1507 3rd Ave
Los Angeles, CA 90019
$100K Price Reduction | 8 Units in Mid-City · Multifamily Property For Sale
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8 Units
Property Facts
| No. Units | 8 | Lot Size | 0.16 AC |
| Property Type | Multifamily | Building Size | 4,301 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1960 |
| Building Class | C | Parking Ratio | 1.4/1,000 SF |
| Zoning | LARD1.5 | ||
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 4,301 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.4/1,000 SF |
| Zoning | LARD1.5 |
About 1507 3RD AVE , LOS ANGELES, CA 90019
Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale an eight-unit (seven plus one non-conforming) apartment community located at 1507 3rd Avenue. The subject property is located just west of Arlington Avenue within the Arlington Heights sub-market in a dense infill pocket of Los Angeles. Consisting of one building on a 7,004 square foot parcel, the property comprises entirely of two studios, four one-bedroom units, and two two-bedroom units. Current Ownership has extensively renovated five of the eight units at the property including adding stainless appliances, new flooring and upgraded kitchens and bathrooms. Additionally, the common area has been improved with new exterior paint and landscaping upgrades. Due to its 1960 construction, the property is subject to Los Angeles rent control statutes. The continued gentrification of the surrounding area along with the value-add potential for a new owner to continue renovating the additional three units and achieve superior future returns moving forward make 1507 3rd Avenue and excellent acquisition opportunity.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 500 |
| 2+1 | 2 | - | 700 |
| Studios | 2 | - | 350 |
Property Taxes
| Parcel Number | 5072-027-002 | Improvements Assessment | $656,186 |
| Land Assessment | $1,312,373 | Total Assessment | $1,968,559 |
Property Taxes
