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1520 Menlo Ave, Los Angeles, CA 90006
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1520 Menlo Ave Los Angeles, CA 90006

$1,775,000 Sold Price as of 11/19/2021
  • 10 Beds
  • 10 Baths
  • 5,132 Sq.Ft.
Sold
$1,775,000 Sold Price as of 11/19/2021 Refinance Your Mortgage
Map preview of 1520 Menlo Ave, Los Angeles, CA 90006

Property Overview: 1520 Menlo Ave Los Angeles, CA has 10 bedrooms, 10 bathrooms, 5,132 living square feet and 7,300 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Welcome to the heart of Pico-Union. A distinctive, Los Angeles neighborhood nestled between the ever-growing Downtown market and the youthful Koreatown suburb. 1520 Menlo Ave is a Bungalow style 10-unit apartment building that consists of ten (10) one-bedroom one-bathroom units. This five-building, privately gated apartment was built in 1924 and meticulously upgraded in 2020 to shine a light on the properties original character and current charm. A new owner will benefit greatly from this clean apartment building. Not only has the current owner upgraded the entire common area of the property, four of the ten units have received upgrades, providing a road map for the next owner to add-value and achieve the upside potential inherent in the property. The property features well-manicured landscaping and a fantastic location to nearby hotspots. This area is the premier location for long-term rental growth assets. The Pico-Union area has become the epicenter for families and professionals in Los Angeles in a long-term blue-collar market. Investors are flocking to Pico-Union as average rents are pushing $2,000/month for a one-bedroom and as population growth is projected as steady increases for years to come, this is a seize the moment opportunity for any strong investor looking to secure property in one of LAs best submarkets. Its prime location and abundant local hot spots being but a brief walk away, all residents and working professionals obtain quick commute times in a city plagued with standstill traffic- making an abundance of renters readily available.

Listed by John Wright | BRE #01985584 | Matthews Real Estate Investment Services
Last checked: 8 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 36

Home details

Lot Sq. Ft
7,300
HOA Dues
$0/mo
Year built
1924
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
21775672
City
Los Angeles
County
Los Angeles
Time on Site
1122 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 10
  • Total # of Buildings: 5
  • # of Electric Meters: 11
  • # of Gas Meters: 11
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,575
  • Total Rent: $3,150
  • Pro Forma/Market Rent: $3,450
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,650
  • Total Rent: $1,650
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,641
  • Total Rent: $1,641
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $708
  • Total Rent: $708
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $683
  • Total Rent: $683
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $998
  • Total Rent: $998
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $782
  • Total Rent: $782
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $763
  • Total Rent: $763
  • Pro Forma/Market Rent: $1,725
Unit Breakdown 9
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $970
  • Total Rent: $970
  • Pro Forma/Market Rent: $1,725
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 13.22
  • Gross Scheduled Income: --
  • Net Operating Income: $81,482
  • Gross Operating Income: $132,095
  • # of Rented Garages: 0
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 1520 Menlo Ave

Interior Features
Cooling Information
  • Has Cooling
  • Wall/Window Unit(s)
Laundry Information
  • No Laundry
  • None
Fireplace Information
  • Has Fireplace
  • Kitchen, Bath, Master Bedroom, Living Room
Room Information
  • Flooring: Wood, Laminate
Interior Features
  • Security Features: Gated Community, Carbon Monoxide Detector(s)
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • No
  • Parking Features: None
Lot Information
  • Lot Size Source: Assessor
Property Information
  • No View
  • View: None
  • Total # of Units: 10
  • Parcel Number: 5056002037
  • Architectural Style: Bungalow
  • Foundation Details: Raised
  • Property Condition: Updated/Remodeled
Location / Neighborhood
Location Information
  • Directions: Major cross streets are Vermont Avenue and Venice Blvd. Turn north on Menlo Avenue from Venice Blvd.
View more facts & features

