1984 Park Grove Ave, Los Angeles, CA 90007
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1984 Park Grove Ave Los Angeles, CA 90007

$4,000,000
  • 9 Beds
  • 26 Baths
  • 14,549 Sq.Ft.
Pending
$4,000,000 Get Pre-Qualified

Map preview of 1984 Park Grove Ave, Los Angeles, CA 90007

Property Overview: 1984 Park Grove Ave Los Angeles, CA has 9 bedrooms, 26 bathrooms, 14,549 living square feet and 5,941 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: TWO WEEK CALL FOR OFFERS! LARGE PRICE ADJUSTMENT WITH NEW & IMPROVED METRICS! BRING ALL OFFERS! 26 units located in the heart of the USC Patrol Zone, which has campus security patrolling the neighborhood 24/7/365. Any students living in the USC Patrol Zone get free Uber's! Great price per door of $153K. In-place GRM of 8.22 with the upside to a 5.67 GRM, and an in-place cap rate of 8.02% with the upside to a 12.62% cap rate. Tenants can enjoy being 1 mile away from USC & Exposition Park and all of the attractions nearby like the new $1B George Lucas Museum, etc. Units are well sized with detached kitchens/bathrooms, with some having beautifully exposed brick and unrestricted views of the DTLA skyline. Majority of the units are on RUBS for utility reimbursements to help lower operating costs. There's a fire sprinkler system for all units and all hallways + common areas that was recently serviced, along with a fire alarm system, 24/7 security camera system and a burglar alarm system for secured entry & tenant safety. The electrical system has been updated and done with permits, in addition to extensive plumbing repairs, upgrades and re-piping. Exterior and common area improvements include new paint, window replacements, common area hallway flooring + stairs replacement, new washer & dryer machines (leased with WASH), water heaters, etc. ADU conversion potential on the bottom floor to convert 3 large vacant storage & office spaces into 3 ADU's/units (no in-place permits or RTI's), which would take the unit count to 29 and add substantial monthly/annual income. All 3 have plumbing & electrical in-place and ready to be converted!

Listed by Jonathan Rawson | BRE #02010400 | Avenue Realty Group
Co-listed by Robert Kellner | BRE #02201789 | Avenue Realty Group
Last checked: 8 minutes ago | Last updated: June 8th, 2024 | Source CRMLS | DOM: 108
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Home details

Lot Sq. Ft
5,941
HOA Dues
$0/mo
Year built
1912
Garage
--
Property Type:
Multi Family
Status
Pending
MLS#
24350759
City
Los Angeles
County
Los Angeles
Time on Site
171 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 26
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 9
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,409
  • Total Rent: $12,678
  • Pro Forma/Market Rent: $20,250
Unit Breakdown 2
  • # of Units: 17
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,510
  • Total Rent: $25,669
  • Pro Forma/Market Rent: $31,450
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 8.02%
  • Gross Rent Multiplier: 8.22
  • Gross Scheduled Income: --
  • Net Operating Income: $320,782
  • Gross Operating Income: $471,864
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 1984 Park Grove Ave

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Property Details for 1984 Park Grove Ave

Interior Features
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • Has Laundry
  • Washer Included, Dryer Included, Community
Fireplace Information
  • No Fireplace
  • None
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Multi/Split
  • Security Features: Fire Sprinkler System, Fire and Smoke Detection System, 24 Hour Security, Smoke Detector(s), Carbon Monoxide Detector(s)
Lot Details / Garage and Parking
Parking/Garage Information
  • No
  • Parking Features: None
Property Information
  • Total # of Units: 26
  • Parcel Number: 5124018009
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: South of Washington, North of Adams, East of Hoover, West of 110 Fwy
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Sale History for 1984 Park Grove Ave

Last sold for $2,305,000 on April 3rd, 2015
  • May, 2024

  • May 10, 2024

    Date

    Pending

    CRMLS: 24350759

    $4,000,000

    Price

  • Jan 23, 2024

    Date

    Active

    CRMLS: 24350759

    $4,995,000

    Price

  • January, 2024

  • Jan 4, 2024

    Date

    Expired

    CRMLS: 23307391

    $4,995,000

    Price

  • Sep 4, 2023

    Date

    Active

    CRMLS: 23307391

    $4,995,000

    Price

  • Listing provided courtesy of CRMLS

    1984 Park Grove is located inside of the desirable USC Patrol Zone, where the university deploys a 24/7/365 security team for student safety. At list price, it is being offered at an attractive $192,115 price per unit and a 10.27 GRM and 5.71% cap rate on current rents, all while still having 45% rental upside for the next owner. Great sized units with some having beautifully exposed brick and unrestricted views of the Downtown LA skyline, and all units have full kitchens & bathrooms that are separate from the living areas. The units and building systems have undergone extensive capital improvements over the last 5 years. The property has an active and recently serviced fire sprinkler system for all units & levels + fire alarm system, and a burglar alarm system for secured entry and tenant safety. Large on-site laundry room for tenant convenience + additional monthly income. The bottom level has ADU conversion opportunities with in-place electrical & plumbing to convert into (3) ADU's which would turn the building into 29 units and add substantial monthly/annual income.

