1296 South Citrus Avenue

Los Angeles, CA 90019

$1,675,000
Price
6
Beds
6
Baths
5,438 Sq. Ft.
$308 / Sq. Ft.
5,438
Sq. Ft.
$308
per Sq. Ft.

Description

Attention buyers! Huge $125K price reduction! Strong Seller motivation since identifying uplegs for the 1031 exchange. Great chance to purchase a tremendous property with $130k in upside at an unbeatable price! We are proud to present 1296 South Citrus Avenue, a prime 6 unit investment opportunity in the coveted Mid-Wilshire submarket! This property, boasting 1927 construction, offers a unique blend of vintage charm and modern potential. Situated on a spacious 7,052 square foot corner lot, the subject...Attention buyers! Huge $125K price reduction! Strong Seller motivation since identifying uplegs for the 1031 exchange. Great chance to purchase a tremendous property with $130k in upside at an unbeatable price! We are proud to present 1296 South Citrus Avenue, a prime 6 unit investment opportunity in the coveted Mid-Wilshire submarket! This property, boasting 1927 construction, offers a unique blend of vintage charm and modern potential. Situated on a spacious 7,052 square foot corner lot, the subject property features six generously sized one-bedroom, one-bathroom units averaging approximately 900 square feet each. Unit 1296 stands out with its fully renovated and fully furnished status, ready for a new buyer to owner occupy or lease out. Additionally, this property comes with approved plans to construct a two-bedroom, two-bathroom Accessory Dwelling Unit (ADU), with an estimated rent potential of $4,000 per month. The construction timeline for the ADU is estimated to be six to eight months, with an approximate cost ranging from $160,000 to $180,000. Each unit is equipped with individual washer/dryer hookups, ensuring convenience and comfort for tenants. The subject property offers six parking spaces on-site and is conveniently located across the street from the Midtown Shopping Center, Sprouts, Target, and Starbucks. Furthermore, the property comes with the added benefit of an assumable loan of approximately $720,000 at a competitive interest rate of 3.94% through November 2026, providing flexibility in financing options. Don't miss out on this rare opportunity to invest in a well-positioned property with significant income potential and approved plans for further expansion. Secure your future returns in this thriving market today!
  1. Listed by Benjamin Lalezari • DRE #01987941 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
  2. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 1296 South Citrus Avenue

Zoning
LAR3
Parcel Number
5084026024
Total Units
6.0
Living Area
5438
Source Living Area
Vendor Enhanced
Area
Hancock Park-Wilshire
Vacancy Rate
1
Lot Size Area
7052

Location

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin Lalezari, DRE #01987941; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644
Add your commute
LISTING UPDATED: 04/23/2024 11:47 AM

Property Details for 1296 South Citrus Avenue

StatusActive
MLS #24-362801
Days on Market56
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1927
Lot Size0.16 AC / 7,052 SF
CountyLos Angeles County

Location

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin Lalezari, DRE #01987941; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644
Add your commute

Building Information for 1296 South Citrus Avenue

Stories2Residences-Year Built1927Building Size-Lot Size0.16 AC / 7,052 SF

Payment Calculator

$10,399 per month

30 year fixed, 7.25% Interest

Principal and Interest

$9,141

Property Taxes

$1,258

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1296 South Citrus Avenue

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $111,369
  • Net Operating Income: $73,474.00
  • Gross Income: $114,814
  • Cap Rate: 4.48%
  • Gross Rent Multiplier: $14.59
  • Total Annual Expense: 37895
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1618
  • Lot Size Square Feet: 7052
Parking Details
Parking Details
  • Parking Garage: Garage - 2 Car, Carport Detached
  • Total Parking: 6
  • Garage Spaces Total: 2
  • Carport Spaces Total: 4
  • Parking Features: Garage - Two Door, Detached Carport
  • Attached Garage: No
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Window Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Range/Oven
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Other
Lease Terms
Lease Terms
  • Entry Date: 03-04-2024
  • Rent Control: Yes
  • Rent Control: 100
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,595.00
  • Unit Actual Rent: $9,568.00
  • Unit Projected Rent: $17,970.00
  • Like Units: 6
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $354,637.00
  • Assessed Improvement Percent: 30.49
  • Assessed Land Value: $808,623.00
  • Assessed Land Percent: 69.51
  • Assessed Total Value: $1,163,260.00

Property History for 1296 South Citrus Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1296 South Citrus Avenue

Taxable ValueLand$808,623Additions$354,637Total$1,163,260
Tax Record2023$15,093 ($1,258 / month)
Home Facts
Total Finished SqFt5,438 SqFtAbove Grade Finished SqFt5,438 SqFtLot Size7,052 SqFtStyleMulti-Family Res (5+ Units)Year Built1927ZoningLAR3CountyLOS ANGELESAPN5084-026-024

Schools near 1296 South Citrus Avenue

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

Puc Inspire Charter Academy
Charter6 to 8

Los Angeles Senior High School
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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1296 South Citrus Avenue is a multi-family home for sale in Los Angeles, CA 90019. This property was listed for sale on March 4, 2024 by Realty Investment Advisors, Inc., it's currently listed at $1,675,000. It has been on the market for a total of 56 days and was last sold on December 21, 2011. This listing's school district is Los Angeles Unified School District. Nearby schools include Wilshire Crest Elementary School, Puc Inspire Charter Academy and Los Angeles Senior High School. 1296 South Citrus Avenue is a 6-bed, 6-bath, 5,438 sqft multi-family home built in 1927.

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 Realty Investment Advisors, Inc., Benjamin Lalezari, DRE #01987941; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644

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.