1984 Park Grove Avenue, Los Angeles, CA 90007 (MLS # 24350759)
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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!
| DAYS ON MARKET | 115 | LAST UPDATED | 5/10/2024 |
|---|---|---|---|
| YEAR BUILT | 1912 | COMMUNITY | Downtown L.A. |
| COUNTY | Los Angeles | STATUS | Conditional |
| PROPERTY TYPE(S) | Residential Income |
| PRICE HISTORY | |
| Prior to Mar 4, '24 | $4,995,000 |
|---|---|
| Mar 4, '24 - Mar 22, '24 | $4,895,000 |
| Mar 22, '24 - Apr 1, '24 | $4,750,000 |
| Apr 1, '24 - May 2, '24 | $4,550,000 |
| May 2, '24 - Today | $4,000,000 |
| ADDITIONAL DETAILS | |
| APPLIANCES | Dryer, Washer |
|---|---|
| AREA | Downtown L.A. |
| BUYER'S BROKERAGE COMPENSATION | 2.000 % |
| GARAGE | None |
| HEAT | Wall Furnace |
| LOT | 5941 sq ft |
| LOT DIMENSIONS | 44x130 |
| PARKING | None |
| STORIES | 3 |
| ZONING | LARD1.5 |
TOTAL MONTHLY PAYMENT
| SATELLITE VIEW |
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