$2,600,000 Price Analysis   ♡   Los Angeles, CA 90006 Unknown bed None bath 9,408 SqFt ($276/SqFt) 7,005SqFt lot. Built 1922 Listed 2024-07-12, Taxes $27,064 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
We're proud to present the sale of 2314 W Pico Blvd.
A Prime Value-Add Opportunity at the heart of the Pico Union Neighborhood. This submarket has been on the rise for years as more and more luxury developments pour into the area pushing a high occupancy r ate in the last decade. The offering consists of 16-Units with a low price per SQFT $276 which offers a whopping Proforma CAP Rate of over 8.52% and low Proforma GRM of 8.46x (Buyer to verify)! Built in 1922, this building consists of 16 exceptional units totaling 9, 408 SF of square footage on a sizeable 7, 003 SF lot. The property is an easily maintained two-story building, with a efficient unit mix of (16) large studios averaging 500 SQFT each. Each unit offers vast and functional layout which includes large full kitchens and bathroom with a large closet space. The building has undergone major capital improvements in the recent years which include: full electrical upgrade (service and main panel - 2019), earthquake retrofitted (2019) and new mini split A/C system for each unit.
2-Units have been fully upgraded: Paint, Flooring, Appliances, Cabinets and Countertops. (Buyer to Verify) and 4-Units have been updated with Paint, Flooring and Appliances. (Buyr to Verify) Right off Pico Blvd and Magnolia Ave, located within 5-12 Minutes away from Koreatown, Downtown Los Angeles Financial District, University Park, MacArthur Park, Mid-City, Country Club Park, Silver Lake, Echo Park, East Hollywood and Historic Filipino town. 2314 W Pico Blvd is in perfect adjacency to many of Los Angeles trendiest boutique restaurants, coffee shops and upscale bars, Its location also provides easy access to many of the citys largest and strongest employers and major retailers. Some of employers include University of Southern California, Fashion Institute of Design & Merchandise, Crypto Arena, Koreatown Plaza, Los Angeles Convention Center, Los Angeles Financial & Arts District, Netflix, Paramount Studios, Sunset Gower, LACMA, Los Angeles City College and American Career College. All of this while providing easy access to the 101 & 110 Freeways
Presented by Abel Benitez at
Growth Investment Group, Inc.
Property MLS #AR24143091 from CRMLS
Lot Size Acres: 0.1608127
Lot Size Source: Assessor
Lot Size Square Feet: 7005
Total Bathrooms in Unit-1: 16
Maintenance Expense: 8000.00
Rent Control: Yes
County: Los Angeles
Cap Rate: 4.56
Source Property Type: Residential Income
Insurance Expense: 11587.00
Area: KREA - Koreatown
Source Neighborhood: KREA - Koreatown
Number of Separate Electric Meters: 16
Number of Separate Gas Meters: 16
Number of Separate Water Meters: 1
Parcel Number: 5056004004
Professional Management Expense: 3600.00
Trash Expense: 4904.00
Zoning: LAC2
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $408,000 + $1,734,000 $2,142,000 | $27,064 |
| 2021 | $400,000 + $1,700,000 $2,100,000 | $26,685 |
| 2020 | $516,445 + $720,622 $1,237,067 | $16,836 |
| 2019 | $506,319 + $706,493 $1,212,812 | $16,230 |
| 2018 | $496,392 + $692,641 $1,189,033 | $16,087 |
| 2017 | $486,659 + $679,060 $1,165,719 | $15,636 |
| 2016 | $477,117 + $665,746 $1,142,863 | $15,207 |
| 2015 | $469,951 + $655,746 $1,125,697 | $15,004 |
| 2014 | $460,746 + $642,901 $1,103,647 | $15,153 |
| 2013 | $458,664 + $639,996 $1,098,660 | $14,835 |
| 2012 | $449,671 + $627,448 $1,077,119 | $15,292 |
| 2010 | $440,854 + $615,146 $1,056,000 | $15,019 |
| 2009 | $438,600 + $612,000 $1,050,600 | $14,499 |
| 2009 | $437,560 + $610,549 $1,048,109 | $14,499 |
| 2008 | $430,000 + $600,000 $1,030,000 | $13,931 |
| 2007 | $53,231 + $41,887 $95,118 | $2,728 |
$2,600,000
CRMLS
Sold 2023-12-01
$2,600,000
CRMLS
Listed 2023-01-06
$2,600,000
CRMLS
Sold 2020-07-20
$2,100,000
Public Record
Listing removed 2013-03-16
$1,200,000
TheMLSCLAW
Listing removed 2013-03-15
$1,200,000
ITECH
Listed 2012-12-15
$1,200,000
ITECH
Listed 2012-12-15
$1,200,000
TheMLSCLAW
Listing removed 2008-12-04
$1,195,000
ITECH
Listed 2008-06-05
$1,195,000
ITECH
Sold 2007-09-25
$1,030,000
ITECH
Listed 2007-06-29
$1,070,000
ITECH
Year Built: 1922
Building Features: 1
Common Walls: 2+ Common Walls
Entry Level: 1
Entry Location: Pico Blvd
Property Age: 102
Property Attached: Yes
Building Total Stories: 3
Structure Type: Apartment
Year Built Source: Assessor
Sewer: Sewer: Public Sewer, Water Sewer Expense: 4009.00
Water Source: Public
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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.