1984 Park Grove Avenue

Los Angeles, CA 90007

$4,000,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $274 / sqft

1912

calendar_month Built

Property Description

TWO WEEK CALL FOR OFFERS! LARGE PRICE ADJUSTMENT WITH NEW & IMPROVED METRICS! BRING ALL OFFERS! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber's! Great price per door of $153K. In-place GRM of 8.22 with the upside to a 5.67 GRM, and an in-place cap rate of 8.02% with the upside to a 12.62% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There's a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated and done with permits, in addition to extensive plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU's/units (no in-place permits or RTI's), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A
Fireplace Information
Features None

Listing Information

Address 1984 Park Grove Avenue
City Los Angeles
State CA
Zip 90007
County Los Angeles
Listing Agent Jonathan Rawson DRE#02010400
Co-Listing Agent Robert Kellner DRE#02201789
Courtesy Of Avenue Realty Group
MLS 24350759
List Price $4,000,000
Status Active Under Contract
Type Residential Income
Structure Size N/A
Lot Size 5,941
Year Built 1912
DOM 110

Exterior Information

Maps

Listing information courtesy of: Jonathan Rawson, Robert Kellner, Avenue Realty Group . *Based on information from the Association of REALTORS/Multiple Listing as of May 10th, 2024 at 1:50 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.