1984 Park Grove Avenue

Los Angeles, CA 90015

$4,550,000
Price
9
Beds
26
Baths
14,549 Sq. Ft.
$313 / Sq. Ft.
14,549
Sq. Ft.
$313
per Sq. Ft.

Description

$445k PRICE REDUCTION 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 $175,000, and 4 units are currently vacant (2 of 4 are move-in-ready) for Buyer to hand-pick their own tenants. In-place GRM of 9.41 with the upside to a 6.45 GRM, and an in-place cap rate of 6.84% with the upside to a 10.95% cap...$445k PRICE REDUCTION 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 $175,000, and 4 units are currently vacant (2 of 4 are move-in-ready) for Buyer to hand-pick their own tenants. In-place GRM of 9.41 with the upside to a 6.45 GRM, and an in-place cap rate of 6.84% with the upside to a 10.95% 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, in addition to 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!
  1. Listed by Jonathan Rawson • DRE #02010400 • Brokerage DRE #01872854 • Avenue Realty Group
  2. Listed by Robert Kellner • DRE #02201789 • Brokerage DRE #01872854 • Avenue Realty Group

Property Details for 1984 Park Grove Avenue

Zoning
LARD1.5
Parcel Number
5124018009
Total Units
26.0
Living Area
14549
Source Living Area
Vendor Enhanced
Area
Downtown L.A. (C42)
Vacancy Rate
4
Lot Size Area
5941

Location

Listing Courtesy of Avenue Realty Group, Jonathan Rawson, DRE #02010400; Avenue Realty Group, Robert Kellner, DRE #02201789
Add your commute
LISTING UPDATED: 04/08/2024 02:41 PM

Property Details for 1984 Park Grove Avenue

StatusActive
MLS #24-350759
Days on Market96
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1912
Lot Size0.14 AC / 5,941 SF
CountyLos Angeles County

Location

Listing Courtesy of Avenue Realty Group, Jonathan Rawson, DRE #02010400; Avenue Realty Group, Robert Kellner, DRE #02201789
Add your commute

Building Information for 1984 Park Grove Avenue

Stories3Residences-Year Built1912Building Size-Lot Size0.14 AC / 5,941 SF

Payment Calculator

$29,693 per month

30 year fixed, 7.25% Interest

Principal and Interest

$24,831

Property Taxes

$4,862

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1984 Park Grove Avenue

Community / Development
Community / Development
  • Number Of Units: 26
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 3
  • Number Of Buildings: 1
  • Type Of Units: Apartments
  • Security Features: Fire Sprinklers, Fire and Smoke Detection System, 24 Hour, Smoke Detector, Carbon Monoxide Detector(s), T.V.
  • Water Heaters: Yes
Contract Info
Contract Info
  • Probate: No
  • Financing: Cash To New Loan, Cash
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $468,847
  • Net Operating Income: $311,355.00
  • Gross Income: $483,347
  • Cap Rate: 6.84%
  • Gross Rent Multiplier: $9.41
  • Financial Info as Of: 04/01/2024
  • Vacancy Allow Percent: 3.00%
  • Owner Pays: Water, Electricity
  • Total Annual Expense: 157492
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1364
  • Lot Size Square Feet: 5941
  • Lot Size Dimensions: 44x130
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 0
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Multi/Split
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling Type: Window Unit(s), Ceiling Fan
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Alarm System, Washer, Dryer
  • Laundry: Community, Laundry Area
  • Laundry Equipment: Lease
Exterior Features
Exterior Features
  • Sprinklers: Sprinkler System
  • New Construction: No
  • Other Structural Features: Historical
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 01-23-2024
  • Rent Control: Yes
  • Rent Control: 100
  • Tenant Pays: Gas
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,409.00
  • Unit Actual Rent: $12,678.00
  • Unit Projected Rent: $20,250.00
  • Like Units: 9
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,510.00
  • Unit Actual Rent: $25,669.00
  • Unit Projected Rent: $31,450.00
  • Like Units: 17
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,632,000.00
  • Assessed Improvement Percent: 34.78
  • Assessed Land Value: $3,060,000.00
  • Assessed Land Percent: 65.22
  • Assessed Total Value: $4,692,000.00

Property History for 1984 Park Grove 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 1984 Park Grove Avenue

Taxable ValueLand$3,060,000Additions$1,639,800Total$4,699,800
Tax Record2023$58,344 ($4,862 / month)
Home Facts
Total Finished SqFt14,549 SqFtAbove Grade Finished SqFt14,549 SqFtLot Size5,939 SqFtStyleMulti-Family Res (5+ Units)Year Built1912ZoningLARD1.5CountyLOS ANGELESAPN5124-018-009

Schools near 1984 Park Grove Avenue

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 - K to 5
Rating
School
Distance
Norwood Street Elementary School
PublicK to 5

John Adams Middle School
Public6 to 8

West Adams Preparatory 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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1984 Park Grove Avenue is a multi-family home for sale in Los Angeles, CA 90015. This property was listed for sale on January 23, 2024 by Avenue Realty Group, it's currently listed at $4,550,000. It has been on the market for a total of 96 days and was last sold on April 5, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Norwood Street Elementary School, John Adams Middle School and West Adams Preparatory High School. 1984 Park Grove Avenue is a 9-bed, 26-bath, 14,549 sqft multi-family home built in 1912.

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 Avenue Realty Group, Jonathan Rawson, DRE #02010400; Avenue Realty Group, Robert Kellner, DRE #02201789

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.