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1040 S Lake Street

Los Angeles (City), CA 90006
  • $3,195,000
  • STATUS: Active
  • ON SITE: 18 Days
  • ID#: 22183005
$3,195,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1988
County:

School Ratings & Info

Listing Agent(s): Josh Kaplan of Transwestern Property Company West, Inc. (213-430-2524)


Description

Current Income assumes that Buyer will lease up vacant units at market rent and give allowable 5%+CPI annual rental increases to occupied units. 1040 S Lake Street is an eight (8) unit non Los Angeles rent controlled apartment building constructed in1988. The building is subject to State of California AB1482, which allows for a five percent plus CPI annual rent increases. The unit mix consists of four (4)2bed+2bath units and four (4) 3bed+2bath units. The property is a three-story 7,392 square foot walk-up building with frame and stucco construction situated on a 7,609 square foot lot. All the units have large open floor plans that provide an investor the opportunity to complete their own renovation plan and significantly increase rents. Unit features include large bedrooms, master bathrooms in various configurations, spacious living room areas and separate dining areas adjacent to the kitchens, updated bathroom shower tub and fixtures, ample storage and closet space and significant natural light. Due to the large size of the units, investors may want to explore the possibility of adding washer/dryers in each unit. All units feature individual hot water heaters, central air conditioners, are separately metered for electricity and gas, and the landlord pays for water and trash. Gated access parking is provided onsite with fourteen (14) side by side spaces. The laundry room adjacent to the parking area is not currently in use, but an investor can re-open if desired.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T00:28:39.137. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
www.americanrealestatehomes.com/homes/131291003
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1040 S Lake Street Los Angeles (City), CA 90006

  • Price: $3,195,000
  • Status: Active
  • On Site: 18 Days
  • ID#: 22183005
0
Beds
0
Baths
0
½ Baths
0.17
Acres
1988
Built
Neighborhood:
C42 - Downtown L.A.
County:
Los Angeles
Area:
C42 - Downtown L.A.
Property Description
Current Income assumes that Buyer will lease up vacant units at market rent and give allowable 5%+CPI annual rental increases to occupied units. 1040 S Lake Street is an eight (8) unit non Los Angeles rent controlled apartment building constructed in1988. The building is subject to State of California AB1482, which allows for a five percent plus CPI annual rent increases. The unit mix consists of four (4)2bed+2bath units and four (4) 3bed+2bath units. The property is a three-story 7,392 square foot walk-up building with frame and stucco construction situated on a 7,609 square foot lot. All the units have large open floor plans that provide an investor the opportunity to complete their own renovation plan and significantly increase rents. Unit features include large bedrooms, master bathrooms in various configurations, spacious living room areas and separate dining areas adjacent to the kitchens, updated bathroom shower tub and fixtures, ample storage and closet space and significant natural light. Due to the large size of the units, investors may want to explore the possibility of adding washer/dryers in each unit. All units feature individual hot water heaters, central air conditioners, are separately metered for electricity and gas, and the landlord pays for water and trash. Gated access parking is provided onsite with fourteen (14) side by side spaces. The laundry room adjacent to the parking area is not currently in use, but an investor can re-open if desired.
Exterior Features

Parking Features Covered Parking Total 14

Interior Features

Cooling Central Air Cooling YN Yes Heating Central Heating YN Yes

Property Features

Association Fee 0 Gross Income 213252 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 134403 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Lar4



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-14T00:28:39.137. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or American Real Estate List & Sell. Licensed in the State of California, USA.
 
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American Real Estate List & Sell
6391 Magnolia Ave., B20
Riverside CA, 92505
Listing Agent(s): Josh Kaplan of Transwestern Property Company West, Inc. (213-430-2524)