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1185 Myra Ave, Los Angeles, CA 90029
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1185 Myra Ave Los Angeles, CA 90029

$6,850,000 Sold Price as of 04/16/2021
  • 49 Beds
  • 39 Baths
  • 19,573 Sq.Ft.
Sold
$6,850,000 Sold Price as of 04/16/2021 Refinance Your Mortgage
Map preview of 1185 Myra Ave, Los Angeles, CA 90029

Property Overview: 1185 Myra Ave Los Angeles, CA has 49 bedrooms, 39 bathrooms, 19,573 living square feet and 13,194 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to present for sale a VACANT, prime Silver Lake Multifamily building just one block from Sunset Junction. This investment opportunity offers a buyer the ability to immediately renovate, design, and lease 21 apartment units in an extremely desirable rental location. The Property is anticipated to be stabilized around a PROJECTED 5.85% Cap Rate post-renovations. The Property will be delivered with RTI Permits to convert the building from the existing 17 units to a permitted 21 units (20 units + 1 ADU) with an excellent unit mix and large floor plans. There are 18 on-site parking spaces and secure storage for 12 bicycles. Located across the street from a new 100-unit apartment development coming soon and less than 1 mile from the Kaiser and Children's Hospitals as well as Metro stations, Vermont/Santa Monica & Vermont/Sunset. Buyer to independently investigate the accuracy of all information provided.

Listed by Alexander Metaxas | BRE #01784652 | Realty Investment Advisors, Inc.
Co-listed by Brian Rivera | BRE #01992630 | Compass
Last checked: 13 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 70

Home details

Lot Sq. Ft
13,194
HOA Dues
$0/mo
Year built
1964
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
20586460
City
Los Angeles
County
Los Angeles
Time on Site
1211 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 21
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 3
  • Furnishing: Unfurnished
  • Actual Rent: $3,450
  • Total Rent: $0
  • Pro Forma/Market Rent: $3,450
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $3,400
  • Total Rent: $0
  • Pro Forma/Market Rent: $3,400
Unit Breakdown 3
  • # of Units: 4
  • # of Beds: 3
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $3,350
  • Total Rent: $0
  • Pro Forma/Market Rent: $3,350
Unit Breakdown 4
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $3,250
  • Total Rent: $0
  • Pro Forma/Market Rent: $3,250
Unit Breakdown 5
  • # of Units: 6
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $2,750
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,750
Unit Breakdown 6
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,200
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 7
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,050
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,050
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 10.12
  • Gross Scheduled Income: --
  • Net Operating Income: $503,338
  • Gross Operating Income: $691,410
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 1185 Myra Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • No Heating
  • None
Fireplace Information
  • No Fireplace
  • None
Interior Features
  • Levels: Three Or More
Lot Details / Garage and Parking
Parking/Garage Information
  • Has Parking
  • Parking Features: Covered, Gated, Uncovered
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Has View
  • View: Mountain(s), City Lights
  • Total # of Units: 21
  • Parcel Number: 5429008023
  • Property Condition: Fixer, Repairs Major
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Other
Location / Neighborhood
Location Information
  • Directions: North of Sunset Blvd, South of Fountain
View more facts & features

Local Los Angeles Agent

Sale History for 1185 Myra Ave

Last sold for $6,850,000 on April 16th, 2021

  • April, 2021

  • Apr 20, 2021

    Date

    Sold

    CRMLS: 20586460

    $6,850,000

    Price

  • Aug 14, 2020

    Date

    Pending

    CRMLS: 20586460

    $6,998,000

    Price

  • Aug 10, 2020

    Date

    Price Change

    CRMLS: 20586460

    $6,998,000

    Price

  • Jul 22, 2020

    Date

    Active Under Contract

    CRMLS: 20586460

    $7,385,000

    Price

  • Jun 4, 2020

    Date

    Active

    CRMLS: 20586460

    $7,385,000

    Price

  • June, 2020

  • Jun 4, 2020

    Date

    Canceled

    CRMLS: 20585618

    $7,385,000

    Price

  • Jun 3, 2020

    Date

    Withdrawn

    CRMLS: 20585618

    $7,385,000

    Price

  • Jun 2, 2020

    Date

    Active

    CRMLS: 20585618

    $7,385,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present for sale a FULLY VACANT, prime Silver Lake apartment property located just blocks from Sunset Junction. This investment opportunity offers a buyer the ability to fully renovate and add a tremendous amount of value to the property. The sale will come with architectural plans approved by City of Los Angeles to increase it from 18 to 21 units with an excellent mix of mostly 3 and 2 bedrooms. There are 18 on-site, gated parking spaces that include both open and tuck-under. Cap Rate & GRM are based on projected rents/income after property has been completely renovated. Buyer to independently investigate the property and the accuracy of all information provided. Located less than 1 mile from Kaiser and Childrens Hospitals as well as two Metro stations: Vermont/Santa Monica and Vermont/Sunset. Surrounded by countless restaurants, bars, retail and new development it is one of the most sought after rental locations in this part of Los Angeles.

  • January, 2019

  • Jan 8, 2019

    Date

    Sold (Public Records)

    Public Records

    $4,615,000

    Price

  • July, 2018

  • Jul 23, 2018

    Date

    Sold (Public Records)

    Public Records

    $2,900,000

    Price

Show More

Tax History for 1185 Myra Ave

Assessed Value (2020): $4,707,700
Year Land Value Improved Value Assessed Value
2020 $2,667,300 $2,040,400 $4,707,700

Home Value Compared to the Market

This property vs the competition

1185 Myra Ave sold on April 16, 2021 for 488.07% 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 $357.53 per/sqft which puts the price per square foot 52.64% lower than the current median sale per square foot for the city of Los Angeles.

About 1185 Myra Ave

Detailed summary of property

1185 Myra Ave is a multi family that recently sold in Los Angeles, CA 90029. This multi family property offered 49 bedrooms, 39 bathrooms, roughly 19,573 living square feet, and sits on an approximately 13,194 square foot lot. 1185 Myra Ave was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $6,850,000. 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 488.07% higher than the current median priced home. Local homes that are currently for sale include 1445 N Avenue 47, 1439 N Curson Ave and 654 E 24th St. While the average home in Los Angeles, CA is selling in 94 days, 1185 Myra Ave has a days on market of 70 days. There are currently 3580 homes for sale in the Los Angeles real estate market and 2422 of them are single family homes while 1059 of them are condos and 93 are townhomes. For more information on this home for sale at 1185 Myra Ave Los Angeles, CA 90029 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1185 Myra Ave

Public county record property details
Beds
--
Baths
--
Year built
1964
Sq. Ft.
19,573
Lot Size
13,194
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
24-27
APN
5429-008-023

The source for these homes facts are from public records.

90029 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,199,000
Median List Price/Sq.Ft.
$802
Median Sold Price
$1,049,000
Median Sold Price/Sq.Ft.
$1,042
Total Inventory
32
Median Sale to List Price %
95.36%
Avg Days on Market
38
Loan Type
Conventional (60%), FHA (0%), 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.

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