$7,695,000 Price Analysis   ♡   Los Angeles, CA 90033 50 bed 28 bath 22,154 SqFt ($347/SqFt) 0.51 acre lot. Built 1985 Listed 2024-06-20, Taxes $67,041 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
We are proud to present an exceptional opportunity to acquire a well-maintained
28-unit apartment complex at 2202 Michigan Avenue. This 22, 154 SF building sits on a 22, 386 SF lot and is situated between N Chicago Street and N Soto Street on Michigan Avenue. This vibrant location positions your investment at the heart of it all. Residents enjoy convenient access to Downtown Los Angeles, the L.A. Live entertainment complex, USC Health Sciences Campus, Dodger Stadium and much more. Major freeways (10, 5, 60 and 101) are minutes away, along with a vibrant mix of shopping centers, restaurants, museums and retailers. The property also sits one-block away from highly amenitized retail corridors on Ceasar Chavez Boulevard and Soto Street. This prime location isnt about convenience; its about capitalizing on a booming market.
Los Angeles, the entertainment capital, experiences high demand for quality rentals. The property sits amidst a thriving working class with a steady need for well-maintained housing and easy access to major employers. 2202 Michigan Avenue offers the perfect blend of value and income potential. This well-maintained property features desirable amenities like lush landscaping, controlled entry gate, on-site parking, laundry facilities, pet-friendly dog run and BBQ communal area. Individual units boast security doors, kitchens with dishwashrs and stainless steel appliances, air conditioning, ceiling fans and vertical blinds. With low vacancy rates and consistent rental income, 2202 Michigan Avenue is a secure long-term investment ideal for any investor seeking a strong return. This opportunity caters to a wide range first-time purchasers, seasoned investors and those seeking a 1031 exchange providing a win-win scenario.
Presented by Eric Chen at
Cb Richard Ellis.
Property MLS #CV24126506 from CRMLS
Heating Features: Wall Furnace
Heating: Yes
Parking Total: 28
Lot Size Acres: 0.5139
Lot Size Source: Assessor
Lot Size Square Feet: 22386
Bedrooms in Unit-2: 2
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Vacancy Allowance: 20068
Rent Control: Yes
County: Los Angeles
Cap Rate: 5.50
Other Expense: 5600.00
Source Property Type: Residential Income
Insurance Expense: 18200.00
Area: BOYH - Boyle Heights
Source Neighborhood: BOYH - Boyle Heights
New Taxes Expense: 95558.00
Number of Separate Electric Meters: 1
Number of Separate Gas Meters: 1
Number of Separate Water Meters: 1
Parcel Number: 5183005051
Professional Management Expense: 34711.00
Trash Expense: 25288.00
Zoning: LARD1.5
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $2,454,140 + $3,011,899 $5,466,039 | $67,041 |
| 2021 | $2,406,020 + $2,952,843 $5,358,863 | $66,145 |
| 2020 | $2,381,350 + $2,922,566 $5,303,916 | $66,801 |
| 2019 | $2,334,657 + $2,865,261 $5,199,918 | $64,208 |
| 2018 | $2,288,880 + $2,809,080 $5,097,960 | $63,756 |
| 2017 | $2,244,000 + $2,754,000 $4,998,000 | $62,353 |
| 2016 | $2,200,000 + $2,700,000 $4,900,000 | $60,794 |
| 2015 | $1,855,694 + $811,863 $2,667,557 | $34,191 |
| 2014 | $1,819,344 + $795,960 $2,615,304 | $34,476 |
| 2013 | $1,811,122 + $792,363 $2,603,485 | $34,478 |
| 2012 | $1,775,610 + $776,827 $2,552,437 | $34,937 |
| 2010 | $1,740,795 + $761,596 $2,502,391 | $34,294 |
| 2009 | $1,731,890 + $757,701 $2,489,591 | $33,074 |
| 2009 | $1,727,785 + $755,905 $2,483,690 | $33,074 |
| 2008 | $1,697,932 + $742,845 $2,440,777 | $31,731 |
| 2007 | $1,664,640 + $728,280 $2,392,920 | $30,647 |
$7,695,000
CRMLS
Listed 2024-06-20
$7,995,000
CRMLS
Listing removed 2024-03-20
$0
CRMLS
Price Changed 2024-01-26
$7,500,000
CRMLS
Listed 2024-01-08
$7,750,000
CRMLS
Sold 2023-01-27
$6,500,000
Public Record
Sold 2015-11-13
$4,900,000
Public Record
Sold 2004-12-28
$2,300,000
Public Record
Year Built: 1985
Building Features: 2
Common Walls: 2+ Common Walls
Entry Level: 1
Entry Location: 1
Property Age: 39
Property Attached: Yes
Levels or Stories: Two
Building Total Stories: 2
Structure Type: Apartment
Year Built Source: Assessor
Water Source: Public
Map directions Map directions Map directions Map directions Map directions
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |  |
 |  |  |  |
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.