1053 Figueroa Ter - Apartments FOR SALE


Los Angeles, CA 90012
$1,999,000 USD
626-807-6800
1053 Figueroa Ter, Los Angeles, CA for Sale
$1,999,000 USD
Apartments - FOR SALE
1/16
null | 4.99% Cap Rate

1053 Figueroa Ter
Los Angeles, CA 90012


HIGHLIGHTS

  • Well maintained city view newer apartment building with excellent curb appeal and a large townhome style (2,641sq.ft) OWNER UNIT w/ 2 car garage.
  • Outside laundry & storage rooms with best possibilities for ADU are utility ready & w/drywalls & windows. Buyer to Investigate Feasibility.
  • Below market rent, great upside potential.
  • Surrounded by newer million-dollar condos built in 2021. Subject property custom built by owner in 1992
  • Easy access to freeways, LADT financial , fashion & art districts, Crypto Arena,Dodger Stadium, LA Convention Center, Hospital, Parks,USC & much more
  • Building underwent fumigation October 2021

OVERVIEW

Presenting a rare opportunity to acquire this attractive 1992 custom-built and meticulously crafted, 5unit, city view apartment complex. Located adjacent to the iconic Echo Park, Chinatown and Silverlake areas of Los Angeles, and positioned strategically and conveniently near the #5,,2,134,110 &101 freeways, &rapid transit including the Gold Line & bus routes. It is situated in a trendy and up-and-coming strong rental market amidst DTLA, Silverlake, Dodger Stadium,Echo Park & the Financial District Neighborhoods with major employers including USC,Good Samaritan Hosiptal,Paramount Studios & the LA Fashion&Arts Districts & much more. The property offers an excellent opportunity for discerning homeowners or investors to secure a true value-added asset in a highly coveted locale. Comprising 3 stories with a total building size of 7,658 sq.ft/assessor, all units are spacious & the apartment complex boasts a desirable unit mix including an OWNER unit of approx.2,641 sq.ft. (delivered vacant upon close of escrow with new paint & carpet throughout) featuring a 3-br,3.5bth townhome style front unit with an office/den(could be used as a 4th bedroom), large recreation room,spacious, laundry area,ample storage rooms, a 2car attached garage.The outside laundry & storage rooms with best possibilities for ADU are utility ready with windows & drywalls. Buyer to investigate feasibility , seller makes no guarantees & no warranties. The remaining 4U are an ideal mix of two larger (over 1,100sq.ft ea)3br,2bth U and two good sized 2br,1bth unit. Each unit boasts an excellent layout, individual water heaters, and separate metering for gas and electricity utilities, ensuring convenience and efficiency. All 4 units are occupied by long-term tenants on month to month leases. Rent comparable reports indicate a positive upside and added investment potential. Property is not under city's Rent Stabilization Ordinance(RSO), but subject to State Rent Control AB1482and Just Cause Ordinance(JCO). Buyer to Investigate , seller makes no warranties. Ample parking includes 3 covered spaces & 5 open parking spaces. Residents benefit from an array of culinary delights, cultural experiences, and artistic exhibitions for all investors, owners and professionals, further enriching the allure of this investment opportunity. Now is the time to seize this exceptional offering in one of the Los Angeles most dynamic and sought after neighborhoods. Drive By Only . Owner unit could be shown with 24 hours advanced notice. Broker and agent do not guarantee the accuracy of the square footage, lot size, permits, or/and all/any other information concerning the property provided by the seller, agents or obtained from public records or other sources. Buyer is advised to independently verify the accuracy of all information.

FOR SALE DETAILS

PRICE

$1,999,000 USD

PRICE/SF

$261 USD /SF

# OF UNITS

5

PRICE/UNIT

$399,800

CAP RATE

4.99%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1992

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

LARD1.5

APN/PARCEL ID

5406-022-015

ASK ABOUT THIS PROPERTY

Stella ChowRE/MAX Premier PropertiesMore Info
626-807-6800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Stella ChowRE/MAX Premier PropertiesMore Info
626-807-6800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.