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238 S Serrano Ave, Los Angeles, CA 90004
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238 S Serrano Ave Los Angeles, CA 90004

$9,800,000 Sold Price as of 01/25/2023
  • 29 Beds
  • 52 Baths
  • 27,250 Sq.Ft.
Sold
$9,800,000 Sold Price as of 01/25/2023 Refinance Your Mortgage
Map preview of 238 S Serrano Ave, Los Angeles, CA 90004

Property Overview: 238 S Serrano Ave Los Angeles, CA has 29 bedrooms, 52 bathrooms, 27,250 living square feet and 17,886 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 238 South Serrano Avenue is a once-in-lifetime opportunity to purchase a fifty-one (51) apartment unit building in the epicenter of Koreatown. The property was built in 1972 using wood frame and stucco construction on 17,886 square feet of land. The property showcases a diverse unit mix of studio, one-bedroom, and two-bedroom units with interior finishes such as updated cabinetry, vinyl wood flooring, and new coat of paint. Tenants have access to an on-site laundry room as well as gated parking for forty-one (41) spaces. In addition, the apartment boasts a 95 Walk Score which enables tenants to complete daily errands without requiring a car. Lastly, ten (10) units will be delivered vacant at the close of escrow which will enable a prospective buyer to immediately lease up the units at market rate and capture more than 35% rental upside.

Listed by Andres Diaz | BRE #01956479 | Keller Williams Downtown LA
Co-listed by Daniel Shon | BRE #01931687 | Keller Williams Downtown LA
Last checked: 9 minutes ago | Last updated: March 18th, 2024 | Source CRMLS | DOM: 27

Home details

Lot Sq. Ft
17,886
HOA Dues
$0/mo
Year built
1972
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
22223195
City
Los Angeles
County
Los Angeles
Time on Site
572 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 51
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 27
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,318
  • Total Rent: $35,573
  • Pro Forma/Market Rent: $48,600
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $2,600
Unit Breakdown 3
  • # of Units: 23
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,259
  • Total Rent: $28,965
  • Pro Forma/Market Rent: $35,650
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.91%
  • Gross Rent Multiplier: 14.85
  • Gross Scheduled Income: --
  • Net Operating Income: $449,475
  • Gross Operating Income: $774,454
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 238 S Serrano Ave

Interior Features
Heating Information
  • Has Heating
  • Wall Furnace
Interior Features
  • Ceiling Fan(s)
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 41
  • Has Parking
  • Parking Features: Covered
Property Information
  • Total # of Units: 51
  • Parcel Number: 5517013026
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Location / Neighborhood
Location Information
  • Directions: east of Hancock Park --between 2nd Street & 3rd Street on Serrano Avenue.
View more facts & features

Local Los Angeles Agent

Sale History for 238 S Serrano Ave

Last sold for $9,800,000 on January 25th, 2023

  • March, 2024

  • Mar 18, 2024

    Date

    Canceled

    CRMLS: 23332107

    $11,500,000

    Price

  • Nov 14, 2023

    Date

    Active

    CRMLS: 23332107

    $11,500,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present 238 S Serrano Ave, a robust multi-family investment opportunity with 32%+ rental upside potential, located in the bustling Mid-Wilshire/Koreatown submarket of Los Angeles, just east of Western Ave and north of 3rd St. Built in 1972, the building is comprised of 51 units, including 23 singles, 27 (1+1), and 1 (2+2) units that average approximately 534 gross square feet. The 27,252 square foot structure is situated on a 17,886 square foot LAR3-1 zoned lot. The building's units offer features including air conditioning and heat, tub/showers, garbage disposals, full kitchens with range ovens and refrigerators, vinyl flooring, and family rooms. Some units include built-in bookshelves and balconies, and select units have been renovated to include new laminate wood flooring, reglazed countertops, and designer pulls & facets. The property features a bright front lobby with secured entry and floor-to-ceiling windows and gated parking with 41 spaces, providing convenient vehicle storage for residents. The property is separately metered for gas and electric, and there is a laundry facility on-site for added convenience. With an outstanding Walk Score of 97, 238 S Serrano Ave's Koreatown location offers residents unmatched access to career centers, educational institutions, restaurants, nightlife destinations, and shopping, all within one of the most walkable and high-demand locations in Southern California. The property is also conveniently located just 0.7 miles from the Metro Purple D Line Wilshire/Western station, ensuring easy access to the city's extensive transit network and other LA attractions. Strategically positioned in the heart of Koreatown, 238 S Serrano Ave is a well-maintained asset in a vibrant and centrally situated submarket, offering an astute investor the potential significant appreciation and strong returns supported by high tenant demand for a quality living experience in one of Los Angeles's most dynamic neighborhoods.

  • January, 2023

  • Jan 25, 2023

    Date

    Sold

    CRMLS: 22223195

    $9,800,000

    Price

  • Dec 6, 2022

    Date

    Active

    CRMLS: 22223195

    $11,500,000

    Price

  • September, 2012

  • Sep 27, 2012

    Date

    Sold (Public Records)

    Public Records

    --

    Price

Show More

Tax History for 238 S Serrano Ave

Assessed Value (2020): $5,827,508
Year Land Value Improved Value Assessed Value
2020 $2,814,960 $3,012,548 $5,827,508

Home Value Compared to the Market

This property vs the competition

238 S Serrano Ave sold on January 25, 2023 for 917.7% higher than the current median sold price for the city of Los Angeles which is $1,130,000. The median sold price per/sqft for Los Angeles is $754 and this home is sold at $422.02 per/sqft which puts the price per square foot 44.03% lower than the current median sale per square foot for the city of Los Angeles.

About 238 S Serrano Ave

Detailed summary of property

238 S Serrano Ave is a multi family that recently sold in Los Angeles, CA 90004. This multi family property offered 29 bedrooms, 52 bathrooms, roughly 27,250 living square feet, and sits on an approximately 17,886 square foot lot. 238 S Serrano Ave was first listed on ArdentRealEstateGroup.com on December 6, 2022. The homeowner sold the property for $9,800,000. Home in Los Angeles are selling for a median price of $1,130,000 and a median price per square foot of $754. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 917.7% higher than the current median priced home. Local homes that are currently for sale include 11755 National Blvd, 11666 Mayfield Ave and 11942-11948 Darlington Ave. While the average home in Los Angeles, CA is selling in 99 days, 238 S Serrano Ave has a days on market of 27 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 238 S Serrano Ave Los Angeles, CA 90004 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 238 S Serrano Ave

Public county record property details
Beds
--
Baths
--
Year built
1972
Sq. Ft.
27,252
Lot Size
17,885
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
113,114
APN
5517-013-026

The source for these homes facts are from public records.

90004 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.
$764
Median Sold Price
$1,075,000
Median Sold Price/Sq.Ft.
$764
Total Inventory
67
Median Sale to List Price %
93.56%
Avg Days on Market
31
Loan Type
Conventional (14.29%), FHA (0%), VA (0%), Cash (14.29%), Other (28.57%)

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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