879 E 40th Place,Los Angeles, CA 90011
Los Angeles, CA 90011
Description
Exceptional Investment Opportunity To Acquire A Large Income-Producing 4-Unit Property In The High-Demand South Los Angeles / Downtown LA Rental Market. Well-Maintained Quadplex Offers 11 Bedrooms, 5 Bathrooms And Approximately 4,700 Square Feet Of Total Living Space On A 6,300± Square Foot Lot in LARD1.5-1 Zoning, Making It One Of The Larger Multifamily Assets In The Immediate Area. Unit1: 4Bed/2Bath Unit2: 3Bed/1Bath Unit3: 2Bed/1Bath Unit4: 2 Bed/1Bath. Additionally, With Rare Amenities Of 9 Total Private Parking Spaces (3 Covered Car Port Parking + 6 Private Uncovered - This Improves Tenant Retention And Value As Parking Is Sparse In The Area. Individually Separately Metered For Gas And Electricity. The Property Was Fully Rebuilt In 2006 And Has Received Recent Minor Updates, Providing Investors With The Benefit Of Modernized Construction Relative To Surrounding Vintage Housing Stock, Improved Structural Integrity, And Reduced Capital Expenditure Requirements. Interior Features: Shaker Kitchen Cabinets, Newer Paint, Newer Flooring, Newer Windows, Newer Sinks, Newer Bathroom Vanities, Newer Showers, Recessed Lighting, And Modern Fixtures. Ground Floor Laundry Area In Ground Floor Unit #879 With Access To Exterior (Could Be Transformed Into Shared Laundry With Coin-op Laundry, Adding Additional Income). The Property Is Fully Rented, Currently Generating Approximately $7,700 Per Month In Gross Rental Income, Offering Stable Cash Flow From Day One. With The Strong Demand For Affordable Housing In The 90011 Corridor, The Asset Presents A Compelling Opportunity For Continued Rental Growth Through Strategic Rent Adjustments, Improved Management, Or Unit Upgrades. Actualize The Development And Density Potential Upside With Improving Rental Income By ADU Development (2-4 ADU Possible), Carport Conversions, Redevelopment Utilizing LA And State Housing Incentives For Higher Density Housing + Transportation Area Incentives. RD1.5-1 Zoning, Transit Oriented Communities (TOC Tier 1), ZI-2374 State Enterprise Zone LA, Transit Oriented Incentive Area 1 (TOIA). Well Positioned - Very Close To USC, Future Olympics Location, Major Transportation Corridors, Retail And Employment Hubs. Ideal For Investors, 1031 Exchange Buyers, Value-Add Builders, Developers Seeking Rental Market With Prime Unit Mix In TOC Zone (8-12 Units Possible) With Rental Pro-Forma Of Approximately $27,600 Per Month After Redevelopment. Your Investment Opportunity Is Here, Call Listing Agent NOW!
Details
| MLS # | OC26053122 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 2006 |
| Days On Site | 167 |
| Listing Provided By | eXp Realty of Southern California, Inc | Justin Yee |
Features
| SQ Feet | 4,700 |
|---|---|
| Car Port | Yes |
| Story(s) | 3 |
| Units | 4 |
| Building(s) | 1 |
| Acreage | 0.14 |
| Property View | Yes |
Interior
| Cooling | Electric, Wall Window Units, Zoned |
|---|---|
| Heating | Wall Furnace |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
| Interior Features | Block Walls, Ceiling Fans, Granite Counters, Multiple Staircases, Quartz Counters, Recessed Lighting, Storage, Bedroom On Main Level, Galley Kitchen, Main Level Primary |
| Window Features | Blinds, Screens |
| Appliances | Electric Oven, Free Standing Range, Gas Range, Microwave, Refrigerator, Range Hood |
| Fireplace Yes / No | No |
Exterior
| Roof | Shingle |
|---|---|
| Security Features | Carbon Monoxide Detectors, Fire Detection System, Security Gate, Smoke Detectors, Window Bars |
| Construction Materials | Concrete, Stucco |
| Foundation Details | Slab |
| Lot Features | Level, Near Public Transit, Rectangular Lot, Street Level |
| Fencing | Block |
Parking
| Parking Features | Attached Carport, Assigned, Concrete, Driveway Level, On Site, Side By Side |
|---|---|
| Garage Yes / No | No |
Utilities
| Utilities | Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected |
|---|---|
| Electric | Electricity On Property, Standard |
| Sewer | Public Sewer |
Location
| Community Features | Curbs, Gutters, Street Lights, Sidewalks, Urban |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90011 |
| Area | C42 Downtown L.A. |
| Listing VS Median (in 90011) | |
Price: $1,600,000 low | high Med: $939,000 sqft: 4,700 low | high Med: 4,236 $ / sqft: $340 low | high Med: $376 On site: 167 low | high Med: 175 | |
Market Activity 90011
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90011 |
| Area | C42 Downtown L.A. |
| Listing VS Median (in 90011) | |
Price: $1,600,000 low | high Med: $939,000 sqft: 4,700 low | high Med: 4,236 $ / sqft: $340 low | high Med: $376 On site: 167 low | high Med: 175 | |