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    1045 N Ardmore Ave

    Los Angeles, CA 90029
    • $3,195,000
    • STATUS: Active
    • ON SITE: 9 days
    • MLS #: 21-783770
    UPDATED: 58 min ago
    $3,195,000
    • 14
      BEDS
    • 0.21
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 9,940
      SQFT
    • $321
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1963
    County:
    Area:

    School Ratings & Info

    Description

    Large 9,940 SF Value-Add eleven (11) Unit building with four (4) Vacancies priced at only $290k/unit, $321/SF. Existing 4.2% Cap-Rate and 15.8 GRM with significant upside to 6.6% Cap-Rate and 11.2 GRM. Prime East Hollywood location walking distance to the Santa Monica/Vermont Metro Station. Preliminary plans for two (2) ADUs will further enhance valuation metrics to $262k/unit and $315k/SF after factoring in ADUs construction costs ($250/SF). Built in 1963, this offering contains a great unit mix of one (1) bachelor/one-bathroom unit, six (6) one-bedroom/one-bathroom units, four (4) two-bedroom/two-bathroom units, and preliminary plans for two (2) one-bedroom/one-bathroom ADU units. The property features access to the owner-owned laundry machines and large units with balconies on each and the potential to reconfigure the layouts, creating additional beds and maximizing rent potential. The property contains one (1) large building with back-alley access to the units, and front gate access to the ample parking. There are eight (8) tuck under parking spaces that need to be retrofitted, (ADUs will lower the scope and cost of required soft story retrofit). Residents can enjoy the many nearby food and entertainment options on Santa Monica Blvd, a mere one (1) block or less than five (5) minute walk away. Some of these nearby restaurants include Spicy BBQ, Tacos El Pastor, Sasoun Bakery, DeSano Pizza, El Nuevo San Salvador, and Pacific French Bakery. The property is also extremely close to many schools, including Kingsley Elementary School, Ramona Elementary School, Immaculate Heart of Mary, Los Angeles City College, and the Braille Institute Los Angeles. Lemon Grove Recreation Center is a large outdoor space within a ten (10) minute walk from the subject property. Most notably, however, is the subject property's proximity to the Vermont / Santa Monica Metro Station. Located less than a mile away, this station allows residents access to major employers and almost all that Los Angeles has to offer. All these walkable amenities have earned this area a walk score of 92. Situated in an ideal East Hollywood location, this offering presents an excellent opportunity for a savvy investor to capitalize on huge rental upside in a core market of Los Angeles.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-24T16:43:16.507. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.desertarealuxuryhomes.com/homes/121427879
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    1045 N Ardmore Ave Los Angeles, CA 90029

    • Price: $3,195,000
    • Status: Active
    • Updated: 58 min ago
    • MLS #: 21-783770
    14
    Beds
    0
    Baths
    0
    ½ Baths
    0.21
    Acres
    9,940
    SQFT
    $321
    $/SQFT
    1963
    Built
    Neighborhood:
    Hollywood
    County:
    Los Angeles
    Area:
    Hollywood
    Property Description
    Large 9,940 SF Value-Add eleven (11) Unit building with four (4) Vacancies priced at only $290k/unit, $321/SF. Existing 4.2% Cap-Rate and 15.8 GRM with significant upside to 6.6% Cap-Rate and 11.2 GRM. Prime East Hollywood location walking distance to the Santa Monica/Vermont Metro Station. Preliminary plans for two (2) ADUs will further enhance valuation metrics to $262k/unit and $315k/SF after factoring in ADUs construction costs ($250/SF). Built in 1963, this offering contains a great unit mix of one (1) bachelor/one-bathroom unit, six (6) one-bedroom/one-bathroom units, four (4) two-bedroom/two-bathroom units, and preliminary plans for two (2) one-bedroom/one-bathroom ADU units. The property features access to the owner-owned laundry machines and large units with balconies on each and the potential to reconfigure the layouts, creating additional beds and maximizing rent potential. The property contains one (1) large building with back-alley access to the units, and front gate access to the ample parking. There are eight (8) tuck under parking spaces that need to be retrofitted, (ADUs will lower the scope and cost of required soft story retrofit). Residents can enjoy the many nearby food and entertainment options on Santa Monica Blvd, a mere one (1) block or less than five (5) minute walk away. Some of these nearby restaurants include Spicy BBQ, Tacos El Pastor, Sasoun Bakery, DeSano Pizza, El Nuevo San Salvador, and Pacific French Bakery. The property is also extremely close to many schools, including Kingsley Elementary School, Ramona Elementary School, Immaculate Heart of Mary, Los Angeles City College, and the Braille Institute Los Angeles. Lemon Grove Recreation Center is a large outdoor space within a ten (10) minute walk from the subject property. Most notably, however, is the subject property's proximity to the Vermont / Santa Monica Metro Station. Located less than a mile away, this station allows residents access to major employers and almost all that Los Angeles has to offer. All these walkable amenities have earned this area a walk score of 92. Situated in an ideal East Hollywood location, this offering presents an excellent opportunity for a savvy investor to capitalize on huge rental upside in a core market of Los Angeles.
    Exterior Features

    Covered Parking 8 Cross Streets Santa Monica Blvd & N Normandie Ave Direction Faces West Levels Two Lot Description Automatic GateSingle Lot Lot Location City Lot Size Area 9022 Other Structures None Parking Garage UncoveredParking SpaceCovered ParkingSide By Side Patio Features Balcony Pool Description None Pool YN No Spa None Spa YN No Tennis Court None Tennis YN No Total Parking 12

    Interior Features

    Bathroom Features GraniteShower Over Tub Baths Total 15.00 Common Walls Attached Cooking Appliances Cooktop - GasGas/Electric RangeOven Cooling Air Conditioning Equipment Built-InsRange/OvenCeiling Fan Flooring Wood Heating Wall Interior Features Common WallsBuilt-Ins Kitchen Features Counter TopGranite CountersTile Counters

    Property Features

    Assessed Total Value 276594 Gross Income 201036 Gross Operating Income 201036 Land Lease Type Fee Like Units1 1 Like Units2 6 Like Units3 4 Net Operating Income 134644.00 Number Of Buildings 1 Number Of Units 11 Property Condition Additions/AlterRepair Cosmetic Sale Type Standard Security Features Automatic GateGated Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 61561 Type Of Units Market Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lar3

    Listing provided courtesy of Jason Tuvia DRE#01772495 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-24T16:43:16.507. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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