1301 West 42nd Street
1301 West 42nd Street
Closed 11/12/21
Closed 11/12/21
Description
Southern Los Angeles. This property consists of six exceptional units totaling 4,565 SF of living area on a sizeable 6,294 SF
lot. An exceptional value-add investment opportunity located in the highly desirable opportunity zone, just minutes away from USC
and Exposition Park. The property is priced to sell at high proforma CAP Rate and low price per unit compared to other properties. This offering...is proud to present 1301 West 42nd St, located at the heart of a culturally vibrant neighborhood of
Southern Los Angeles. This property consists of six exceptional units totaling 4,565 SF of living area on a sizeable 6,294 SF
lot. An exceptional value-add investment opportunity located in the highly desirable opportunity zone, just minutes away from USC
and Exposition Park. The property is priced to sell at high proforma CAP Rate and low price per unit compared to other properties. This offering consists of two, easily maintained buildings, a two-story duplex and a two-story fourplex that features a unique unit mix. The duplex consists of a 3 Bedroom x 2 Bath unit and a 1 Bed x 1 Bath unit above. This duplex provides adequate parking that consists
of one parking garage and one tandem parking space. It has been recently upgraded with a new coat of paint along the exteriors
and new plumbing fixtures. The fourplex consist of four 1 Bed x 1 Bath units, and ample street parking for its tenants. All units are equipped with window A/C units and are separately metered for electricity and gas. With the largest unit (3B + 2B). it is a prime value add with good cash on cash return. adding market rent to a future home for potential students or owner use, with exceptional upside potential offering more than 7%
Pro Forma Cap Rate. Although the property has been operated as 6-units since before the current owner bought it, and rent registration shows 6-units, title profile and Zimas shows 5-units. Buyer to do their own due diligence.
- Listed by Marc Schwartz • DRE #01515007 • Brokerage DRE #02021933 • GIG Real Estate Inc.
Property Details for 1301 West 42nd Street
Location
Sold By GIG Real Estate Inc., Marc Schwartz, DRE #01515007
Property Details for 1301 West 42nd Street
| Status | Closed |
|---|---|
| MLS # | AR21230445 |
| Days on Market | 4 |
| Taxes | - |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1911 |
| Lot Size | 0.14 AC / 6,294 SF |
| County | Los Angeles County |
Location
Sold By GIG Real Estate Inc., Marc Schwartz, DRE #01515007
Building Information for 1301 West 42nd Street
Payment Calculator
$7,953 per month
30 year fixed, 7.25% Interest
$6,631
$1,322
$0
Property Information for 1301 West 42nd Street
- Tenant Pays: Electricity
- Gross Income: $88,872
- Gross Scheduled Income: $88,872
- Net Operating Income: $62,162
- Other Income Description: 3+2 Vacant, Performa Rent
- Gross Multiplier: 14.63
- Cap Rate: 4.8
- Financing: Cash
- Operating Expense: $24,044
- Gardener Expense: $480
- Fuel Expense: $0
- Electric Expense: $0
- Insurance Expense: $1,200
- Maintenance Expense: $1,500
- Professional Management Expense: $0
- Trash Expense: $0
- Water Sewer Expense: $4,034
- Total Expenses: $24,044
- Tax Block: N
- Tax Tract Number: 2
- Tax Census Tract: 2316.00
- CFD/Mello-Roos Fee: $958
- Tax Lot: 38
- Community Features: Urban
- Laundry: No
- Laundry Features: None
- Pool Features: None
- Pool Description: None
- Pool: N/K
- Lot Features: 6-10 Units/Acre
- Number Of Units: 6
- Land Lease: No
- Land Lease Type: Fee
- Sewer: Public Sewer
- Water Source: Public
- Garage Spaces: 1
- Parking Garage Spaces: 1
- Carport Spaces: 0
- Unit Type Units Total: 1
- Unit Type Beds Total: 3
- Unit Type Baths Total: 2
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $2,800
- Unit Type Total Rent: $2,800
- Unit Type Pro Forma: 2800
- Unit Type Type: 1
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $884
- Unit Type Total Rent: $884
- Unit Type Pro Forma: 1600
- Unit Type Type: 2
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Garage Attached: No
- Unit Type Actual Rent: $919
- Unit Type Total Rent: $919
- Unit Type Pro Forma: 1600
- Unit Type Type: 3
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $973
- Unit Type Total Rent: $973
- Unit Type Pro Forma: 1600
- Unit Type Type: 4
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $1,014
- Unit Type Total Rent: $1,014
- Unit Type Pro Forma: 1600
- Unit Type Type: 5
- Unit Type Units Total: 1
- Unit Type Beds Total: 1
- Unit Type Baths Total: 1
- Unit Type Furnished: Unfurnished
- Unit Type Garage Spaces: 0
- Unit Type Actual Rent: $816
- Unit Type Total Rent: $816
- Unit Type Pro Forma: 1600
- Unit Type Type: 6
- Number Of Units Leased: 5
- Rent Controlled: Yes
- Number Of Buildings: 2
- Number Of Separate Electric Meters: 6
- Number Of Separate Gas Meters: 6
- Number Of Separate Water Meters: 1
Property History for 1301 West 42nd Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1301 West 42nd Street
Schools near 1301 West 42nd Street
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Charter - | K to 4 | |||
| Public - | 6 to 9 | |||
| Public - | 9 to 12 | |||
| Charter - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
KIPP Vida Preparatory Academy CharterK to 4 | ||
Barack Obama Global Preparation Academy Public6 to 9 | ||
Manual Arts Senior High School Public9 to 12 | ||
USC Hybrid High College Prep Charter9 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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Listing Courtesy of GIG Real Estate Inc., Marc Schwartz, DRE #01515007
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.