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1913 W 3rd St.

Los Angeles (City), CA 90057
  • $6,300,000
  • STATUS: Active Under Contract
  • ON SITE: 164 Days
  • ID#: SR24000632
Under Contract
UPDATED: 45 min ago
$6,300,000
  • 0
    BEDS
  • 0.47
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1923
County:

School Ratings & Info

Listing Agent(s): Raymond Rodriguez of Keller Williams Realty Calabasas (818-657-6500)


Description

We are proud to present The Victorian on 3rd, an amazing multifamily opportunity located at 1901 & 1913 West 3rd Street in The City of Los Angeles, California. This unique apartment complex is comprised of *41 highly improved apartment units in two separate and distinct two-story buildings, and the addition of (1) One-Bedroom + One-Bath detached home.The buildings are constructed of wood frame with a flat/pitched roof and stucco exterior as well as wood siding. Development for each of the buildings was completed in 1942 & 1923 respectively and encompassing a total of **21,692 building square feet situated on two separate parcels totaling 20,283 square feet offering a zoning of LAC2 which could be beneficial for future development.*(34) Singles + One Bath Units*(6) One-Bedroom + One-Bath Units*(1) One-Bedroom + One-Bath Detached Unit* Total unit count differs from title and was provided by Seller and is believed to be the correct legal unit count. Buyer to verify.** Total building square footage differs from title and was provided by Seller and said to be a correct accounting of all improvement square footage including basement. Buyer to verify.*** Currently there are 21 parking spaces with the potential to add an additional 3 spaces. Buyer to verify.PROPERTY HIGHLIGHTS+ Attractive value metrics of 6.04% Cap Rate | 9.75 GRM | $153,659 CPU+ Excellent leverage quoted with attractive interest only financing+ Solid day-1 cash flow and additional rental upside potential+ Ratio Utility Billing System (RUBS) in place for many units+ Major electrical and unit upgrades+ Individually metered for gas and electric+ Upgraded fire suppression system including hard-wired smoke detectors+ 50% plus of the units tastefully remodeled+ Complete unit appliance package of gas range, fridge, dishwasher & microwave+ Two adjacent buildings & lots on a signalized corner+ Separate APNs for each property & zoned LAC2 totaling +/-20,283 sq. ft. of land+ Great candidate to capitalize on newly approved Section 8 housing voucher increases+ Controlled intercom access and CCTV monitoring+ On-site gated parking for 24 cars & 2 separate laundry rooms+ Beautifully maintained and clean property

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T19:31:48.303. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
www.playavistaliving.com/homes/146370440
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1913 W 3rd St. Los Angeles (City), CA 90057

  • Price: $6,300,000
  • Status: Active Under Contract
  • On Site: 164 Days
  • Updated: 45 min ago
  • ID#: SR24000632
0
Beds
0
Baths
0
½ Baths
0.47
Acres
1923
Built
Neighborhood:
C34 - Los Angeles Southwest
County:
Los Angeles
Area:
C34 - Los Angeles Southwest
Property Description
We are proud to present The Victorian on 3rd, an amazing multifamily opportunity located at 1901 & 1913 West 3rd Street in The City of Los Angeles, California. This unique apartment complex is comprised of *41 highly improved apartment units in two separate and distinct two-story buildings, and the addition of (1) One-Bedroom + One-Bath detached home.The buildings are constructed of wood frame with a flat/pitched roof and stucco exterior as well as wood siding. Development for each of the buildings was completed in 1942 & 1923 respectively and encompassing a total of **21,692 building square feet situated on two separate parcels totaling 20,283 square feet offering a zoning of LAC2 which could be beneficial for future development.*(34) Singles + One Bath Units*(6) One-Bedroom + One-Bath Units*(1) One-Bedroom + One-Bath Detached Unit* Total unit count differs from title and was provided by Seller and is believed to be the correct legal unit count. Buyer to verify.** Total building square footage differs from title and was provided by Seller and said to be a correct accounting of all improvement square footage including basement. Buyer to verify.*** Currently there are 21 parking spaces with the potential to add an additional 3 spaces. Buyer to verify.PROPERTY HIGHLIGHTS+ Attractive value metrics of 6.04% Cap Rate | 9.75 GRM | $153,659 CPU+ Excellent leverage quoted with attractive interest only financing+ Solid day-1 cash flow and additional rental upside potential+ Ratio Utility Billing System (RUBS) in place for many units+ Major electrical and unit upgrades+ Individually metered for gas and electric+ Upgraded fire suppression system including hard-wired smoke detectors+ 50% plus of the units tastefully remodeled+ Complete unit appliance package of gas range, fridge, dishwasher & microwave+ Two adjacent buildings & lots on a signalized corner+ Separate APNs for each property & zoned LAC2 totaling +/-20,283 sq. ft. of land+ Great candidate to capitalize on newly approved Section 8 housing voucher increases+ Controlled intercom access and CCTV monitoring+ On-site gated parking for 24 cars & 2 separate laundry rooms+ Beautifully maintained and clean property
Exterior Features

Carport Spaces 0 Entry Level 1 Entry Location 1 Number Of Separate Electric Meters 41 Open Parking Spaces 24 Parking Features Gated Parking Total 24 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN Yes Cap Rate 6.04 Common Interest Community Apartment Community Features Park Garage YN No Gross Income 646199 Gross Scheduled Income 646199 Insurance Expense 18477 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to Existing LoanCash to New LoanConventionalContract1031 Exchange Net Operating Income 380618 New Construction YN No Number Of Separate Gas Meters 41 Number Of Separate Water Meters 0 Number Of Units Leased 39 Operating Expense 246195 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 52164 Trash Expense 11916 Water Sewer Expense 0 Water Source Public Zoning LAC2



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-06-16T19:31:48.303. 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 deemed reliable but is not guaranteed accurate by the MLS or Team Tami | Palm Realty Boutique. Licensed in the State of California, USA.
 
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Team Tami | Palm Realty Boutique
323 Culver Blvd.
Playa del Rey CA, 90293
Listing Agent(s): Raymond Rodriguez of Keller Williams Realty Calabasas (818-657-6500)