11969 Iowa Avenue, Los Angeles, CA 90025

$3,695,000
14
BD
11
BA
6,962
SqFt
List Price
$3,695,000
Status
ACTIVE
MLS#
22185941
Year Built
1962
Bedrooms
14
Bathrooms
11
Living Sq. Ft
6,962
Lot Size
7,444
Acres
0.1709
Days on Market
14
Property Type
Multifamily

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.

Additional Information

Appliances
Dishwasher
Heat
Central
Cooling Description
None
Attached Structure
Detached
Number Of Units Total
9
Gross Scheduled Income
$171,636

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Listing Agent: Arthur Arejian from Listing Office: Arthur Arejian, Broker

Based on information from California Regional Multiple Listing Service, Inc. as of . 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.