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552 W 40th Pl, Los Angeles, CA 90037
$1,162,500
552 W 40th Pl, Los Angeles, CA 90037View this property at 552 W 40th Pl, Los Angeles, CA 90037
552 W 40th PlLos AngelesCA90037
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Property Description
Assumable bridge financing available to help buyer through lease-up phase of ownership. We are pleased to offer an excellent opportunity to purchase a fully vacant five-unit apartment building with a stabilized GRM of 8.14 and stabilized cap rate of 7.88%. Two of the units are completely remodeled with modern finishes including hardwood floors and stainless steel appliances. Gated off-street parking and an on-site storage unit is available for each unit. The property is currently striped with 7 parking spaces, has a separate building that includes four storage closets, and has a charming backyard area that can be enjoyed by all residents. If a new owner wanted to add washer and dryer hookups, and AC Units, they might be able to ask as much as $2,407 per month, the Section 8 maximum for 1 bedroom units.Buyer shall determine for themselves how much rent they can obtain from Section 8. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes or potentially more using AB2345 or other affordable city and state laws. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.
Full Property Details
Full Property Details for 552 W 40th Pl
General
- Sold For: $1,162,500
- Status: Closed
- Type: Multi-Family
- MLS ID: 24-353087
- Added to Site: 124 day(s) ago
Interior
- Cooking Appliances: Oven-Gas
Rooms
Bathrooms
- Total Bathrooms: 5
Bedrooms
- Total Bedrooms: 5
Other Rooms
- Laundry: None
Additional Information
- Security/Safety: Gated
- Other Features: Other
Parking
- Garage Description: Gated, Parking Space, Private
Location
- Area: Downtown L.A.
- County: Los Angeles
- Cross Streets: Figueroa Street & W. 40th Place
- Driving Directions: South on Figueroa Street, West on W. 40th Place
Heating & Cooling
- Cooling Type: None
- Heating Type: Other
Structural Information
- # Buildings: 1
- Common Walls: Attached
- Stories/Levels: 1
- Square Feet: 2,200
- Sq. Ft. Source: Vendor Enhanced
- Year Built: 1952
- Year Built Source: Vendor Enhanced
- Property Condition: Updated/Remodeled
Unit Information
- Units in Complex: 5
- Unit Type: 2106
Unit 1
- Total Bathrooms: 1
- Bedrooms: 1
Additional Structures
- Other Structures: Other
Lot Features
- Lot Size (Acres): 0.155
- Lot Size: 6752
- Lot Size Source: Vendor Enhanced
- Zoning: LARD1.5
Financial Considerations
- Price Per Sq. Ft.: $534.09
- Assessment Year: 1952
Disclosures and Reports
- Disclosures/Reports: None
- APN: 5019-023-005
Listed by Maher Commercial Realty, Oron Maher
Sold by Maher Commercial Realty, Nicole Lu
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Schools
Schools serving 552 W 40th Pl
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
4156 Menlo Ave, Los Angeles, CA 90037 | K-5 | 0.4 mi | |
1700 W 46th St, Los Angeles, CA 90062 | 6-11 | 1.6 mi | |
4131 S Vermont Ave, Los Angeles, CA 90037 | 9-12 | 0.6 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 552 W 40th Pl
Date
Details
Price
Change
Source
4/03/2024
Sold
$1,162,500
-1.06%
MLS
2/06/2024
Listed
$1,175,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
552 W 40th Pl, Los Angeles, CA 90037 (MLS# 24-353087) is a Multi-Family property that was sold at $1,162,500 on April 03, 2024. Want to learn more about 552 W 40th Pl? Do you have questions about finding other Multi-Family real estate for sale in Downtown L.A.? You can browse all Downtown L.A. real estate or contact a Coldwell Banker agent to request more information.