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    1433 N Detroit St

    Los Angeles, CA 90046
    • $2,080,000
    • STATUS: Active Under Contract
    • ON SITE: 33 days
    • ID#: 21-702814
    Under Contract
    UPDATED: 22 min ago
    $2,080,000
    • 10
      BEDS
    • 0.16
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,941
      SQFT
    • $421
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1954
    County:
    Area:

    School Ratings & Info

    Description

    1433 North Detroit Street is a 7-unit apartment building located in Hollywood one block west of N La Brea Ave off Sunset Blvd. A highly walkable location with access to entertainment, shopping, dining, nightlife, and employment opportunities. Built in 1954, this value-add investment presents the investor an opportunity to achieve market rents for four of seven units immediately at the close of escrow as the property will be delivered with four vacancies (one one-bedroom and three two-bedrooms); three of the vacancies have already undergone renovations. The subject property is being offered at a 4.83% current cap rate and a 12.38 GRM on current income; the property will be delivered with minimal deferred maintenance required.There are six parking spaces at the rear of the property with a gated, secure entrance. There is community laundry with a washer and dryer on-site, currently leased by the ownership. This exclusive pocket of Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-12T11:42:28.163. 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.corrieluxuryhomes.com/homes/114901027
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    1433 N Detroit St Los Angeles, CA 90046

    • Price: $2,080,000
    • Status: Active Under Contract
    • Updated: 22 min ago
    • ID#: 21-702814
    10
    Beds
    0
    Baths
    0
    ½ Baths
    0.16
    Acres
    4,941
    SQFT
    $421
    $/SQFT
    1954
    Built
    Neighborhood:
    Hollywood
    County:
    Los Angeles
    Area:
    Hollywood
    Property Description
    1433 North Detroit Street is a 7-unit apartment building located in Hollywood one block west of N La Brea Ave off Sunset Blvd. A highly walkable location with access to entertainment, shopping, dining, nightlife, and employment opportunities. Built in 1954, this value-add investment presents the investor an opportunity to achieve market rents for four of seven units immediately at the close of escrow as the property will be delivered with four vacancies (one one-bedroom and three two-bedrooms); three of the vacancies have already undergone renovations. The subject property is being offered at a 4.83% current cap rate and a 12.38 GRM on current income; the property will be delivered with minimal deferred maintenance required.There are six parking spaces at the rear of the property with a gated, secure entrance. There is community laundry with a washer and dryer on-site, currently leased by the ownership. This exclusive pocket of Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket.
    Exterior Features

    Exterior Construction Stucco Lot Size Area 6750 Other Structures None Parking Garage Driveway Roof Shingle Total Parking 6

    Interior Features

    Bathroom Features Shower And Tub Baths Total 7.00 Cooking Appliances Oven-Gas Cooling Other Equipment None Flooring Hardwood Foundation Details Slab Heating Other Kitchen Features Tile Counters Laundry Community

    Property Features

    Assessed Total Value 448641 Gross Income 160200 Gross Operating Income 152190 Like Units1 4 Like Units2 3 Net Operating Income 100559.00 Number Of Buildings 1 Number Of Units 7 Rent Control YN No Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 51631 Type Of Units Apartment Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning R3-1

    Listing provided courtesy of Neema Ahadian DRE#01346750 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-12T11:42:28.163. 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.
     
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    8560 W Sunset Blvd 3rd Floor
    Los Angeles CA, 90069