard
Status Active
Total Units 20
Zoning LACW

Interior Features

Heating Y/N Yes

Exterior Features

Lot Size Acres 0.17
Lot Size Area 7292
Lot Size Units Square Feet
Number of Buildings 1
Parking Features None

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 90026

Price
AVG $1.71M
$3.6M
Visits
AVG 24
1
Year Built
AVG 1930
1927
Walkscore
AVG 84
72
Data Provided by Walkscore ® not using MLS data

Looking for a more comfortable experience?

Download our mobile app for a personalized browsing experience.

Areas We Cover