$3,850,000 Price Analysis   ♡   Los Angeles, CA 90065 24 bed 16 bath 11,984 SqFt ($321/SqFt) 0.4 acre lot. Built 1965 Listed 2024-06-18, Taxes $26,793 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
9.48% Proforma CAP Rate in an excellent area with 25% vacancy!
4121 Marmion Way, a prime 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhoods and within walking distance of many attractions in Mount Washingt on area (Lumis House, Southwest Museum and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has an excellent demographics with $122, 496 average household income within a-mile radius The property is a two-story garden style apartment. It offers excellent curb appeal and is well maintained with a serene center courtyard. It was built in 1965, has a total of 11, 984sqft building size and situated on a large 17, 441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows.
The foundation has been bolted and seismic retrofit of the property was completed in 2015. It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom and eight (8) large 1bedroom+1bathroom units. Four units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are 925-1000SF buyer to verify) and the 1-bedroom units are vast with functional layout (est. size 700-800SF buyer to verify). Each unit has a large living room, wall heater, windows A/C and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about 59%). Each unit is individually metered for electricity and gas. The units are large and bright which makes them attractive and easy to rent. There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater and a shared laundry room (seller own machines). The property is located right off Figueroa St; in the Mount Washington neighborhood and at the border of Highland Park and South Pasadena, providing an unparalleled access t superb amenities on Figueroa St.
Presented by Han Chen at
Growth Investment Group Pasade.
Property MLS #AR24123998 from CRMLS
Appliances YN: Yes
Laundry Features: Common Area, Community, Dryer Included, Washer Included
Heating Features: Wall Furnace
Heating: Yes
Lot Size Acres: 0.4005
Lot Size Source: Assessor
Lot Size Square Feet: 17447
Road Surface Type: Paved
Parking Features: Parking YN: Yes, Parking Features: Assigned, Driveway, Paved
Parking Total: 16
Bedrooms in Unit-1: 2
Bedrooms in Unit-2: 1
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Unit-1 Garage Spaces: 8
Unit-2 Garage Spaces: 8
Gardener Expense: 3900.00
Maintenance Expense: 2365.00
Tenant Pays: Electricity, Gas
Rent Control: Yes
County: Los Angeles
Source Property Type: Residential Income
Insurance Expense: 11776.00
Area: 680 - Mount Washington
Source Neighborhood: 680 - Mount Washington
New Taxes Expense: 45246.00
Number of Separate Electric Meters: 17
Number of Separate Gas Meters: 17
Number of Separate Water Meters: 1
Parcel Number: 5465022016
Pest Control Expense: 977.00
Professional Management Expense: 13500.00
Trash Expense: 4542.00
Zoning: LAR1
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2021 | $620,208 + $1,448,737 $2,068,945 | $26,793 |
| 2020 | $613,849 + $1,433,882 $2,047,731 | $27,033 |
| 2019 | $601,813 + $1,405,767 $2,007,580 | $26,016 |
| 2018 | $590,013 + $1,378,203 $1,968,216 | $25,672 |
| 2017 | $578,445 + $1,351,180 $1,929,625 | $25,089 |
| 2016 | $567,103 + $1,324,687 $1,891,790 | $24,426 |
| 2015 | $558,585 + $1,304,789 $1,863,374 | $24,086 |
| 2014 | $547,644 + $1,279,230 $1,826,874 | $24,253 |
| 2013 | $545,169 + $1,273,449 $1,818,618 | $24,249 |
| 2012 | $534,480 + $1,248,480 $1,782,960 | $24,702 |
| 2010 | $524,000 + $1,224,000 $1,748,000 | $22,430 |
| 2009 | $688,500 + $918,000 $1,606,500 | $21,602 |
| 2009 | $688,500 + $918,000 $1,606,500 | $21,602 |
| 2008 | $806,310 + $1,144,440 $1,950,750 | $25,190 |
| 2007 | $790,500 + $1,122,000 $1,912,500 | $23,922 |
$3,850,000
CRMLS
Listing removed 2022-10-14
$0
CRMLS
Listed 2022-08-02
$4,230,000
CRMLS
Listing removed 2022-06-14
$0
CRMLS
Listed 2022-04-21
$4,230,000
CRMLS
Sold 2011-12-02
$1,748,000
ITECH
Sold 2010-09-29
$1,748,000
Public Record
Listed 2010-05-05
$1,895,000
ITECH
Listing removed 2010-04-03
$1,875,000
TheMLSCLAW
Listing removed 2010-03-30
$1,875,000
ITECH
Relisted 2010-03-08
$1,875,000
TheMLSCLAW
Listing removed 2010-03-06
$1,875,000
TheMLSCLAW
Listing removed 2010-02-10
$1,875,000
SoCalMLS
Listing removed 2009-11-13
$1,875,000
TheMLSCLAW
Listed 2009-11-10
$1,875,000
ITECH
Listed 2009-11-10
$1,875,000
TheMLSCLAW
Listed 2009-11-10
$1,875,000
SoCalMLS
Sold 2005-03-28
$1,725,010
Public Record
Sold 2002-11-05
$725,000
Public Record
Sold 1972-07-21
$160,000
Public Record
Sold 1971-06-28
$35,000
Public Record
Year Built: 1965
Building Features: 1
Common Walls: 2+ Common Walls
Direction Faces: Southeast
Entry Level: 1
Entry Location: 1
Property Age: 59
Property Attached: Yes
Property Condition: Repairs Cosmetic
Roof: Flat
Levels or Stories: Two
Building Total Stories: 2
Structure Type: Apartment
Year Built Source: Assessor
Electric Expense: 2967.00
Sewer: Sewer: Public Sewer, Water Sewer Expense: 10000.00
Cable Connected
Electricity Connected
Natural Gas Connected
Phone Available
Sewer Connected
Water Connected
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.