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2715 San Marino Street

Los Angeles (City), CA 90006
  • $5,895,000
  • STATUS: Active
  • ON SITE: 123 Days
  • ID#: SR21135381
UPDATED: 64 min ago
$5,895,000
  • 0
    BEDS
  • 0.46
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1950
County:

School Ratings & Info

Description

2715 & 2723 San Marino Street is a rare two building portfolio sale located in the highly coveted and emerging sub-market of Macarthur Park, Los Angeles. This investment opportunity presents an ideal income property for an investor looking to acquire a value-add opportunity with significant rental upside potential. The apartment buildings stand on two adjacent lots with separate APNs and total 30 units. The buildings were constructed in 1923 and 1950 totaling 16,804 building square feet on a combined lot size of 19,866 square feet. Zoning is currently LAR4, and the buildings are located in a Transit Oriented Community (TOC), Tier 2 which may allow for a larger redevelopment or the addition of multiple ADU units. Buyer to verify. These extremely spacious units at San Marino average 560 square feet. The units are comprised of: (4) Jr. 1 Bedroom + 1 Bath, (24) 1 Bedroom + 1 Bath, (2) 2 Bedroom + 1 Bath units. Common area amenities include controlled access, security camera monitoring system, gated covered parking, existing space to install on-site laundry and a central-courtyard. Unit amenities include select units with air conditioning, stove, plenty of closet space. Several units have been upgraded with new flooring and counter tops. Aesthetically, the property grounds and building are well maintained. MacArthur Park is located just minutes outside of Downtown L.A.s employment hub in a bustling neighborhood with a diverse demographic. From working professionals, entrepreneurs, artists to blue-collar workers; the Macarthur Park neighborhood is a centrally located sub-market of Los Angeles and is adjacent to other notable neighborhoods including Downtown Los Angeles, Koreatown, Pico Union and a short drive to USC Village. The rental market is dense with endless streets lined with small businesses. MacArthur Park is designated Cultural Monument #100 in the City of Los Angeles and near Westlake, adjacent to the Metros Westlake/MacArthur Park Station. This provides convenient access to the Red and Purple Lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027. Amidi Group, a San Francisco-based developer, is 50% complete with their $180 million 1027 Wilshire development.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-24T16:26:31.837. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.
www.therealestategirl.com/homes/118596860
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2715 San Marino Street Los Angeles (City), CA 90006

  • Price: $5,895,000
  • Status: Active
  • Updated: 64 min ago
  • ID#: SR21135381
0
Beds
0
Baths
0
½ Baths
0.46
Acres
1950
Built
Neighborhood:
C17 - Mid-Wilshire
County:
Los Angeles
Area:
C17 - Mid-Wilshire
Property Description
2715 & 2723 San Marino Street is a rare two building portfolio sale located in the highly coveted and emerging sub-market of Macarthur Park, Los Angeles. This investment opportunity presents an ideal income property for an investor looking to acquire a value-add opportunity with significant rental upside potential. The apartment buildings stand on two adjacent lots with separate APNs and total 30 units. The buildings were constructed in 1923 and 1950 totaling 16,804 building square feet on a combined lot size of 19,866 square feet. Zoning is currently LAR4, and the buildings are located in a Transit Oriented Community (TOC), Tier 2 which may allow for a larger redevelopment or the addition of multiple ADU units. Buyer to verify. These extremely spacious units at San Marino average 560 square feet. The units are comprised of: (4) Jr. 1 Bedroom + 1 Bath, (24) 1 Bedroom + 1 Bath, (2) 2 Bedroom + 1 Bath units. Common area amenities include controlled access, security camera monitoring system, gated covered parking, existing space to install on-site laundry and a central-courtyard. Unit amenities include select units with air conditioning, stove, plenty of closet space. Several units have been upgraded with new flooring and counter tops. Aesthetically, the property grounds and building are well maintained. MacArthur Park is located just minutes outside of Downtown L.A.s employment hub in a bustling neighborhood with a diverse demographic. From working professionals, entrepreneurs, artists to blue-collar workers; the Macarthur Park neighborhood is a centrally located sub-market of Los Angeles and is adjacent to other notable neighborhoods including Downtown Los Angeles, Koreatown, Pico Union and a short drive to USC Village. The rental market is dense with endless streets lined with small businesses. MacArthur Park is designated Cultural Monument #100 in the City of Los Angeles and near Westlake, adjacent to the Metros Westlake/MacArthur Park Station. This provides convenient access to the Red and Purple Lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027. Amidi Group, a San Francisco-based developer, is 50% complete with their $180 million 1027 Wilshire development.
Exterior Features

Lot Features Back YardRectangular LotWalkstreet Number Of Separate Electric Meters 30 Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 1 Common Wall

Property Features

Additional Parcels YN Yes Common Interest None Community Features BikingHikingPark Garage YN No Gross Income 425723 Gross Scheduled Income 438889 Insurance Expense 8402 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To Existing LoanCash To New LoanConventionalContract Net Operating Income 250528 New Construction YN No Number Of Separate Gas Meters 30 Number Of Separate Water Meters 1 Operating Expense 175194 Rent Control YN Yes Security Features Closed Circuit Camera(S) Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 10093 Water Sewer Expense 0 Water Source Public Zoning Lar4

Listing provided courtesy of Raymond Rodriguez of Keller Williams Realty Calabasas


Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-24T16:26:31.837. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Keller Williams Realty. Licensed in the State of California, USA.
 
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