$5,300,000 Price Analysis   ♡   Huntington Park, CA 90255 19 bed 26 bath 14,160 SqFt ($374/SqFt) 0.36 acre lot. Built 1964 Listed 2024-02-16 | Ⓧ USDA Ineligible due to price & location near Huntington Park |
We are pleased to present for sale
The Clarendon, a twenty-two-unit apartment building in the Huntington Park submarket of Los Angeles. Located on a quiet residential street comprised of mostly single-family homes, the property is a charming, center-courtyard, walk-up. Built in 1964, The Clarendon features a unit mix of twelve studios, two 1-bedroom/1-bath, three 2-bedroom/1-bath and a four-bedroom/2-bath house. Recently completed in 2022 was the addition of four additional units comprised of one 2-bedroom/1-bath, one 2-bedroom/2-bath and two 3-bedroom/2-bath. The additional units are master metered for both gas and electric.
Why buy in Huntington Park? Unlike the City of Los Angeles, Huntington Park currently allows for rent increases of 5% + CPI, which is equivalent to 10%. The City of Los Angeles has not allowed rent increases since 2019 and increases on rent-controlled buildings are generally capped at no more than 4%. By allowing higher rent increases Huntington Park gives landlords exceptional flexibility in achieving rents that are closer to market, which is especially beneficial during high inflationary periods. Another benefit is the utility costs re considerably lower in comparison to the City of Los Angeles. Pristine ownership can continue to improve the asset by renovating units as they become vacant, implementing RUBS to recapture utility costs, replacing the leased laundry machines with landlord owned and continue to give the below market tenants annual rent increases.
Presented by Adam Zunder at
Iconic Investments.
Property MLS #24-359147 from TheMLSCLAW
Full Bathrooms: 26
Heating Features: Wall
Lot Size Dimensions: 52x150
Lot Size Source: Assessor
Lot Size Square Feet: 15869
Parking Total: 19
Calculated Total Monthly Association Fees: 0
Number of Units: 22
Unit Features: 1 BathsTotal: 1, 1 SquareFeet: 1595, 2 BedsTotal: 1, 2 BathsTotal: 1, 2 SquareFeet: 1895, 3 BedsTotal: 2, 3 BathsTotal: 1, 3 SquareFeet: 2550, 4 BedsTotal: 2, 4 BathsTotal: 2, 4 SquareFeet: 2950, 5 BedsTotal: 3, 5 BathsTotal: 2, 5 SquareFeet: 2950, 6 BedsTotal: 4, 6 BathsTotal: 2, 6 SquareFeet: 3500
County: Los Angeles
Cap Rate: 6.27
Directions: Great Location in Huntington Park on a quiet residential street. Just east of Pacific Blvd and Just south of Slauson Avenue.
Source Property Type: Residential Income
Area: Vernon, Maywood, Hunt Pk & Bell, N of Florence, W
Source Neighborhood: Vernon, Maywood, Hunt Pk & Bell, N of Florence, W of 710
Parcel Number: 6319-004-003
Postal Code Plus 4: 4477
Zoning: HPR3YY
Source System Name: C2C
$5,300,000
TheMLSCLAW
Listing removed 2023-05-02
$0
TheMLSCLAW
Listed 2023-02-23
$5,490,000
TheMLSCLAW
Year Built: 1964
Levels: Multi Levels
Living Area Source: Owner
Property Age: 60
Levels or Stories: 2
Building Total Stories: 2
Year Built Source: Vendor Enhanced
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.