221 South Ave 19

Los Angeles, CA 90031

$2,350,000
Price
9
Beds
8
Baths
4,130 Sq. Ft.
$569 / Sq. Ft.
4,130
Sq. Ft.
$569
per Sq. Ft.

Description

We are pleased to present 221 S Avenue 19 Apartments: an eight (8) +1 partially permitted private suite multifamily investment located in the heart of the Lincoln Heights submarket of Los Angeles. The property also includes Ready-To-Issue Permits for the construction of two ADU units consisting of two Studio units that will be situated near the rear of the large 9,952 SF lot zoned LA-R1.5. These three, single story, wood frame stucco buildings were built in 1923, 1924, and 1925and consist of 4,130...We are pleased to present 221 S Avenue 19 Apartments: an eight (8) +1 partially permitted private suite multifamily investment located in the heart of the Lincoln Heights submarket of Los Angeles. The property also includes Ready-To-Issue Permits for the construction of two ADU units consisting of two Studio units that will be situated near the rear of the large 9,952 SF lot zoned LA-R1.5. These three, single story, wood frame stucco buildings were built in 1923, 1924, and 1925and consist of 4,130 SF of living area with eight (8) on-site parking spaces. In addition to the 4,130 SF of living area, the ADU additions will add an additional 800 SF of living area to the property when completed. The front Two Bedroom unit was recently subdivided into one(1) Studio suite unit and (1) 1 Bedroom / 1 Bathroom unit with partial permits from the city of Los Angeles (Buyer to verify and complete all due diligence as to the legality of said partial permit | Ask Listing Agent for details regarding this new private suite and permits in place). The property currently features seven (7) One Bedroom | One Bathroom units, one (1) Two Bedroom | one Bathroom unit, and one (1) Studio Suite style unit (Buyer to verify and complete all due diligence as to the legality of said permit). The 2 Bedroom unit has undergone extensive renovations in addition to the new added Studio Suite. The additional 1 bedroom units have undergone extensive rehab including, but not limited to: completely redone bathrooms and showers, upgraded living rooms, new kitchens featuring brand new appliances, laminate flooring, new windows, all new paint, etc. Further, these have been updated with new plumbing and upgraded electrical systems. A new owner will benefit from the immediate upside that will be provided by completing the RTI ready ADUs to the property. All of the heavy lifting and costs associated with the City of Los Angles and been completed, and a new owner can potentially break ground shortly after the close of escrow. An investor will also benefit from the property's low annual expenses: no trash expense, separate gas and electric meters, and drought tolerant landscaping providing strong current and future cash flow.
  1. Listed by Derrick Vartanian • DRE #01816119 • Brokerage DRE #01399621 • Lyon Stahl Investment Real Estate, Inc.

Property Details for 221 South Ave 19

Zoning
LARD1.5
Parcel Number
5447025013
Total Units
8.0
Living Area
4130
Source Living Area
Assessor
Area
Lincoln Heights (677)
Vacancy Rate
0%
Lot Size Area
9953

Location

Listing Courtesy of Lyon Stahl Investment Real Estate, Inc., Derrick Vartanian, DRE #01816119
Add your commute
LISTING UPDATED: 04/15/2024 12:36 PM

Property Details for 221 South Ave 19

StatusActive
MLS #23-320739
Days on Market203
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1923
Lot Size0.23 AC / 9,953 SF
CountyLos Angeles County

Location

Listing Courtesy of Lyon Stahl Investment Real Estate, Inc., Derrick Vartanian, DRE #01816119
Add your commute

Building Information for 221 South Ave 19

Stories1Residences-Year Built1923Building Size-Lot Size0.23 AC / 9,953 SF

Payment Calculator

$14,911 per month

30 year fixed, 7.25% Interest

Principal and Interest

$12,825

Property Taxes

$2,086

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 221 South Ave 19

Community / Development
Community / Development
  • Number Of Units: 8
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 1
  • Number Of Buildings: 3
  • Type Of Units: 1 & 2 bed
Contract Info
Contract Info
  • Disclosures: As Is, Building Plans Available, Rent Control
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $187,549
  • Net Operating Income: $129,175.00
  • Gross Income: $192,663
  • Cap Rate: 5.50%
  • Gross Rent Multiplier: $12.20
  • Total Annual Expense: 58375
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2285
  • Lot Size Square Feet: 9953
Parking Details
Parking Details
  • Parking Garage: Driveway, Uncovered
  • Total Parking: 8
  • Parking Features: Driveway, Uncovered
Interior Features
Interior Features
  • Levels: One
  • Cooling Type: Other
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: Shed(s)
Lease Terms
Lease Terms
  • Entry Date: 10-12-2023
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,683.00
  • Unit Actual Rent: $11,778.00
  • Unit Projected Rent: $15,750.00
  • Like Units: 7
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,550.00
  • Unit Actual Rent: $2,550.00
  • Unit Projected Rent: $2,650.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $482,490.00
  • Assessed Improvement Percent: 36.0
  • Assessed Land Value: $857,760.00
  • Assessed Land Percent: 64
  • Assessed Total Value: $1,340,250.00

Property History for 221 South Ave 19

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 221 South Ave 19

Taxable ValueLand$1,020,000Additions$969,000Total$1,989,000
Tax Record2023$25,037 ($2,086 / month)
Home Facts
Total Finished SqFt4,130 SqFtAbove Grade Finished SqFt4,130 SqFtLot Size9,953 SqFtStyleMulti-Family Res (5+ Units)Year Built1923ZoningLARD1.5CountyLOS ANGELESAPN5447-025-013

Schools near 221 South Ave 19

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

Florence Nightingale Middle School
Public6 to 8

Woodrow Wilson Senior High School
Public9 to 12

Abraham Lincoln 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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221 South Ave 19 is a multi-family home for sale in Los Angeles, CA 90031. This property was listed for sale on October 12, 2023 by Lyon Stahl Investment Real Estate, Inc., it's currently listed at $2,350,000. It has been on the market for a total of 203 days and was last sold on May 20, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Albion Street Elementary School, Florence Nightingale Middle School and Woodrow Wilson Senior High School. 221 South Ave 19 is a 9-bed, 8-bath, 4,130 sqft multi-family home built in 1923.

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 Lyon Stahl Investment Real Estate, Inc., Derrick Vartanian, DRE #01816119

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.