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1615 Park Ave, Los Angeles, CA 90026
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1615 Park Ave Los Angeles, CA 90026

$7,000,000
  • 13 Beds
  • 13 Baths
  • 13,260 Sq.Ft.
For Sale
$7,000,000 Get Pre-Qualified
Map preview of 1615 Park Ave, Los Angeles, CA 90026

Property Overview: 1615 Park Ave Los Angeles, CA has 13 bedrooms, 13 bathrooms, 13,260 living square feet and 8,513 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: Kingside Investment Group of Keller Williams Downtown Los Angeles is proud is present 1111 Echo Park Avenue, a luxuriously built 2020 new construction apartment building in Echo Park. The property is comprised of nine (9) one-bedroom units that vary in size from 740 square feet to 1,050 square feet and two (2) two-bedroom/two-bathroom units that measure 1,300 square feet. The property offers a superb location across Echo Park Lake and one block away from Sunset Boulevard. Each unit boasts private balconies, in-unit washer/dryer, and stainless-steel appliances. The apartment complex is fully leased and offers a prospective investor very attractive assumable financing in the amount of $4,500,000 with a fixed rate of 4.30% till 2027. 1111 Echo Park Avenue presents an opportunity to acquire a non-rent-controlled asset in a submarket that has little to no inventory for new construction development due to its harsh new development regulations and scarcity of land. Certificate of Occupancy was issued in March 2022 and the property has controlled access with an elevator and gated garage.

Listed by Andres Diaz | BRE #01956479 | Keller Williams Downtown LA
Last checked: 16 minutes ago | Last updated: July 19th, 2023 | Source CRMLS | DOM: 267
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Home details

Lot Sq. Ft
8,513
HOA Dues
$0/mo
Year built
2020
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
23289265
City
Los Angeles
County
Los Angeles
Time on Site
296 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 11
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 6
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,708
  • Total Rent: $16,248
  • Pro Forma/Market Rent: $16,500
Unit Breakdown 2
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $3,983
  • Total Rent: $11,949
  • Pro Forma/Market Rent: $12,900
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $3,826
  • Total Rent: $3,826
  • Pro Forma/Market Rent: $4,500
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.01%
  • Gross Rent Multiplier: 16.27
  • Gross Scheduled Income: --
  • Net Operating Income: $280,514
  • Gross Operating Income: $430,188
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 1615 Park Ave

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Property Details for 1615 Park Ave

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Dryer Included
Kitchen Information
  • Has Appliances
  • Dishwasher, Disposal, Microwave
Lot Details / Garage and Parking
Parking/Garage Information
  • Has Parking
  • Parking Features: Controlled Entrance
Property Information
  • Total # of Units: 11
  • Parcel Number: 5404018011
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Location / Neighborhood
Location Information
  • Directions: Direclty across from Echo Park and south of Sunset Boulevard.
View more facts & features

Local Los Angeles Agent

Sale History for 1615 Park Ave

Last sold for $5,900,000 on March 20th, 2020

  • July, 2023

  • Jul 11, 2023

    Date

    Active

    CRMLS: 23289265

    $7,000,000

    Price

  • March, 2020

  • Mar 20, 2020

    Date

    Sold (Public Records)

    Public Records

    $5,900,000

    Price

  • August, 2015

  • Aug 5, 2015

    Date

    Sold (Public Records)

    Public Records

    $17,800,000

    Price

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Tax History for 1615 Park Ave

Assessed Value (2020): $2,652,893
Year Land Value Improved Value Assessed Value
2020 $1,082,432 $1,570,461 $2,652,893

Home Value Compared to the Market

This property vs the competition

1615 Park Ave is listed 471.43% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $527.9 per/sqft which puts the price per square foot 31.8% lower than the median price per square foot for the city of Los Angeles.

About 1615 Park Ave

Detailed summary of property

1615 Park Ave is a multi family located in Los Angeles, CA 90026 and is currently for sale. This multi family property offers 13 bedrooms, 13 bathrooms, roughly 13,260 living square feet, and sits on an approximately 8,513 square foot lot. 1615 Park Ave was first listed on ArdentRealEstateGroup.com on July 11, 2023. The homeowner is currently asking $7,000,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 471.43% higher than the median priced home. Local competing homes currently for sale include 526 W 47th St, 211 S Poinsettia Pl and 1439 N Curson Ave. While the average home in Los Angeles, CA is selling in 96 days, 1615 Park Ave has a days on market of 267 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 1615 Park Ave Los Angeles, CA 90026 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1615 Park Ave

Public county record property details
Beds
--
Baths
15
Year built
1960
Sq. Ft.
12,630
Lot Size
15,104
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
3,4
APN
5404-018-011

The source for these homes facts are from public records.

90026 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,300,000
Median List Price/Sq.Ft.
$808
Median Sold Price
$1,450,000
Median Sold Price/Sq.Ft.
$817
Total Inventory
55
Median Sale to List Price %
105.92%
Avg Days on Market
13
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (15.38%), Other (0%)

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Recently Sold Homes Near 1615 Park Ave

1100 Echo Park Ave, Los Angeles, CA 90026
$1,350,000 Last Sold Price
17 Beds
10 Baths
4040 Sq.Ft.
1100 Echo Park Ave
Los Angeles, CA 90026
1110 Echo Park Ave, Los Angeles, CA 90026
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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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