Skip To Content

    1984 Park Grove Ave

    Los Angeles, CA 90007
    • $4,600,000
    • STATUS: Active
    • ON SITE: 109 days
    • MLS #: 21-743916
    UPDATED: 5 min ago
    $4,600,000
    • 9
      BEDS
    • 0.14
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 14,549
      SQFT
    • $316
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1912
    County:

    School Ratings & Info

    Description

    The Lowell Apartments is a 26-unit apartment community in historic St. James Park, adjacent to USC and Downtown Los Angeles. St. James Park is an historically designated neighborhood rich with restored Victorian, craftsman and California bungalow architecture. Located within minutes of DTLA's new Figueroa Corridor, Oceanwide Plaza, Staples Center/LA Live, LA Convention Center and USC Village/Campus. The asset offers a mix of studio and 1-bedroom units, priced at a 4.30% cap on current NOI with 33% upside. Seller has spent approximately $550k over the past 6 years on capital improvements and unit remodels including new kitchens, baths, flooring, appliances and brick accent walls. Approximately one-half of units are remodeled. RUBS in-place for recent move-ins currently offsetting 10k/yr in utility expenses with potential to recoup nearly 30k/yr as new leasing adds to the program. Seller believes potential to add up to 3 ADUs in basement, no approvals exist and Buyer to verify. Priced at approximately 175k/unit, 12.5 GRM and 6.5% cap at market. Turn-key asset with attention to detail, historically unprecedented financing available. Walk/bike to Metro Expo and Silver Line. Located within University Park HPOZ.

    Monthly Payment Calculator



    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-21T06:43:23.89. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.jelmbergteam.com/homes/117838004
    Print Image

    1984 Park Grove Ave Los Angeles, CA 90007

    • Price: $4,600,000
    • Status: Active
    • Updated: 5 min ago
    • MLS #: 21-743916
    9
    Beds
    0
    Baths
    0
    ½ Baths
    0.14
    Acres
    14,549
    SQFT
    $316
    $/SQFT
    1912
    Built
    Neighborhood:
    Downtown L.A.
    County:
    Los Angeles
    Area:
    Downtown L.A.
    Property Description
    The Lowell Apartments is a 26-unit apartment community in historic St. James Park, adjacent to USC and Downtown Los Angeles. St. James Park is an historically designated neighborhood rich with restored Victorian, craftsman and California bungalow architecture. Located within minutes of DTLA's new Figueroa Corridor, Oceanwide Plaza, Staples Center/LA Live, LA Convention Center and USC Village/Campus. The asset offers a mix of studio and 1-bedroom units, priced at a 4.30% cap on current NOI with 33% upside. Seller has spent approximately $550k over the past 6 years on capital improvements and unit remodels including new kitchens, baths, flooring, appliances and brick accent walls. Approximately one-half of units are remodeled. RUBS in-place for recent move-ins currently offsetting 10k/yr in utility expenses with potential to recoup nearly 30k/yr as new leasing adds to the program. Seller believes potential to add up to 3 ADUs in basement, no approvals exist and Buyer to verify. Priced at approximately 175k/unit, 12.5 GRM and 6.5% cap at market. Turn-key asset with attention to detail, historically unprecedented financing available. Walk/bike to Metro Expo and Silver Line. Located within University Park HPOZ.
    Exterior Features

    Direction Faces West Entry Location Ground Level W/Steps Exterior Construction Brick Lot Location Corner Lot Lot Size Area 5939 Other Structures None Parking Garage None Patio Features Concrete SlabPatio Open Roof Flat Total Parking 0 View Description CityCity Lights View YN Yes Water Frontage None

    Interior Features

    Baths Total 26.00 Cooking Appliances Cooktop - GasOven-Gas Cooling Window Unit(S) Equipment Ceiling FanCableRefrigeratorFreezer Flooring WoodLaminate Heating Wall Gas Laundry Room Laundry Equipment Lease Water Heater Features Central Water HeaterGasHot Water Circulator

    Property Features

    Alley YN No Assessed Total Value 2533052 Entry Floor Number 1 Gross Income 387001 Gross Operating Income 375391 Like Units1 17 Like Units2 9 Net Operating Income 199602.00 Number Of Buildings 1 Number Of Units 26 Rent Control YN Yes Sale Type Standard Security Features Card/Code AccessGatedFire Sprinklers Sewer In Street Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Total Annual Expense 175789 Type Of Units Apartment Year Built Source Vendor Enhanced Zoning Lard1.5

    Listing provided courtesy of Adam Peterson DRE#01815802 of Cb Richard Ellis, Inc..


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-09-21T06:43:23.89. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
    https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-743916-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-743916-2.jpg https://bt-photos.global.ssl.fastly.net/carets/orig_boomver_1_21-743916-2.jpg
    Logo
    The Jelmberg Team | Keller Williams
    39-575 Washington Street, Suite #105
    Palm Desert CA, 92211