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1040 S Lake St Los Angeles, CA 90006

$2,250,000 Sold Price as of 03/26/2024

20 Beds
16 Baths
7,392 Sq.Ft.

Sold

$2,250,000 Sold Price as of 03/26/2024 Refinance Your Mortgage

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Map preview of 1040 S Lake St, Los Angeles, CA 90006

Property Overview: 1040 S Lake St Los Angeles, CA has 20 bedrooms, 16 bathrooms, 7,392 living square feet and 7,609 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are delighted to introduce Lake Street, an Excellent Value Add Opportunity! Five units will be unoccupied at close, while immediate rent increases can be implemented for the remaining three units, creating the ideal scenario to achieve market rents. With a current Cap. Rate just under 6% and a Market Cap. Rate of over 8%, an astute investor will realize the potential to turn this property into a turn-key asset with strong cash-on-cash returns. The units offer spacious floorplans which provide the ideal foundation for updated and modern renovations. The current owners built the property which consists of four large three-bedroom, two-bath units and four large two-bedroom, two-bath units with eleven parking spaces in an enclosed gate. Other highlights include a laundry room, newer roof, and the potential to add an ADU for additional income. The building is not identified in the Los Angeles RSO and is excluded from the LADBS Soft-story retrofitting program.

Listed by Christopher Walker | BRE #01905338 | Triqor Group

Last checked: 13 minutes ago | Last updated: March 27th, 2024 | Source CRMLS | DOM: 119

Home details

Lot Sq. Ft: 7,609
HOA Dues: $0/mo
Year built: 1988
Garage: --
Property Type:: Apartment

Status: Sold
MLS#: PW23204104
City: Los Angeles
County: Los Angeles
Time on Site: 199 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 8
Total # of Buildings: 1
# of Electric Meters: 8
# of Gas Meters: 8
# of Water Meters: 0

Unit Breakdown 1

# of Units: 4
# of Beds: 2
# of Baths: 2
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,363
Total Rent: $9,452
Pro Forma/Market Rent: $2,700

Unit Breakdown 2

# of Units: 4
# of Beds: 3
# of Baths: 2
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,340
Total Rent: $9,360
Pro Forma/Market Rent: $3,250

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $228,888
Net Operating Income: $155,363
Gross Operating Income: --

Annual Expense Breakdown

Total Operating Expense: $66,659
Electric: $0
Gas/Fuel: $0
Trash: $0
Insurance: $0
Professional Management: $0
Water/Sewer: $0

Property Details for 1040 S Lake St

Interior Features

Laundry Information

Has Laundry
Community

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 11

Lot Information

Lot Features: Rectangular Lot
Lot Size Source: Public Records
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 8
Parcel Number: 5136013013
Year Built Source: Public Records
Entry Level: 1
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Directions: /

Neighborhood Information

Community Features: Sidewalks

View more facts & features

Local Los Angeles Agent

Sale History for 1040 S Lake St

Last sold for $2,250,000 on March 26th, 2024

March, 2024
Mar 26, 2024

Date

Sold

CRMLS: PW23204104

$2,250,000

Price
Nov 2, 2023

Date

Active

CRMLS: PW23204104

$2,650,000

Price
November, 2022
Nov 20, 2022

Date

Expired

CRMLS: 22183005

$2,800,000

Price
Jul 26, 2022

Date

Active

CRMLS: 22183005

$3,195,000

Price
Listing provided courtesy of CRMLS

2ND PRICE REDUCTION; $400,000 Total Reduction! Current Income assumes that Buyer will lease up vacant units at market rent and give allowable 5%+CPI annual rental increases to occupied units. 1040 S Lake Street is an eight (8) unit non Los Angeles rent controlled apartment building constructed in1988. The building is subject to State of California AB1482, which allows for a five percent plus CPI annual rent increases. The unit mix consists of four (4)2bed+2bath units and four (4) 3bed+2bath units. The property is a three-story 7,392 square foot walk-up building with frame and stucco construction situated on a 7,609 square foot lot. All the units have large open floor plans that provide an investor the opportunity to complete their own renovation plan and significantly increase rents. Unit features include large bedrooms, master bathrooms in various configurations, spacious living room areas and separate dining areas adjacent to the kitchens, updated bathroom shower tub and fixtures, ample storage and closet space and significant natural light. Due to the large size of the units, investors may want to explore the possibility of adding washer/dryers in each unit. All units feature individual hot water heaters, central air conditioners, are separately metered for electricity and gas, and the landlord pays for water and trash. Gated access parking is provided onsite with fourteen (14) side by side spaces. The laundry room adjacent to the parking area is not currently in use, but an investor can re-open if desired.

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December, 1993
Dec 29, 1993

Date

Sold (Public Records)

Public Records

$285,000

Price

Tax History for 1040 S Lake St

Assessed Value (2020): $622,558

Year	Land Value	Improved Value	Assessed Value
2020	$310,819	$311,739	$622,558

Home Value Compared to the Market

This property vs the competition

1040 S Lake St sold on March 26, 2024 for 101.26% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $324 per/sqft which puts the price per square foot 57.09% lower than the current median sale per square foot for the city of Los Angeles.

About 1040 S Lake St

Detailed summary of property

1040 S Lake St is a apartment that recently sold in Los Angeles, CA 90006. This apartment offered 20 bedrooms, 16 bathrooms, roughly 7,392 living square feet, and sits on an approximately 7,609 square foot lot. 1040 S Lake St was first listed on ArdentRealEstateGroup.com on November 2, 2023. The homeowner sold the property for $2,250,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 101.26% higher than the current median priced home. Local homes that are currently for sale include 837 S Berendo St, 1038 Dewey Ave and 836 S Catalina St. While the average home in Los Angeles, CA is selling in 92 days, 1040 S Lake St has a days on market of 119 days. There are currently 3712 homes for sale in the Los Angeles real estate market and 2493 of them are single family homes while 1120 of them are condos and 93 are townhomes. For more information on this home for sale at 1040 S Lake St Los Angeles, CA 90006 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1040 S Lake St

Public county record property details

Beds: 20
Baths: 16
Year built: 1988
Sq. Ft.: 7,392
Lot Size: 7,609
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 14,15
APN: 5136-013-013

The source for these homes facts are from public records.

90006 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$799,000

Median List Price/Sq.Ft.

$602

Median Sold Price

$690,000

Median Sold Price/Sq.Ft.

$600

Total Inventory

Median Sale to List Price %

98.71%

Avg Days on Market

Loan Type

Conventional (0%), FHA (0%), VA (0%), Cash (33.33%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.