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    1237 Magnolia Ave

    Los Angeles, CA 90006
    • $2,650,000
    • STATUS: Active
    • ON SITE: 11 days
    • ID#: 21-761430
    UPDATED: 31 min ago
    $2,650,000
    • 15
      BEDS
    • 0.16
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,800
      SQFT
    • $390
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1965
    County:
    Area:

    School Ratings & Info

    Description

    1237 Magnolia is a beautifully maintained two-story dingbat apartment building built in 1965. Just 2 doors down from 1251 Magnolia, this beauty provides solid income and nice upside. There is a current vendor agreement in place for seismic retrofitting that can be assigned to new buyer. A 10%deposit has been paid toward the cost of the work leaving a balance of $76,500. This property is part of a 10-property portfolio totaling 186 units. Most of the properties are in the 90029 & 90006 zip codes of Los Angeles, CA. These well-located properties offer convenient access to Downtown Los Angeles & Mid-Wilshire and can be managed efficiently due to their proximity to one another. The properties are well maintained and have had many exterior and interior improvements. There is still +28% upside to be realized as units turn and the opportunity to construct two additional units already permitted at 1006 Mariposa. This infill multifamily portfolio is in an improving submarket in LA and gives an investor diversification amongst 12 different APNs and proven upside through continued unit turns.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-07-27T06:43:45.663. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.theparsonsrealestateteam.com/homes/119353427
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    1237 Magnolia Ave Los Angeles, CA 90006

    • Price: $2,650,000
    • Status: Active
    • Updated: 31 min ago
    • ID#: 21-761430
    15
    Beds
    0
    Baths
    0
    ½ Baths
    0.16
    Acres
    6,800
    SQFT
    $390
    $/SQFT
    1965
    Built
    Neighborhood:
    Mid-Wilshire
    County:
    Los Angeles
    Area:
    Mid-Wilshire
    Property Description
    1237 Magnolia is a beautifully maintained two-story dingbat apartment building built in 1965. Just 2 doors down from 1251 Magnolia, this beauty provides solid income and nice upside. There is a current vendor agreement in place for seismic retrofitting that can be assigned to new buyer. A 10%deposit has been paid toward the cost of the work leaving a balance of $76,500. This property is part of a 10-property portfolio totaling 186 units. Most of the properties are in the 90029 & 90006 zip codes of Los Angeles, CA. These well-located properties offer convenient access to Downtown Los Angeles & Mid-Wilshire and can be managed efficiently due to their proximity to one another. The properties are well maintained and have had many exterior and interior improvements. There is still +28% upside to be realized as units turn and the opportunity to construct two additional units already permitted at 1006 Mariposa. This infill multifamily portfolio is in an improving submarket in LA and gives an investor diversification amongst 12 different APNs and proven upside through continued unit turns.
    Exterior Features

    Lot Size Area 7001 Other Structures None Parking Garage Uncovered Total Parking 9

    Interior Features

    Baths Total 10.00 Cooling Other Equipment Range/Oven Heating Other

    Property Features

    Assessed Total Value 1537329 Gross Income 174150 Gross Operating Income 168925 Like Units1 1 Like Units2 2 Like Units3 5 Like Units4 1 Net Operating Income 93888.00 Number Of Buildings 1 Number Of Units 9 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 75037 Type Of Units S1S2S3 Year Built Source Vendor Enhanced Zoning Lar3

    Listing provided courtesy of David Kaufman DRE#01217537 of David Ballin Kaufman.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-07-27T06:43:45.663. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    The Parsons Team | Keller Williams Realty
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    Pasadena CA, 91101