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3996 Wade Street

Los Angeles (City), CA 90066
  • $5,500,000
  • STATUS: Active
  • ON SITE: 243 Days
  • ID#: PW21260863
UPDATED: 51 min ago
$5,500,000
  • 0
    BEDS
  • 0.28
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1958
County:

School Ratings & Info

Listing Agent(s): Steven Bogoyevac of Steven M. Bogoyevac, Broker (562-436-5800) and David O'keefe of Marcus & Millichap(562-257-1200)


Description

Portfolio sale of 3996 Wade Street and 12629 Washington Street in Los Angeles, California. The buildings offer a combined 14 units on two contiguous parcels and over 66 percent potential upside in rents in a strong rental area: the properties are located on the border of the Mar Vista and Culver-West neighborhoods, and just two miles directly up the street from the Venice Pier.3996 Wade Street is a 1958 construction two-story building on a corner lot with a mix of eight one-bedroom/one-bath units and two two-bedroom/one-bath units. The building also offers 10 tuck-under parking spaces and five additional tandem surface spaces.Next door, 12629 Washington Place is a 1956 construction two-story fourplex with all two-bedroom/two-bath units with spacious floorplans that average over 1,000 square feet. The building also features four single-car garages and a second-floor deck above the garages.Both assets present major value-add opportunities: current rents at 3996 Wade Street are 64 percent below market, and current rents at 12629 Washington Place are 72 percent below market.There is strong preference to sell these properties together, however the assets may be acquired separately contingent upon the simultaneous sale of the other.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-07T23:25:43.98. 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/123820474
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3996 Wade Street Los Angeles (City), CA 90066

  • Price: $5,500,000
  • Status: Active
  • On Site: 243 Days
  • Updated: 51 min ago
  • ID#: PW21260863
0
Beds
0
Baths
0
½ Baths
0.28
Acres
1958
Built
Neighborhood:
C13 - Palms - Mar Vista
County:
Los Angeles
Area:
C13 - Palms - Mar Vista
Property Description
Portfolio sale of 3996 Wade Street and 12629 Washington Street in Los Angeles, California. The buildings offer a combined 14 units on two contiguous parcels and over 66 percent potential upside in rents in a strong rental area: the properties are located on the border of the Mar Vista and Culver-West neighborhoods, and just two miles directly up the street from the Venice Pier.3996 Wade Street is a 1958 construction two-story building on a corner lot with a mix of eight one-bedroom/one-bath units and two two-bedroom/one-bath units. The building also offers 10 tuck-under parking spaces and five additional tandem surface spaces.Next door, 12629 Washington Place is a 1956 construction two-story fourplex with all two-bedroom/two-bath units with spacious floorplans that average over 1,000 square feet. The building also features four single-car garages and a second-floor deck above the garages.Both assets present major value-add opportunities: current rents at 3996 Wade Street are 64 percent below market, and current rents at 12629 Washington Place are 72 percent below market.There is strong preference to sell these properties together, however the assets may be acquired separately contingent upon the simultaneous sale of the other.
Exterior Features

Carport Spaces 10 Carport YN Yes Lot Features Corner Lot Number Of Separate Electric Meters 14 Open Parking Spaces 5 Parking Total 19 Pool Features None Pool Private YN No Property Attached YN No

Interior Features

Common Walls No Common Walls

Property Features

Additional Parcels YN Yes Common Interest None Community Features Urban Contingency Contingencies Removed Electric Expense 0 Fuel Expense 0 Garage YN Yes Gross Income 255804 Gross Scheduled Income 255804 Insurance Expense 0 Land Lease YN No Laundry Features None Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Net Operating Income 140972 New Construction YN No Number Of Separate Gas Meters 14 Number Of Separate Water Meters 0 Operating Expense 112275 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 0 Water Sewer Expense 0 Water Source Public Zoning Lar3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-07T23:25:43.98. 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): Steven Bogoyevac of Steven M. Bogoyevac, Broker (562-436-5800) and David O'keefe of Marcus & Millichap(562-257-1200)