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175 N Edgemont Street

Los Angeles (City), CA 90004
  • $2,695,000
  • STATUS: Active
  • ON SITE: 55 Days
  • ID#: 22167691
UPDATED: 172 min ago
$2,695,000
  • 0
    BEDS
  • 0.25
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1940
County:

School Ratings & Info

Listing Agent(s): Kevin Kawaoka of Nai Capital, Inc. (310-440-8500)


Description

This 12 unit Offering: (175 & 179 N Edgemont St) Edgemont Court is comprised of Two 6-unit multifamily structures (side by-side) located in the trendy and high growth area of Koreatown. Each building sits on it's own parcel (5518-012-015 & 5518-012-016) and is comprised of a rare mix of 6 extra large Studio + Den apartment homes (12 units total); (Ample parking 14 spaces). Easy to own and operate, as the owner has run the buildings himself for the past 17 years from +30 miles away without an on-site or 3rd party manager. These well-maintained two story walk-up style complexes were built in 1940. Each unit is +- 600 square feet on average. These twin sister buildings command a corner location and are located less than half a mile to the metro station. The area boasts a healthy score of 88 on walkability providing the ideal location & crossroads for where millennials want to live, work and play. Currently Edgemont Court rents are positioned well below market rate. There is approximately +26% in upside for the new investor to capture. This property has great bones (all units lightly renovated) which will enable new ownership to simply focus on completing renovation over time while bringing units to market rate levels. Furthermore, due to the layout of the property (separate garage + storage structure) the new buyer can add value by creating ADU unit(s), & or laundry care facility. These cost effective options will produce additional income streams and significantly increase the underlying value of the asset. (buyer to conduct their own due diligence with the City of Los Angeles). 175 & 179 N Edgemont are on separate parcels & are being sold together. 1 unit will be delivered vacant. All 12 units for $2,695,000

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-09T00:27:42.27. 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 Nest Real Estate. Licensed in the State of California, USA.
www.amayarealestategroup.com/homes/129830473
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175 N Edgemont Street Los Angeles (City), CA 90004

  • Price: $2,695,000
  • Status: Active
  • On Site: 55 Days
  • Updated: 172 min ago
  • ID#: 22167691
0
Beds
0
Baths
0
½ Baths
0.25
Acres
1940
Built
Neighborhood:
C17 - Mid-Wilshire
County:
Los Angeles
Area:
C17 - Mid-Wilshire
Property Description
This 12 unit Offering: (175 & 179 N Edgemont St) Edgemont Court is comprised of Two 6-unit multifamily structures (side by-side) located in the trendy and high growth area of Koreatown. Each building sits on it's own parcel (5518-012-015 & 5518-012-016) and is comprised of a rare mix of 6 extra large Studio + Den apartment homes (12 units total); (Ample parking 14 spaces). Easy to own and operate, as the owner has run the buildings himself for the past 17 years from +30 miles away without an on-site or 3rd party manager. These well-maintained two story walk-up style complexes were built in 1940. Each unit is +- 600 square feet on average. These twin sister buildings command a corner location and are located less than half a mile to the metro station. The area boasts a healthy score of 88 on walkability providing the ideal location & crossroads for where millennials want to live, work and play. Currently Edgemont Court rents are positioned well below market rate. There is approximately +26% in upside for the new investor to capture. This property has great bones (all units lightly renovated) which will enable new ownership to simply focus on completing renovation over time while bringing units to market rate levels. Furthermore, due to the layout of the property (separate garage + storage structure) the new buyer can add value by creating ADU unit(s), & or laundry care facility. These cost effective options will produce additional income streams and significantly increase the underlying value of the asset. (buyer to conduct their own due diligence with the City of Los Angeles). 175 & 179 N Edgemont are on separate parcels & are being sold together. 1 unit will be delivered vacant. All 12 units for $2,695,000
Exterior Features

Parking Features Gated Parking Total 14

Interior Features

Cooling None Cooling YN No Heating Wall Furnace Heating YN Yes Interior Features Ceiling Fan(S)

Property Features

Association Fee 0 Gross Income 200508 Listing Agreement Seller Reserved Listing Service Limited Service Net Operating Income 130054 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Lar3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-09T00:27:42.27. 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 Nest Real Estate. Licensed in the State of California, USA.
 
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Nest Real Estate
21804 Cactus Ave ste 101
Riverside CA, 92518
Listing Agent(s): Kevin Kawaoka of Nai Capital, Inc. (310-440-8500)