626 N Wilton Place

    Los Angeles (City), CA 90004
    • $2,640,000
    • STATUS: Active Under Contract
    • ON SITE: 262 days
    • ID#: 19429370
    Under Contract
    UPDATED: 19 min ago
    $2,640,000
    • 0
      BEDS
    • 0.31
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,164
      SQFT
    • $511
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    626 & 632 North Wilton Place is a 1923 multifamily property with twelve one-bedroom/one-bathroom units across six bungalow-style buildings on a large lot with a 1:1 parking ratio. Less than one block south of Melrose Avenue and within walking distance to Paramount Studios, the property straddles East Hollywood and Koreatown, a burgeoning pocket in the Los Angeles real estate market.The property is currently zoned R3-1, there are two projects planned for development, a 34-unit and an 88-unit, both on Wilton within walking distance of this offering.This is a true value-add opportunity for an investor to acquire an asset that has substantial upside through renovations or redevelopment, meeting the strong market rents in an emerging, and highly desirable demand for bungalow type units with parking.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-20T15:33:06.103. 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 Allison James Estates and Homes. Licensed in the State of California, USA.
    www.teamforss.com/homes/91311310

    626 N Wilton Place Los Angeles (City), CA 90004

    • Price: $2,640,000
    • Status: Active Under Contract
    • Updated: 19 min ago
    • ID#: 19429370
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.31
    Acres
    5,164
    SQFT
    $511
    $/SQFT
    1923
    Built
    Neighborhood:
    HPK - Hancock Park
    County:
    Los Angeles
    Area:
    HPK - Hancock Park
    Property Description
    626 & 632 North Wilton Place is a 1923 multifamily property with twelve one-bedroom/one-bathroom units across six bungalow-style buildings on a large lot with a 1:1 parking ratio. Less than one block south of Melrose Avenue and within walking distance to Paramount Studios, the property straddles East Hollywood and Koreatown, a burgeoning pocket in the Los Angeles real estate market.The property is currently zoned R3-1, there are two projects planned for development, a 34-unit and an 88-unit, both on Wilton within walking distance of this offering.This is a true value-add opportunity for an investor to acquire an asset that has substantial upside through renovations or redevelopment, meeting the strong market rents in an emerging, and highly desirable demand for bungalow type units with parking.
    Exterior Features

    Lot Size Source Assessor Lot Size Units Square Feet Parking Features Uncovered Parking YN Yes

    Interior Features

    Cooling Wall/Window Unit(S) Cooling YN Yes Laundry Features See Remarks

    Property Features

    Cap Rate 5.33 Gross Multiplier 12.38 Gross Operating Income 213228.00 Improvements Amount 32090 Land Value 55110 Laundry YN Yes Net Operating Income 140826.00 Special Listing Conditions Standard Tax Year 2018 Taxes Percent 1.19 Total Actual Rent 171769.00 Total Expenses 61741.00 Zoning Lar3

    Listing provided courtesy of Neema Ahadian of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-20T15:33:06.103. 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 Allison James Estates and Homes. Licensed in the State of California, USA.
     
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