Skip To Content

1216 W Court St

Los Angeles, CA 90026
  • $3,600,000
  • STATUS: Active
  • ON SITE: 35 Days
  • MLS #: 21-101595
UPDATED: 59 min ago
$3,600,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 10,480
    SQFT
  • $344
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1927
County:

School Ratings & Info

Description

Built in 1927, this property is made up of 20 singles located minutes from Downtown Los Angeles in the Greater Echo Park Elysian neighborhood of Los Angeles with easy access to the 110 and 101 Freeways. This is an ideal investment opportunity located in a rapidly gentrifying submarket of Los Angeles with strong cash flow at a 4.74% CAP rate on current income with additional 20% rental upside when units turn. With strong in-place cash flow and opportunistic financing, there is a strong projected cash on cash return of 8.0% on the current income at the asking price.1216 W Court St. is a well-kept building with minimal deferred maintenance allowing an investor to continue to add value through the focus of interior renovations for the remaining unrenovated units. Since 2016, ownership has completed approximately $250,000 in capital expenditures in common area and interior unit renovations. The pro forma rents of $1,350 are proven as the recently rented units have achieved that rental rate. Additionally, there is a RUBS program in-place to reimburse the landlord of water, sewage and trash expenses as well as monthly cap ex reimbursements for common area improvements. The property features a private wood sundeck spanning the length of the buildings rear. The units are separately metered for gas & electric and have upgraded electrical. Furthermore, there is laundry facility on-site with two washers and two dryers providing additional monthly income. The Westlake area is rapidly gentrifying and experiencing an influx of new developments, including five recent projects within walking distance of the subject property. Court Street is close to the local bus lines and Metro Red, Purple, A, and E Lines, allowing for a fast commute to many neighborhoods in Los Angeles. With its close proximity to schools, transit, and shopping, this location makes it convenient for residents to commute through the city even without a vehicle. South Park is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles.

Monthly Payment Calculator



Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-12-08T19:43:44.667. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.haciendagroupinc.com/homes/122983365
Print Image

1216 W Court St Los Angeles, CA 90026

  • Price: $3,600,000
  • Status: Active
  • On Site: 35 Days
  • Updated: 59 min ago
  • MLS #: 21-101595
0
Beds
0
Baths
0
½ Baths
0.17
Acres
10,480
SQFT
$344
$/SQFT
1927
Built
Neighborhood:
Silver Lake - Echo Park
County:
Los Angeles
Area:
Silver Lake - Echo Park
Property Description
Built in 1927, this property is made up of 20 singles located minutes from Downtown Los Angeles in the Greater Echo Park Elysian neighborhood of Los Angeles with easy access to the 110 and 101 Freeways. This is an ideal investment opportunity located in a rapidly gentrifying submarket of Los Angeles with strong cash flow at a 4.74% CAP rate on current income with additional 20% rental upside when units turn. With strong in-place cash flow and opportunistic financing, there is a strong projected cash on cash return of 8.0% on the current income at the asking price.1216 W Court St. is a well-kept building with minimal deferred maintenance allowing an investor to continue to add value through the focus of interior renovations for the remaining unrenovated units. Since 2016, ownership has completed approximately $250,000 in capital expenditures in common area and interior unit renovations. The pro forma rents of $1,350 are proven as the recently rented units have achieved that rental rate. Additionally, there is a RUBS program in-place to reimburse the landlord of water, sewage and trash expenses as well as monthly cap ex reimbursements for common area improvements. The property features a private wood sundeck spanning the length of the buildings rear. The units are separately metered for gas & electric and have upgraded electrical. Furthermore, there is laundry facility on-site with two washers and two dryers providing additional monthly income. The Westlake area is rapidly gentrifying and experiencing an influx of new developments, including five recent projects within walking distance of the subject property. Court Street is close to the local bus lines and Metro Red, Purple, A, and E Lines, allowing for a fast commute to many neighborhoods in Los Angeles. With its close proximity to schools, transit, and shopping, this location makes it convenient for residents to commute through the city even without a vehicle. South Park is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles.
Exterior Features

Lot Size Area 7292 Other Structures None Parking Garage None Total Parking 0

Interior Features

Baths Total 20.00 Cooling Wall Unit(S) Equipment Ceiling FanRefrigeratorRange/OvenGarbage Disposal Heating Natural Gas

Property Features

Assessed Total Value 3077502 Gross Income 287217 Gross Operating Income 278601 Like Units1 20 Net Operating Income 170492.00 Number Of Buildings 1 Number Of Units 20 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 108109 Type Of Units 20 Year Built Source Vendor Enhanced Zoning Lacw

Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-12-08T19:43:44.667. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-101595-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-101595-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-101595-2.jpg
Logo
Hacienda Agency Inc
77935 Calle Tampico # 201
La Quinta CA, 92253