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    1520 Menlo Ave

    Los Angeles, CA 90006
    • $1,865,000
    • STATUS: Active
    • ON SITE: 20 days
    • ID#: 21-757818
    $1,865,000
    • 10
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,132
      SQFT
    • $363
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1924
    County:

    School Ratings & Info

    Description

    Welcome to the heart of Pico-Union. A distinctive, Los Angeles neighborhood nestled between the ever-growing Downtown market and the youthful Koreatown suburb. 1520 Menlo Ave is a Bungalow style 10-unit apartment building that consists of ten (10) one-bedroom one-bathroom units. This property consists of five-building and private, gated entry. The units were built in 1924 and includes a private courtyard for the tenants. The property features well-manicured landscaping and charming touches to make this a wonderful living space for tenants. The units rent extremely fast when marketed for lease. Four out of the Ten units have been completely remodeled with high-end finishes that include quartz countertops, stainless steel appliances, brand new laminate floors, recessed LED lighting, subway tiles in the bathrooms and great lighting. The property boasts 50% + upside in rents. This opportunity provides an investor a low price per unit, a nearly 4.50% return on existing rents, with an additional 50% upside in rents! This opportunity is a clear path to success in real estate for any investor. Additionally, this area is the premier location for long-term rental growth assets. The Pico-Union area has become the epicenter for families and professionals in Los Angeles in a long-term blue-collar market. Investors are flocking to Pico-Union as average rents are pushing $2,000/month and as population growth is projected as steady increases for years to come, this is a seize the moment opportunity for any strong investor looking to secure property in one of LAs best submarkets.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-07-27T23:42:33.61. 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/119054829
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    1520 Menlo Ave Los Angeles, CA 90006

    • Price: $1,865,000
    • Status: Active
    • ID#: 21-757818
    10
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    5,132
    SQFT
    $363
    $/SQFT
    1924
    Built
    Neighborhood:
    Mid Los Angeles
    County:
    Los Angeles
    Area:
    Mid Los Angeles
    Property Description
    Welcome to the heart of Pico-Union. A distinctive, Los Angeles neighborhood nestled between the ever-growing Downtown market and the youthful Koreatown suburb. 1520 Menlo Ave is a Bungalow style 10-unit apartment building that consists of ten (10) one-bedroom one-bathroom units. This property consists of five-building and private, gated entry. The units were built in 1924 and includes a private courtyard for the tenants. The property features well-manicured landscaping and charming touches to make this a wonderful living space for tenants. The units rent extremely fast when marketed for lease. Four out of the Ten units have been completely remodeled with high-end finishes that include quartz countertops, stainless steel appliances, brand new laminate floors, recessed LED lighting, subway tiles in the bathrooms and great lighting. The property boasts 50% + upside in rents. This opportunity provides an investor a low price per unit, a nearly 4.50% return on existing rents, with an additional 50% upside in rents! This opportunity is a clear path to success in real estate for any investor. Additionally, this area is the premier location for long-term rental growth assets. The Pico-Union area has become the epicenter for families and professionals in Los Angeles in a long-term blue-collar market. Investors are flocking to Pico-Union as average rents are pushing $2,000/month and as population growth is projected as steady increases for years to come, this is a seize the moment opportunity for any strong investor looking to secure property in one of LAs best submarkets.
    Exterior Features

    Direction Faces West Lot Location City Lot Size Area 7300 Other Structures None Parking Garage None Paved YN Yes Pool Description None Pool YN No Spa None Spa YN No Sprinklers Sprinkler System Style Bungalow Tennis Court None Tennis YN No Total Parking 0 View Description Courtyard View YN Yes

    Interior Features

    Bathroom Features Under Vanity LightingShower Over TubLow Flow Shower(S)Low Flow Toilet(S) Baths Total 10.00 Cooking Appliances Range HoodOvenMicrowaveCooktop - Gas Cooling Wall Unit(S) Equipment Garbage DisposalDishwasherRefrigeratorRange/OvenMicrowave Fireplace Rooms BathDiningKitchenLiving RoomMaster Bedroom Flooring Laminate Foundation Details Raised Heating Wall Electric Kitchen Features Remodeled Laundry None Water Heater Features Gas

    Property Features

    ADACompliance Yes Assessed Total Value 1456560 Gross Income 132095 Gross Operating Income 132095 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 2 Like Units5 1 Like Units6 1 Net Operating Income 80670.00 Number Of Buildings 5 Number Of Units 10 Owner Pays WaterGardener Property Condition Updated/Remodeled Rent Control YN Yes Sale Type Standard Security Features Card/Code AccessGated Source Living Area Assessor Source Lot Size Area Vendor Enhanced Tenant Pays GasElectricity Total Annual Expense 51426 Type Of Units Bungalow Water District Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lard1.5

    Listing provided courtesy of John Wright DRE# of Matthews Real Estate Investment Services.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-07-27T23:42:33.61. 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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