Address
1301 E 59Th Place Los Angeles, CA
Price
$ 1,500,000
Property Attributes
  • MLS#21726834
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaDowntown L.A.
  • Zip90001
  • Style
  • Price$ 1,500,000
  • Bedrooms33
  • Full Bathrooms33
  • Half Bathrooms0
  • Sqr Footage4924
  • Lot Size6,081 SqFt
Listing Provided Courtesy Of:
Derrick Vartanian with Keller Williams Silicon Beach
Data Source:
Combined LA/Westside MLS (CLAW) - 318 - CA
Property Description

We are pleased to present 1301 E 59th Place -a seven (7) unit multifamily investment opportunity located in the Florence-Graham submarket of Los Angeles, CA and built in 1949. This property is not subject to Los Angeles city rent control; however, it is subject to California Assembly Bill 1482(Buyer to Verify). The two (2) story property consists of six (6) One Bedroom / One Bath units and one (1) Two Bedroom/ Two Bath unit that are 100% occupied. The property has been well-maintained and features the following upgrades:Units contain new kitchens with all new appliances along with new fixtures, a new exterior gate, and the entire exterior of the property was just painted. The property has a total of nine (9) parking spots. Situated on a 6,081 SF lot with 4,924 SF of building space, the building offers a spacious amount of room for each unit. The offering is priced at 12.65 GRM and 5.18% CAP, which are attractive rates in this active and emerging market. 1301 E 59th Place will benefit an investor with high returns,room to raise rents by modernizing the interiors, and providing a strong CAP rate and extremely low annual expenses. With historically high rental demand in the Florence Multi-Family submarket of Los Angeles, an investor can benefit from receiving strong rental income from a well-maintained property that provides on-site parking.

Price History
5/4/2021 Listed $1,500,000

General Features

Co-Listing Agent State License # 01483131
Co-listing Agent Jonathan Prakash - BRE#01483131
Cooling None
Heating Wall Furnace
Listing Agent Derrick Vartanian - BRE#01816119
Listing Agent State License 01816119
MLS Area C42 - Downtown L.A.
Property Type Residential Income
Special Listing Conditions Standard
Status Active
Total Units 7
Zoning LCR3YY

Interior Features

Heating Y/N Yes

Exterior Features

Lot Size Acres 0.13
Lot Size Area 6081
Lot Size Source Assessor
Lot Size Square Feet 6081
Lot Size Units Square Feet
Number of Buildings 2
Parking Features Gated, Uncovered

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 90001

Price
AVG $800K
$1.5M
Visits
AVG 17
9
Year Built
AVG 1935
1949
Walkscore
AVG 76
74
Data Provided by Walkscore ® not using MLS data

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