2531 Hillcrest Drive

Los Angeles, CA 90016

$1,249,000
Price
6
Beds
6
Baths
3,122 Sq. Ft.
$400 / Sq. Ft.
3,122
Sq. Ft.
$400
per Sq. Ft.

Description

2531 Hillcrest Drive is a 6-unit courtyard-style bungalow complex offering a substantial value-add opportunity and an up-and-coming location undergoing a widely covered creative renaissance. 2531 Hillcrest is offered at $208,167 per unit, 5.44% current CAP, and 12.25 current GRM. With approx. 53% rental upside, the property will stabilize at a 9.54% market CAP and 8.09 market GRM. Featuring (6) 1-bdrm. units, this value-add property is located in the heart of West Adams (just north of West Adams...2531 Hillcrest Drive is a 6-unit courtyard-style bungalow complex offering a substantial value-add opportunity and an up-and-coming location undergoing a widely covered creative renaissance. 2531 Hillcrest is offered at $208,167 per unit, 5.44% current CAP, and 12.25 current GRM. With approx. 53% rental upside, the property will stabilize at a 9.54% market CAP and 8.09 market GRM. Featuring (6) 1-bdrm. units, this value-add property is located in the heart of West Adams (just north of West Adams Blvd & La Brea Ave). This rapidly developing neighborhood is home to many mixed-use and office development projects, and a community of emerging and highly-reviewed restaurants and cafes breathing new life into this in-demand neighborhood. In addition to the property's walkability to the heart of West Adams, this courtyard-style complex is close to the Expo Rail Line and Silicon Beach tech hubs. Additional property amenities include two parking spaces.

Listing Agents

  1. Kenny Stevens Team

    Kenny Stevens Team

    Listing Agent

    Compass

    DRE #01090251

  2. Kenny Stevens

    Kenny Stevens

    Listing Agent

    Compass

    DRE #01090251

Property Details for 2531 Hillcrest Drive

Zoning
LAR2
Style
Bungalow
Cross Streets
West Adams Blvd & Hillcrest Dr
Parcel Number
5057005017
Total Units
6.0
Living Area
3122
Source Living Area
Vendor Enhanced
Area
Mid Los Angeles (C16)

Location

Listing Courtesy of Compass, Kenny Stevens Team, DRE #01090251; Compass, Kenny Stevens, DRE #01090251
Add your commute
LISTING UPDATED: 02/26/2024 05:08 PM

Property Details for 2531 Hillcrest Drive

StatusActive
MLS #23-312527
Days on Market219
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1925
Lot Size0.14 AC / 6,217 SF
CountyLos Angeles County

Location

Listing Courtesy of Compass, Kenny Stevens Team, DRE #01090251; Compass, Kenny Stevens, DRE #01090251
Add your commute

Virtual Tour

Building Information for 2531 Hillcrest Drive

Stories1Residences-Year Built1925Building Size-Lot Size0.14 AC / 6,217 SF

Payment Calculator

$8,173 per month

30 year fixed, 7.25% Interest

Principal and Interest

$6,816

Property Taxes

$1,357

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2531 Hillcrest Drive

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 1
  • Number Of Buildings: 3
  • Type Of Units: Bungalows
  • View: No
  • View Description: None
  • View: None
  • Security Features: None
  • Direction Faces: East
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $99,409
  • Net Operating Income: $67,365.00
  • Gross Income: $101,958
  • Cap Rate: 5.44%
  • Gross Rent Multiplier: $12.25
  • Financial Info as Of: 02/26/2024
  • Total Annual Expense: 31469
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1427
  • Lot Size Square Feet: 6217
Parking Details
Parking Details
  • Parking Garage: Garage - 1 Car, Uncovered
  • Total Parking: 2
  • Open Other Spaces Total: 1
  • Garage Spaces Total: 1
  • Parking Features: Garage - Single Door, Uncovered
Interior Features
Interior Features
  • Levels: One
  • Cooling Type: Window Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Built-Ins, Freezer, Refrigerator, Range/Oven
  • Common Walls: Attached
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 09-18-2023
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,366.00
  • Unit Actual Rent: $8,196.00
  • Unit Projected Rent: $12,570.00
  • Like Units: 6
Unit Details
  • Unit Type Type: 2106

Property History for 2531 Hillcrest Drive

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 2531 Hillcrest Drive

Taxable ValueLand$1,064,696Additions$214,439Total$1,279,135
Tax Record2023$16,286 ($1,357 / month)
Home Facts
Total Finished SqFt3,122 SqFtAbove Grade Finished SqFt3,122 SqFtLot Size6,217 SqFtStyleMulti-Family Res (5+ Units)Year Built1925ZoningLAR2CountyLOS ANGELESAPN5057-005-017

Schools near 2531 Hillcrest Drive

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
Charter - K to 8
Rating
School
Distance
Virginia Road Elementary School
PublicK to 5

Johnnie Cochran, Jr., Middle School
Public6 to 8

Susan Miller Dorsey Senior High School
Public9 to 12

ISANA Nascent Academy
CharterK to 8

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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2531 Hillcrest Drive is a multi-family home for sale in Los Angeles, CA 90016. This property was listed for sale on September 18, 2023 by Compass, it's currently listed at $1,249,000. It has been on the market for a total of 219 days and was last sold on January 9, 2019. This listing's school district is Los Angeles Unified School District. Nearby schools include Virginia Road Elementary School, Johnnie Cochran, Jr., Middle School and Susan Miller Dorsey Senior High School. 2531 Hillcrest Drive is a 6-bed, 6-bath, 3,122 sqft multi-family home built in 1925.

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 Compass, Kenny Stevens Team, DRE #01090251; Compass, Kenny Stevens, DRE #01090251

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.