770 N Hill Place

    Los Angeles (City), CA 90012
    • $3,200,000
    • STATUS: Active
    • ON SITE: 81 days
    • ID#: AR19068729
    $3,200,000
    • 0
      BEDS
    • 0.24
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 10,880
      SQFT
    • $294
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1965
    County:

    School Ratings & Info

    Description

    770 N Hill Place is a 16-unit apartment community in the heart of Chinatown neighborhood of Los Angeles. The property has been in the same family since 1970s and this is the first time it is being offered for sale. It is in an excellent location just within walking distance to various iconic places such as Olvera Street, Union Station, downtown Los Angeles, great eateries, restaurants, bars and art galleries. This offering provides an exceptional opportunity for investors to acquire a true value-add apartment at a very attractive price per unit for this location. The property is a 3-story apartment that was built in 1965 and situated on +-10,428 SF R4 zoned lot. Total building size is +-10,880 SF. It has central courtyard and laundry area (seller owns laundry machines). It offers attractive unit mix of fifteen (15) x 1bedroom + 1bathroom and one (1) x 3bedroom + 1bathroom. All units are rented out to long-time tenants on month-to-month basis. Rent comparable shows a conservative upside potential of a whopping +-158% from current rental income. The property has been retrofitted for soft-story retrofit. Parking is provided by parking areas on both sides of the building (15 spaces). Residents/tenants are minutes from the neighborhood's best shopping plazas, open air markets and outdoor cafes. The property is located in the heart of the iconic Chinatown of Los Angeles. Chinatown offers great eateries, restaurants, and art exhibits.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-06-17T00:36:19.883. 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. Licensed in the State of California, USA.
    www.mainstreetgroup.com/homes/93112926

    770 N Hill Place Los Angeles (City), CA 90012

    • Price: $3,200,000
    • Status: Active
    • ID#: AR19068729
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.24
    Acres
    10,880
    SQFT
    $294
    $/SQFT
    1965
    Built
    Neighborhood:
    Chna - Chinatown
    County:
    Los Angeles
    Area:
    Chna - Chinatown
    Property Description
    770 N Hill Place is a 16-unit apartment community in the heart of Chinatown neighborhood of Los Angeles. The property has been in the same family since 1970s and this is the first time it is being offered for sale. It is in an excellent location just within walking distance to various iconic places such as Olvera Street, Union Station, downtown Los Angeles, great eateries, restaurants, bars and art galleries. This offering provides an exceptional opportunity for investors to acquire a true value-add apartment at a very attractive price per unit for this location. The property is a 3-story apartment that was built in 1965 and situated on +-10,428 SF R4 zoned lot. Total building size is +-10,880 SF. It has central courtyard and laundry area (seller owns laundry machines). It offers attractive unit mix of fifteen (15) x 1bedroom + 1bathroom and one (1) x 3bedroom + 1bathroom. All units are rented out to long-time tenants on month-to-month basis. Rent comparable shows a conservative upside potential of a whopping +-158% from current rental income. The property has been retrofitted for soft-story retrofit. Parking is provided by parking areas on both sides of the building (15 spaces). Residents/tenants are minutes from the neighborhood's best shopping plazas, open air markets and outdoor cafes. The property is located in the heart of the iconic Chinatown of Los Angeles. Chinatown offers great eateries, restaurants, and art exhibits.
    Exterior Features

    Carport Spaces 14.00 Garage Spaces 0.00 Lot Features Corner Lot Lot Size Source Assessor Lot Size Units Square Feet Parking Features Assigned Parking Total 15.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Common AreaCommunity Levels Three Or More

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 1.55 Community Features Urban Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 0.00 Gross Multiplier 23.24 Gross Operating Income 133552.00 Gross Scheduled Income 137682.00 Insurance Expense 0.00 Land Lease YN No Laundry YN Yes Net Operating Income 40883.00 New Construction YN No New Taxes Expense 38273.00 Number Of Separate Electric Meters 17 Number Of Separate Gas Meters 17 Number Of Separate Water Meters 1 Number Of Units Leased 16 Number Wall AC 0 Number With Carpet 0 Number With Dishwasher 0 Number With Disposal 16 Number With Drapes 0 Number With Patio 0 Number With Range 16 Number With Refrigerator 0 Operating Expense 92669.00 Professional Management Expense 8400.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 11336.00 Total Expenses 92669.00 Trash Expense 2693.00 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Assessor Zoning Lar4

    Listing provided courtesy of Handoko Chen of Gig Real Estate Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-06-17T00:36:19.883. 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. Licensed in the State of California, USA.
     
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