  • June, 2021

  • Jun 3, 2021

    Date

    Active

    CRMLS: 21743916

    $4,600,000

    Price

  • Listing provided courtesy of CRMLS

    The Lowell Apartments is a 26-unit apartment community in historic St. James Park, adjacent to USC and Downtown Los Angeles. St. James Park is an historically designated neighborhood rich with restored Victorian, craftsman and California bungalow architecture. Located within minutes of DTLA's new Figueroa Corridor, Oceanwide Plaza, Staples Center/LA Live, LA Convention Center and USC Village/Campus. The asset offers a mix of studio and 1-bedroom units, priced at a 4.30% cap on current NOI with 33% upside. Seller has spent approximately $550k over the past 6 years on capital improvements and unit remodels including new kitchens, baths, flooring, appliances and brick accent walls. Approximately one-half of units are remodeled. RUBS in-place for recent move-ins currently offsetting 10k/yr in utility expenses with potential to recoup nearly 30k/yr as new leasing adds to the program. Seller believes potential to add up to 3 ADUs in basement, no approvals exist and Buyer to verify. Priced at approximately 175k/unit, 12.5 GRM and 6.5% cap at market. Turn-key asset with attention to detail, historically unprecedented financing available. Walk/bike to Metro Expo and Silver Line. Located within University Park HPOZ.

  • October, 2020

  • Oct 9, 2020

    Date

    Expired

    CRMLS: 20594172

    $4,350,000

    Price

  • Jul 27, 2020

    Date

    Price Change

    CRMLS: 20594172

    $4,350,000

    Price

  • Jun 22, 2020

    Date

    Active

    CRMLS: 20594172

    $4,650,000

    Price

  • Listing provided courtesy of CRMLS

    I am pleased to present the opportunity to acquire 1984 Park Grove Avenue, a 26-unit value-add opportunity situated between University Park and Downtown Los Angeles, two of the most popular submarkets for investors in Los Angeles. The property consists of one building totaling 14,549 square feet. The unit mix is comprised of 17 studios and nine one-bedroom/one-bathroom units. Current ownership has extensively renovated 16 of the 26 units at the property including new cabinetry, granite or quartz counters, tiled bathrooms, new flooring, exposed brick walls (select units) and stainless steel appliances (select units). The continued gentrification of the surrounding area along with the significant value-add potential for a new owner to renovate the remaining 10 unrenovated units and achieve superior future returns moving forward make 1984 Park Grove Avenue an excellent acquisition opportunity.

  • April, 2015

  • Apr 3, 2015

    Date

    Sold (Public Records)

    Public Records

    $2,305,000

    Price

  • March, 2014

  • Mar 25, 2014

    Date

    Sold (Public Records)

    Public Records

    $1,715,000

    Price

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Tax History for 1984 Park Grove Ave

Assessed Value (2020): $2,540,852
Year Land Value Improved Value Assessed Value
2020 $554,963 $1,985,889 $2,540,852

Home Value Compared to the Market

This property vs the competition

1984 Park Grove Ave is listed 233.33% higher than the median list price for the city of Los Angeles which has a median list price of $1,200,000. The median price per/sqft for Los Angeles is $769 and this home is listed at $274.93 per/sqft which puts the price per square foot 64.25% lower than the median price per square foot for the city of Los Angeles.

About 1984 Park Grove Ave

Detailed summary of property

1984 Park Grove Ave is a multi family located in Los Angeles, CA 90007 and is currently in escrow to be sold. This multi family property offers 9 bedrooms, 26 bathrooms, roughly 14,549 living square feet, and sits on an approximately 5,941 square foot lot. 1984 Park Grove Ave was first listed on ArdentRealEstateGroup.com on January 23, 2024. The homeowner is currently asking $4,000,000 and was originally asking $4,995,000. The median priced home in Los Angeles is $1,200,000 with a median price per square foot of $769. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 233.33% higher than the median priced home. Local competing homes currently for sale include 645 S Los Angeles St, 743 S Berendo St and 1271 W 39th Pl. While the average home in Los Angeles, CA is selling in 101 days, 1984 Park Grove Ave has a days on market of 108 days. There are currently 3970 homes for sale in the Los Angeles real estate market and 2658 of them are single family homes while 1194 of them are condos and 110 are townhomes. For more information on this home for sale at 1984 Park Grove Ave Los Angeles, CA 90007 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1984 Park Grove Ave

Public county record property details
Beds
--
Baths
--
Year built
1912
Sq. Ft.
14,549
Lot Size
5,939
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
8
APN
5124-018-009

The source for these homes facts are from public records.

90007 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,399,999
Median List Price/Sq.Ft.
$550
Median Sold Price
$525,000
Median Sold Price/Sq.Ft.
$589
Total Inventory
15
Median Sale to List Price %
102.94%
Avg Days on Market
55
Loan Type
Conventional (50%), FHA (0%), VA (0%), Cash (50%), 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.