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2221 Addison Way, Los Angeles, CA 90041
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2221 Addison Way Los Angeles, CA 90041

$2,100,000
  • 8 Beds
  • 8 Baths
  • 5,144 Sq.Ft.
For Sale
$2,100,000 Get Pre-Qualified
Map preview of 2221 Addison Way, Los Angeles, CA 90041

Property Overview: 2221 Addison Way Los Angeles, CA has 8 bedrooms, 8 bathrooms, 5,144 living square feet and 12,589 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: 8 Unit income property in highly desirable Eagle Rock - a rare find in a market with extremely limited inventory. All units are 1 Bedroom 1 Bath. Four blocks from Colorado Blvd. Close to Occidental College. Six garages currently being used as storage for tenants. 6 uncovered parking spaces. All units separately metered for gas and electricity and all units have separate water heaters. Foundation bolting completed in 2013. Indicative of the strong rental demand in the local area, this property is fully leased. Upon unit turnover, this property presents an enticing 32% potential upside in rental income, making it a compelling opportunity for growth-minded investors. CONTACT LISTING AGENT FOR FULL OFFERING MEMORANDUM.

Listed by Gabriel Rudner | BRE #02054447 | Aegis Management, Inc.
Co-listed by Andrew Perris | BRE #00956552 | Aegis Management, Inc.
Last checked: 26 minutes ago | Last updated: May 21st, 2024 | Source CRMLS | DOM: 50
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Home details

Lot Sq. Ft
12,589
HOA Dues
$0/mo
Year built
1925
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24390355
City
Los Angeles
County
Los Angeles
Time on Site
47 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 5
  • # of Leased Units: 8
  • # of Electric Meters: 8
  • # of Gas Meters: 8
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,664
  • Total Rent: $1,664
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,310
  • Total Rent: $1,310
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,950
  • Total Rent: $1,950
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,768
  • Total Rent: $1,768
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $951
  • Total Rent: $951
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,664
  • Total Rent: $1,664
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 7
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,126
  • Total Rent: $1,126
  • Pro Forma/Market Rent: $1,995
Unit Breakdown 8
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,553
  • Total Rent: $1,553
  • Pro Forma/Market Rent: $1,995
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.46%
  • Gross Rent Multiplier: 14.5
  • Gross Scheduled Income: --
  • Net Operating Income: $72,578
  • Gross Operating Income: $140,463
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 2221 Addison Way

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Property Details for 2221 Addison Way

Interior Features
Laundry Information
  • Has Laundry
  • None
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Two
  • Security Features: Smoke Detector(s)
Exterior Features
Exterior Information
  • Roof: Tar/Gravel
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 6
  • Has Parking
  • Parking Features: Garage
Lot Information
  • Lot Size Source: Estimated
Property Information
  • Total # of Units: 8
  • Parcel Number: 5685005015
  • Foundation Details: Raised
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Addison Way west of Eagle Rock Blvd. Four blocks from Colorado Blvd.
View more facts & features

Local Los Angeles Agent

Sale History for 2221 Addison Way

Last sold for $400,000 on November 2nd, 2000

  • May, 2024

  • May 9, 2024

    Date

    Active

    CRMLS: 24390355

    $2,100,000

    Price

  • November, 2000

  • Nov 2, 2000

    Date

    Sold (Public Records)

    Public Records

    $400,000

    Price

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Tax History for 2221 Addison Way

Assessed Value (2020): $551,114
Year Land Value Improved Value Assessed Value
2020 $275,557 $275,557 $551,114

Home Value Compared to the Market

This property vs the competition

2221 Addison Way is listed 69.9% higher than the median list price for the city of Los Angeles which has a median list price of $1,236,000. The median price per/sqft for Los Angeles is $775 and this home is listed at $408.24 per/sqft which puts the price per square foot 47.32% lower than the median price per square foot for the city of Los Angeles.

About 2221 Addison Way

Detailed summary of property

2221 Addison Way is a multi family located in Los Angeles, CA 90041 and is currently for sale. This multi family property offers 8 bedrooms, 8 bathrooms, roughly 5,144 living square feet, and sits on an approximately 12,589 square foot lot. 2221 Addison Way was first listed on ArdentRealEstateGroup.com on May 13, 2024. The homeowner is currently asking $2,100,000. The median priced home in Los Angeles is $1,236,000 with a median price per square foot of $775. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 69.9% higher than the median priced home. Local competing homes currently for sale include 2445 Lake View Ave, 4123 Edenhurst Ave and 2119 N Broadway. While the average home in Los Angeles, CA is selling in 99 days, 2221 Addison Way has a days on market of 50 days. There are currently 3982 homes for sale in the Los Angeles real estate market and 2673 of them are single family homes while 1195 of them are condos and 107 are townhomes. For more information on this home for sale at 2221 Addison Way Los Angeles, CA 90041 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 2221 Addison Way

Public county record property details
Beds
6
Baths
6
Year built
1925
Sq. Ft.
5,144
Lot Size
12,638
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
5,48
APN
5685-005-015

The source for these homes facts are from public records.

90041 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,399,995
Median List Price/Sq.Ft.
$852
Median Sold Price
$1,332,000
Median Sold Price/Sq.Ft.
$968
Total Inventory
47
Median Sale to List Price %
121.09%
Avg Days on Market
10
Loan Type
Conventional (27.27%), FHA (0%), VA (0%), Cash (18.18%), Other (18.18%)

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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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