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11969 Iowa Avenue

Los Angeles (City), CA 90025
  • $3,695,000
  • STATUS: Active
  • ON SITE: 7 Days
  • ID#: 22185941
UPDATED: 31 min ago
$3,695,000
  • 14
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,962
    SQFT
  • $531
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1962
County:

School Ratings & Info

Listing Agent(s): Arthur Arejian of Arthur Arejian, Broker (323-512-5600)


Description

We are pleased to present the opportunity to purchase a 9-unit apartment building located at 11969 Iowa Ave, in the City of Los Angeles, California, 90025. This prime West Los Angeles property consists of an excellent unit mix of 2 spacious singles, 1 one-bedroom one-bathroom unit, 3 two-bedroom one-bathroom units, 2 two-bedroom two-bathroom units, & 1 three-bedroom two-bathroom unit, and more recent policy changes allow for 2 additional ADUs to be built in existing parking spaces. This building was erected in 1962 of wood-frame and stucco construction. The building is 2-stories with covered parking spaces on-site. This charming apartment complex is situated on a quiet street in a beautiful West LA neighborhood. 6,962 sq. ft. of improvements are situated on 7,444 sq. ft. of land located near the corner of Bundy Drive and Santa Monica Boulevard. Each unit is separately metered for gas and electricity. This asset offers an investor the opportunity to purchase a well-maintained, well-located asset with exceptional upside potential. For an investor focused on value-add, this is an ideal investment, especially given its ADU potential. The average size of each unit is approximately 773 sq ft. The current average rent is only $1,583, with market rents at $2,900 on an average, assuming future renovations. A new investor can capitalize on the tight rental market and high rents in this neighborhood by implementing a strategic unit interior renovation plan, which will command top of the market rents.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-11T22:31:55.703. 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/131564252
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11969 Iowa Avenue Los Angeles (City), CA 90025

  • Price: $3,695,000
  • Status: Active
  • On Site: 7 Days
  • Updated: 31 min ago
  • ID#: 22185941
14
Beds
0
Baths
0
½ Baths
0.17
Acres
6,962
SQFT
$531
$/SQFT
1962
Built
Neighborhood:
WLA - West Los Angeles
County:
Los Angeles
Area:
WLA - West Los Angeles
Property Description
We are pleased to present the opportunity to purchase a 9-unit apartment building located at 11969 Iowa Ave, in the City of Los Angeles, California, 90025. This prime West Los Angeles property consists of an excellent unit mix of 2 spacious singles, 1 one-bedroom one-bathroom unit, 3 two-bedroom one-bathroom units, 2 two-bedroom two-bathroom units, & 1 three-bedroom two-bathroom unit, and more recent policy changes allow for 2 additional ADUs to be built in existing parking spaces. This building was erected in 1962 of wood-frame and stucco construction. The building is 2-stories with covered parking spaces on-site. This charming apartment complex is situated on a quiet street in a beautiful West LA neighborhood. 6,962 sq. ft. of improvements are situated on 7,444 sq. ft. of land located near the corner of Bundy Drive and Santa Monica Boulevard. Each unit is separately metered for gas and electricity. This asset offers an investor the opportunity to purchase a well-maintained, well-located asset with exceptional upside potential. For an investor focused on value-add, this is an ideal investment, especially given its ADU potential. The average size of each unit is approximately 773 sq ft. The current average rent is only $1,583, with market rents at $2,900 on an average, assuming future renovations. A new investor can capitalize on the tight rental market and high rents in this neighborhood by implementing a strategic unit interior renovation plan, which will command top of the market rents.
Exterior Features

Number Of Separate Electric Meters 9 Parking Features Covered Parking Total 8

Interior Features

Appliances Dishwasher Cooling None Cooling YN No Heating Central Heating YN Yes

Property Features

Association YN No Cap Rate 2.63 Gross Income 170916 Gross Scheduled Income 171636 Laundry Features Laundry Room Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 97035 New Construction YN No Number Of Separate Gas Meters 9 Number Of Units Leased 7 Rent Control YN Yes Senior Community YN No Special Listing Conditions Standard Tenant Pays ElectricityGas Vacancy Allowance Rate 2 Zoning Lar3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-11T22:31:55.703. 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): Arthur Arejian of Arthur Arejian, Broker (323-512-5600)