1158 E 88th Pl, Los Angeles, CA 90002
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1158 E 88th Pl Los Angeles, CA 90002

$925,000
  • 3 Beds
  • 2.75 Baths
  • 2,891 Sq.Ft.
For Sale
$925,000 Get Pre-Qualified

Map preview of 1158 E 88th Pl, Los Angeles, CA 90002

Property Overview: 1158 E 88th Pl Los Angeles, CA has 3 bedrooms, 2.75 bathrooms, 2,891 living square feet and 5,124 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: We are pleased to present a Business Opportunity consisting of a well-established store with a B & W license, EBT, ATM, CA-Lottery, and a meat market “carniceria”; this Business Opportunity presents the option to buy the real estate as part of the acquisition. Established in 1999 and located in a very visible hard-corner, this store had been a successful family-owned business for over 20 years. This strategically located neighborhood business exclusively serves a radius of over 0.5 miles selling daily needs from meat and groceries to cleaning supplies and wine. Two years ago, the property and the business were sold to a multifamily real estate investor, who dabbled in the market/store industry for the first time and who employed a friend of his as the manager to operate this store. Now, this business is being offered to an involved owner-operator or to an experienced investor to revitalize it and to bring it back to its peak performance and beyond. With proper management, this business has the potential to become enormously profitable for its new owner. The store consists of approximately 1,500 square feet containing all the proper grocery store equipment including a meat counter with display, a six-doors walk-in refrigeration unit, open-air cooler and open-air freezer, retail shelving, additional storage shelving, additional refrigeration shelving, commercial meat slicer, commercial scale, commercial sink, and more. The store will be delivered fully equipped and fully stocked with merchandise for a smooth transition. This Business Opportunity can be bought on its own. The seller of this business, who is also the owner of the real estate, is willing to negotiate favorable long-term lease conditions with the new business owner/operator. Likewise, this Business Opportunity could be bought with the real estate which settles on a big 5,124 SF lot and includes the freestanding store plus an ample 3-bedroom and 1-bath house currently located in the same lot. This house is rented and producing $2,300 of additional income a month.

Listed by Alex Colombo | BRE #01927702 | Lyon Stahl Investment Real Est
Last checked: 14 minutes ago | Last updated: December 21st, 2022 | Source CRMLS | DOM: 633
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Home details

Lot Sq. Ft
5,124
HOA Dues
$0/mo
Year built
1931
Garage
1 Car
Property Type:
Multi Family
Status
Active
MLS#
PW22116722
City
Los Angeles
County
Los Angeles
Time on Site
666 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 2
  • Total # of Buildings: 2
  • # of Electric Meters: 2
  • # of Gas Meters: 2
  • # of Water Meters: 2
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 2
  • Garage Spaces: 2
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,300
  • Total Rent: $2,300
  • Pro Forma/Market Rent: $3,250
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Furnished
  • Actual Rent: $3,250
  • Total Rent: $3,250
  • Pro Forma/Market Rent: $3,500
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $66,600
  • Net Operating Income: $43,636
  • Gross Operating Income: --
Annual Expense Breakdown
  • Total Operating Expense: $20,966
  • Electric: $1,200
  • Gas/Fuel: $50
  • Trash: $1,200
  • Insurance: $1,300
  • Water/Sewer: $1,200

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Property Details for 1158 E 88th Pl

Interior Features
Laundry Information
  • Has Laundry
  • Gas & Electric Dryer Hookup
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 1
  • # of Parking Spaces: 1
Lot Information
  • Lot Features: 2-5 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 2
  • Parcel Number: 6043005001
  • Year Built Source: Public Records
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Manchester Ave and Hooper Ave
Neighborhood Information
  • Community Features: Sidewalks, Street Lights, Urban
View more facts & features

Local Los Angeles Agent

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Sale History for 1158 E 88th Pl

View property's historical transactions
  • June, 2022

  • Jun 1, 2022

    Date

    Active

    CRMLS: PW22116722

    $1,120,000

    Price

Tax History for 1158 E 88th Pl

Recent tax history for this property
Year Land Value Improved Value Assessed Value
The tax history for this property will expand as we gather information for this property.

Home Value Compared to the Market

This property vs the competition

1158 E 88th Pl is listed 26% lower than the median list price for the city of Los Angeles which has a median list price of $1,250,000. The median price per/sqft for Los Angeles is $770 and this home is listed at $319.96 per/sqft which puts the price per square foot 58.45% lower than the median price per square foot for the city of Los Angeles.

About 1158 E 88th Pl

Detailed summary of property

1158 E 88th Pl is a multi family located in Los Angeles, CA 90002 and is currently for sale. This multi family property offers 3 bedrooms, 2.75 bathrooms, roughly 2,891 living square feet, and sits on an approximately 5,124 square foot lot. 1158 E 88th Pl was first listed on ArdentRealEstateGroup.com on June 1, 2022. The homeowner is currently asking $925,000 and was originally asking $1,120,000. The median priced home in Los Angeles is $1,250,000 with a median price per square foot of $770. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 26% lower than the median priced home. Local competing homes currently for sale include 5911 Miramonte Blvd, 9009 Beach St and 1600 E 81st St. While the average home in Los Angeles, CA is selling in 100 days, 1158 E 88th Pl has a days on market of 633 days. There are currently 3287 homes for sale in the Los Angeles real estate market and 2252 of them are single family homes while 954 of them are condos and 78 are townhomes. For more information on this home for sale at 1158 E 88th Pl Los Angeles, CA 90002 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1158 E 88th Pl

Public county record property details
Beds
--
Baths
--
Year built
--
Sq. Ft.
--
Lot Size
--
Stories
--
Type
--
Pool
--
Spa
--
County
--
Lot#
--
APN
--

The source for these homes facts are from public records.

90002 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$630,000
Median List Price/Sq.Ft.
$485
Median Sold Price
$575,000
Median Sold Price/Sq.Ft.
$490
Total Inventory
43
Median Sale to List Price %
103.6%
Avg Days on Market
41
Loan Type
Conventional (50%), FHA (50%), VA (0%), Cash (0%), 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.