Local Los Angeles Agent

Sale History for 1520 Menlo Ave

Last sold for $1,775,000 on November 19th, 2021

  • August, 2021

  • Aug 23, 2021

    Date

    Active

    CRMLS: 21775672

    $1,800,000

    Price

  • August, 2021

  • Aug 13, 2021

    Date

    Canceled

    CRMLS: 21757818

    $1,865,000

    Price

  • Jul 7, 2021

    Date

    Active

    CRMLS: 21757818

    $1,865,000

    Price

  • Listing provided courtesy of CRMLS

    Welcome to the heart of Pico-Union. A distinctive, Los Angeles neighborhood nestled between the ever-growing Downtown market and the youthful Koreatown suburb. 1520 Menlo Ave is a Bungalow style 10-unit apartment building that consists of ten (10) one-bedroom one-bathroom units. This property consists of five-building and private, gated entry. The units were built in 1924 and includes a private courtyard for the tenants. The property features well-manicured landscaping and charming touches to make this a wonderful living space for tenants. The units rent extremely fast when marketed for lease. Four out of the Ten units have been completely remodeled with high-end finishes that include quartz countertops, stainless steel appliances, brand new laminate floors, recessed LED lighting, subway tiles in the bathrooms and great lighting. The property boasts 50% + upside in rents. This opportunity provides an investor a low price per unit, a nearly 4.50% return on existing rents, with an additional 50% upside in rents! This opportunity is a clear path to success in real estate for any investor. Additionally, this area is the premier location for long-term rental growth assets. The Pico-Union area has become the epicenter for families and professionals in Los Angeles in a long-term blue-collar market. Investors are flocking to Pico-Union as average rents are pushing $2,000/month and as population growth is projected as steady increases for years to come, this is a seize the moment opportunity for any strong investor looking to secure property in one of LAs best submarkets.

  • January, 2018

  • Jan 23, 2018

    Date

    Sold

    CRMLS: 17262512

    $1,400,000

    Price

  • Oct 18, 2017

    Date

    Active Under Contract

    CRMLS: 17262512

    $1,435,000

    Price

  • Sep 14, 2017

    Date

    Price Change

    CRMLS: 17262512

    $1,435,000

    Price

  • Aug 19, 2017

    Date

    Active

    CRMLS: 17262512

    $1,500,000

    Price

  • Listing provided courtesy of CRMLS

    The Pico-Union neighborhood is adjacent to Downtown Los Angeles meaning the subject property is near some of the city's top entertainment venues and attractions featuring concerts, sporting events, and more at LA Live, Nokia Theatre, Staples Center, and the Convention Center. The building also sits on a quiet street within walking distance of Magnolia Avenue Elementary School and major retail corridors along West Washington, Venice, and West Pico Boulevards. In addition, Loyola and West Adams Preparatory high schools are easily within biking distance of the property. In fact the subject property has a walk score of 87 indicating that tenants can accomplish most errands on foot.Built in 1924, this investment consists of one, two-story building and four, one-story buildings that feature a streamlined unit mix of 10, one-bedroom/one-bathroom units. This property offers potential investors tremendous built in upside potential.

  • January, 2018

  • Jan 9, 2018

    Date

    Sold (Public Records)

    Public Records

    $1,400,000

    Price

  • April, 1999

  • Apr 21, 1999

    Date

    Sold (Public Records)

    Public Records

    $295,000

    Price

Show More

Tax History for 1520 Menlo Ave

Assessed Value (2020): $1,456,560
Year Land Value Improved Value Assessed Value
2020 $1,040,400 $416,160 $1,456,560

Home Value Compared to the Market

This property vs the competition

1520 Menlo Ave sold on November 19, 2021 for 60.71% higher than the current median sold price for the city of Los Angeles which is $1,120,000. The median sold price per/sqft for Los Angeles is $724 and this home is sold at $350.74 per/sqft which puts the price per square foot 51.56% lower than the current median sale per square foot for the city of Los Angeles.

About 1520 Menlo Ave

Detailed summary of property

1520 Menlo Ave is a multi family that recently sold in Los Angeles, CA 90006. This multi family property offered 10 bedrooms, 10 bathrooms, roughly 5,132 living square feet, and sits on an approximately 7,300 square foot lot. 1520 Menlo Ave was first listed on ArdentRealEstateGroup.com on August 23, 2021. The homeowner sold the property for $1,775,000. Home in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 60.71% higher than the current median priced home. Local homes that are currently for sale include 2327 S Budlong Ave, 2885 Francis Ave and 1020 S Westlake Ave. While the average home in Los Angeles, CA is selling in 106 days, 1520 Menlo Ave has a days on market of 36 days. There are currently 4052 homes for sale in the Los Angeles real estate market and 2782 of them are single family homes while 1148 of them are condos and 116 are townhomes. For more information on this home for sale at 1520 Menlo Ave 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 1520 Menlo Ave

Public county record property details
Beds
10
Baths
10
Year built
1924
Sq. Ft.
5,132
Lot Size
7,300
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
19
APN
5056-002-037

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.
$608
Median Sold Price
$760,000
Median Sold Price/Sq.Ft.
$597
Total Inventory
33
Median Sale to List Price %
87.46%
Avg Days on Market
75
Loan Type
Conventional (42.86%), FHA (0%), VA (0%), Cash (0%), Other (42.86%)

Thinking of Selling?

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(714) 706-1823

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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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