27
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$1,645,000
Est. payment /mo
7,501 Sqft Lot
Price Dropped by $40K
1329 2nd AVE Los Angeles, CA 90019
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UPDATED:
12/11/2024 10:37 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24465643
HOA Y/N No
Year Built 1906
Lot Size 7,501 Sqft
Property Description
Daniel Hirth and Alex Reyhan of The Hirth Group are excited to present the exclusive opportunity to acquire 1329 2nd Avenue, a rare six-unit multifamily property in the vibrant and rapidly evolving Arlington Heights submarket of Los Angeles. This investment gem offers not only immediate cash flow but also substantial upside through renovation and re-tenanting.Situated on a 7,500 square-foot lot, this well-maintained asset features two separate buildings that span a total of 5,824 square feet. The front building is a quadruplex with four distinct units, while the rear structure is a duplex with two units. The current unit mix includes two 2-bedroom, 1-bath units and four 1-bedroom, 1-bath units, one of which has been upgraded to 2-bedroom, 1-bath layouts, providing versatility and potential for higher rents. With six private parking garages, the property offers a competitive edge in an area where parking is a coveted amenity. The building is also individually metered for gas and electric.1329 2nd Avenue is a compelling investment for those seeking both stability and a value-add component. Currently delivering a strong return of 6.02% at a 12.32 GRM, with tremendous upside potential upon re-tenanting after renovation, this multifamily asset has the ability to perform at a projected 7.15% CAP rate and an attractive 10.71 GRM. As an added advantage, the unit conversions (from 1-bedroom to 2-bedroom layouts) were completed without permits, offering savvy investors the flexibility to formalize these changes with permits, reconfigure to original specifications, or even explore further development options, subject to local zoning regulations. Arlington Heights is one of Los Angeles' most exciting neighborhoods for investors, driven by its central location, booming development activity, and cultural charm. As part of the city's ongoing revitalization efforts, the area is experiencing an influx of new businesses, renovated properties, and increasing demand from renters and homeowners alike. 1329 2nd Avenue is ideally situated near major Los Angeles thoroughfares, offering easy access to downtown, Koreatown, West Adams, and Culver City, ensuring it remains a hotspot for tenants seeking convenience and proximity to key employment hubs. What sets Arlington Heights apart is its unique blend of historic architecture, tree-lined streets, and vibrant, growing community. As gentrification continues to elevate property values, the neighborhood has emerged as one of the most attractive multifamily investment markets in the city. Its proximity to major entertainment venues, restaurants, shopping districts, and top educational institutions only strengthens its appeal. Whether you're looking for long-term stability or short-term rental growth, Arlington Heights offers the perfect backdrop for multifamily investment success.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LARD1.5
Interior
Fireplace No
Exterior
Total Parking Spaces 6
Building
Story 2
Others
Tax ID 5072036019
Security Features Smoke Detector(s),Window Bars
Special Listing Condition Standard
Listed by Daniel Hirth • KW Advisors
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