$999,000 Price Analysis   ♡   Los Angeles, CA 90016 8 bed 8 bath 2,886 SqFt ($346/SqFt) 5,641SqFt lot. Built 1949 Listed 2024-04-12, Taxes $2,725 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
Welcome to an exceptional investment opportunity in the heart of West Adams!
This fully occupied one-level 8-unit building, formerly a motel, presents a rare chance for investors, end-users and developers alike to capitalize on its unlimited development potential. Comprising seven generously sized single units and one 1-bedroom unit, each equipped with separate kitchen and bathroom, this property is meticulously maintained and ready for its next chapter. Situated on a corner lot i n a mixed-use zne in the Archbishop Carl Bean Square, the building offers ample parking directly in front, as well as yard space behind. This property enjoys close proximity to a myriad of amenities, including dining options, the new Costco, light rail public transportation and more which provides easy access for potential occupants, making it a highly desirable rental destination.
With room for rental growth and promising returns on investment, this property presents a lucrative opportunity for savvy buyers. Additionally, its Tier 3 classification and CM-2D-CPIO zoning unlock a world of development possibilities, including potential use as Airbnb units. Pro forma rent is available, showcasing the lucrative potential of this investment. Please note that occupants should not be disturbed and viewings are drive-by only. Buyers are encouraged to conduct their due diligence and verify all information. Other addresses to look up this property 5163 W Jefferson, 3029 S Sycamore or 3039 S Sycamore.
Presented by Obiamaka Nwabuzor at
Pacific Playa Realty.
Property MLS #24-379601 from TheMLSCLAW
Full Bathrooms: 8
Lot Size Acres: 0.1294995
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 5641
Parking Total: 4
Calculated Total Monthly Association Fees: 0
Number of Units: 8
Unit Features: 1 BedsTotal: 1, 1 BathsTotal: 1, 1 SquareFeet: 1300, 2 BedsTotal: 1, 2 BathsTotal: 1, 2 SquareFeet: 1300, 3 BedsTotal: 1, 3 BathsTotal: 1, 3 SquareFeet: 1300, 4 BedsTotal: 1, 4 BathsTotal: 1, 4 SquareFeet: 1300, 5 BedsTotal: 1, 5 BathsTotal: 1, 5 SquareFeet: 1300, 6 BedsTotal: 1, 6 BathsTotal: 1, 6 SquareFeet: 1700, 7 BedsTotal: 1, 7 BathsTotal: 1, 7 SquareFeet: 1300, 8 BedsTotal: 1, 8 BathsTotal: 1, 8 SquareFeet: 1300
Tenant Pays: Gas, Electric
County: Los Angeles
Cap Rate: 11
Directions: North of Jefferson, West of La Brea
Source Property Type: Residential Income
Area: Mid Los Angeles
Source Neighborhood: Mid Los Angeles
Number of Separate Electric Meters: 8
Number of Separate Gas Meters: 8
Owner Pays: Water, Gardener
Parcel Number: 5049-022-038
Postal Code Plus 4: 3837
Property Location: Corner Lot
Zoning: LACM
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $73,830 + $49,208 $123,038 | $2,725 |
| 2021 | $72,383 + $48,244 $120,627 | $2,668 |
| 2020 | $71,641 + $47,750 $119,391 | $2,674 |
| 2019 | $70,237 + $46,814 $117,051 | $2,260 |
| 2018 | $68,860 + $45,897 $114,757 | $2,141 |
| 2017 | $67,510 + $44,998 $112,508 | $2,101 |
| 2016 | $66,187 + $44,116 $110,303 | $2,023 |
| 2015 | $65,193 + $43,454 $108,647 | $2,001 |
| 2014 | $63,916 + $42,603 $106,519 | $2,059 |
| 2013 | $63,628 + $42,411 $106,039 | $2,050 |
| 2012 | $62,381 + $41,580 $103,961 | $2,064 |
| 2010 | $61,158 + $40,765 $101,923 | $2,043 |
| 2009 | $60,846 + $40,558 $101,404 | $1,982 |
| 2009 | $60,701 + $40,461 $101,162 | $1,982 |
| 2008 | $59,653 + $39,763 $99,416 | $1,928 |
| 2007 | $58,484 + $38,984 $97,468 | $1,871 |
$999,000
TheMLSCLAW
Listing removed 2024-03-31
$0
TheMLSCLAW
Listing removed 2023-09-25
$0
TheMLSCLAW
Listed 2023-09-19
$1,249,000
TheMLSCLAW
Listed 2023-08-03
$1,249,000
TheMLSCLAW
Year Built: 1949
Building Exterior Type: Stucco
Common Walls: Detached/No Common Walls
Direction Faces: East, South
Entry Location: Ground Level - no steps
Levels: One Level
Living Area Source: Vendor Enhanced
Property Age: 75
House Style: Traditional
Year Built Source: Vendor Enhanced
Architectural Style: Traditional
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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.