115 East 31st Street

Los Angeles, CA 90011

$1,295,000
Last Sold Price
7
Beds
3
Baths
3,420 Sq. Ft.
$379 / Sq. Ft.
3,420
Sq. Ft.
$379
per Sq. Ft.

Description

Fully remodeled and clean three-unit building, with ready to issue permits for a 4th ADU garage conversion. Built in 1984 which means this property does NOT fall under LA's rent stabilization ordinance and you can raise rent 5% a year + CPI, or over a 10% rental increase once COVID restrictions are lifted. Pro Forma 5.8% cap rate after ADU is complete. The front unit is a large (approx 1,200 sq ft) 3 bed/1 bath leased for $2,790. Unit B is a 2 bed/1 bath leased for $1,795, fully remodeled. Unit C...Fully remodeled and clean three-unit building, with ready to issue permits for a 4th ADU garage conversion. Built in 1984 which means this property does NOT fall under LA's rent stabilization ordinance and you can raise rent 5% a year + CPI, or over a 10% rental increase once COVID restrictions are lifted. Pro Forma 5.8% cap rate after ADU is complete. The front unit is a large (approx 1,200 sq ft) 3 bed/1 bath leased for $2,790. Unit B is a 2 bed/1 bath leased for $1,795, fully remodeled. Unit C is a remodeled 2 bed/1 bath currently rented for $1,790. On top of that, permits are ready to convert the garage into a legal studio/4th unit. RTI permits sold with property. All you need to do is pull the permits and start construction! All units remodeled with high-quality floors, appliances, and finishes. There on-site parking for each unit, and laundry inside each unit. Close to DTLA, USC, Fashion District, and lots of new development. This is one is a no-brainer! Owner is motivated, make all offers.
  1. Listed by Oron Maher • DRE #01299093 • Brokerage DRE #01299093 • Maher Commercial Realty

Property Details for 115 East 31st Street

Zoning
LARD1.5
Parcel Number
5128005040
Total Units
4.0
Living Area
3420
Source Living Area
Other
Area
Downtown L.A. (C42)
Vacancy Rate
0
Lot Size Area
6283

Location

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093

Sold By Marcus & Millichap, Saadia 'Sam' Liberow, DRE #01933858

Add your commute
LISTING UPDATED: 04/01/2022 12:34 PM

Property Details for 115 East 31st Street

StatusSold
MLS #21-100353
Days on Market61
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1984
Lot Size0.14 AC / 6,283 SF
CountyLos Angeles County

Location

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093

Sold By Marcus & Millichap, Saadia 'Sam' Liberow, DRE #01933858

Add your commute

Building Information for 115 East 31st Street

Stories-Residences-Year Built1984Building Size-Lot Size0.14 AC / 6,283 SF

Payment Calculator

$8,432 per month

30 year fixed, 7.25% Interest

Principal and Interest

$7,067

Property Taxes

$1,365

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 115 East 31st Street

Community / Development
Community / Development
  • Number Of Units: 4
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 0
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Probate: No
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $89,820
  • Net Operating Income: $69,240.00
  • Gross Income: $89,820
  • Cap Rate: 5.30%
  • Gross Rent Multiplier: $14.41
  • Actual Annual Gross Rent: $89,820.00
  • Total Annual Expense: 20400
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1442
  • Lot Size Square Feet: 6283
Parking Details
Parking Details
  • Parking Garage: Gated
  • Total Parking: 5
  • Garage Spaces Total: 1
  • Parking Features: Gated
  • Garage Structures Total: 1.0
Interior Features
Interior Features
  • Cooling: None
  • Cooling Type: None
  • Heating Type: Wall Gas
  • Equipment: Gas Dryer Hookup, Range/Oven, Refrigerator, Cable, Hood Fan
  • Common Walls: Attached
  • Cooking Appliances: Oven-Gas
  • Laundry: In Unit
  • Laundry Equipment: Own
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 01-05-2022
Unit Details
Unit 1 Information
  • Unit Beds: 3
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,795.00
  • Unit Actual Rent: $2,790.00
  • Unit Projected Rent: $2,795.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,795.00
  • Unit Actual Rent: $1,790.00
  • Unit Projected Rent: $1,795.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,795.00
  • Unit Actual Rent: $1,790.00
  • Unit Projected Rent: $1,795.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $1,100.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $328,004.00
  • Assessed Improvement Percent: 47.51
  • Assessed Land Value: $362,369.00
  • Assessed Land Percent: 52.49
  • Assessed Total Value: $690,373.00

Property History for 115 East 31st Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 115 East 31st Street

Taxable ValueLand$816,000Additions$504,900Total$1,320,900
Tax Record2023$16,374 ($1,365 / month)
Home Facts
Total Finished SqFt3,120 SqFtAbove Grade Finished SqFt3,120 SqFtLot Size6,283 SqFtStyleTriplexYear Built1984ZoningLARD1.5CountyLOS ANGELESAPN5128-005-040

Schools near 115 East 31st Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Dolores Huerta Elementary School
PublicK to 5

John Adams Middle School
Public6 to 8

Thomas Jefferson Senior High School
Public9 to 12

Nava College Preparatory Academy
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Maher Commercial Realty, Oron Maher, DRE #01299093

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.