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2434 W Avenue 32 Los Angeles, CA 90065

$4,250,000 Sold Price as of 12/23/2020

19 Beds
12 Baths
8,920 Sq.Ft.

Sold

$4,250,000 Sold Price as of 12/23/2020 Refinance Your Mortgage

Map preview of 2434 W Avenue 32, Los Angeles, CA 90065

Property Overview: 2434 W Avenue 32 Los Angeles, CA has 19 bedrooms, 12 bathrooms, 8,920 living square feet and 38,507 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 2434 W Avenue 32 is located in the rapidly growing Northeast LA neighborhood of Glassell Park and is adjacent to the new LA River Restoration project. The offering consists of (8) detached bungalow units; (3) 2+1s, (5) 1 +1s, and a 2,990 sqft SFR (8 Bed 4 Bath) perched on top of a 38,507 sqft lot. The SFR will be delivered VACANT. These units have been FULLY RENOVATED and include garages, private yards, washer/dryer in-unit, and abundant on-site surface parking. The top house has unrivaled 180 panoramic views of the LA River and Mt. Washington. Property is offered at a 5.25% CAP rate and 13.79 GRM. There is potential to add TWO ADUs to this property (Buyer to verify). Additionally, a Buyer has the potential to convert these rental units into "For Sale" product (TIC Conversion). Marketing Package & Setup Sheet located in "DOCS" section of listing.

Listed by Andrew Wilkey | BRE #01998185 | Sobhan Moshrefi

Last checked: 10 minutes ago | Last updated: July 29th, 2022 | Source CRMLS | DOM: 132

Home details

Lot Sq. Ft: 38,507
HOA Dues: $0/mo
Year built: 1956
Garage: 4 Car
Property Type:: Multi Family

Status: Sold
MLS#: 20571732
City: Los Angeles
County: Los Angeles
Time on Site: 1355 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 9
Total # of Buildings: 8
# of Leased Units: 8
# of Electric Meters: 9
# of Gas Meters: 9

Unit Breakdown 1

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,795
Total Rent: $2,795
Pro Forma/Market Rent: $2,995

Unit Breakdown 2

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,419
Total Rent: $1,419
Pro Forma/Market Rent: $2,095

Unit Breakdown 3

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,495
Total Rent: $2,495
Pro Forma/Market Rent: $2,695

Unit Breakdown 4

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,895
Total Rent: $1,895
Pro Forma/Market Rent: $2,095

Unit Breakdown 5

# of Units: 1
# of Beds: 8
# of Baths: 4
Furnishing: Unfurnished
Actual Rent: $6,500
Total Rent: $6,500
Pro Forma/Market Rent: $6,500

Unit Breakdown 6

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $3,250
Total Rent: $3,250
Pro Forma/Market Rent: $3,450

Unit Breakdown 7

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,295
Total Rent: $2,295
Pro Forma/Market Rent: $2,495

Unit Breakdown 8

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,695
Total Rent: $2,695
Pro Forma/Market Rent: $2,895

Unit Breakdown 9

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,795
Total Rent: $2,795
Pro Forma/Market Rent: $2,995

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 13.79
Gross Scheduled Income: --
Net Operating Income: $227,181
Gross Operating Income: $304,258

Annual Expense Breakdown

Total Operating Expense: --

Virtual Tour

Use the following link to view this property's virtual tour:

Virtual Tour URL (external link)

Property Details for 2434 W Avenue 32

Interior Features

Heating Information

Has Heating
Wall Furnace

Room Information

Flooring: Wood

Kitchen Information

Has Appliances
Dishwasher, Disposal, Microwave, Refrigerator

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 4
# of Parking Spaces: 9
Has Parking
Parking Features: Attached Carport, Driveway, Garage, Guest

Lot Information

Lot Features: Yard
Lot Size Source: Assessor

Property Information

Has View
View: Bluff, Canyon, City Lights, Hills, Mountain(s)
Total # of Units: 9
Parcel Number: 5456009006
Architectural Style: Bungalow
Property Condition: Updated/Remodeled

Location / Neighborhood

Location Information

Directions: Verdugo / W Avenue 32

View more facts & features

Local Los Angeles Agent

Sale History for 2434 W Avenue 32

Last sold for $4,250,000 on December 23rd, 2020

December, 2020
Dec 24, 2020

Date

Sold

CRMLS: 20571732

$4,250,000

Price
Aug 28, 2020

Date

Active Under Contract

CRMLS: 20571732

$4,350,000

Price
Apr 17, 2020

Date

Active

CRMLS: 20571732

$4,350,000

Price
December, 2020
Dec 23, 2020

Date

Sold (Public Records)

Public Records

$4,250,000

Price
June, 2018
Jun 29, 2018

Date

Canceled

CRMLS: 18346990

$2,100

Price
Jun 4, 2018

Date

Price Change

CRMLS: 18346990

$2,100

Price
May 23, 2018

Date

Active

CRMLS: 18346990

$2,200

Price
Listing provided courtesy of CRMLS

A beautiful and newly renovated one bed, one bath unit in Glassell Park is now available. This unit is fully detached (no shared walls) and includes brand new stainless steel appliances (including dishwasher), washer and dryer hookups, a ductless mini-split AC and ceiling fans, dual-pane windows, recessed lighting, all new tiles and fixtures throughout, new floors and much more. Nestled between the east sides hottest neighborhoods, Glassell Park is just minutes from Highland Park and Mt Washington and just a short drive to Silver Lake, Echo Park, Atwater Village and Los Feliz and just a few blocks from Habitat Coffee Shop, Lemon Poppy Kitchen, Cafe NELA, Verdugo Bar, Eagle Rock Brewery, and much more. The unit comes with one parking spot. Owner pays water. Small pets considered on a case-by-case basis.

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September, 2017
Sep 19, 2017

Date

Sold

CRMLS: 17210010

$2,225,000

Price
Jul 5, 2017

Date

Pending

CRMLS: 17210010

$2,245,000

Price
Jun 13, 2017

Date

Active Under Contract

CRMLS: 17210010

$2,245,000

Price
Jun 7, 2017

Date

Price Change

CRMLS: 17210010

$2,245,000

Price
Mar 22, 2017

Date

Active

CRMLS: 17210010

$2,395,000

Price
Listing provided courtesy of CRMLS

Great opportunity to purchase a well-maintained apartment complex in a rapidly gentrifying portion of NELA, Glassell Park. Rare 38,500 Sq Ft lot with ingress/egress from Ave 32 and Verdugo Place that affords an investor many options: 1) SUBDIVIDE the property into (7) 5,000 SF R2 duplex lots (14 units) 2) REDEVELOP the upper portion of the lot into multiple units. 3) REPOSITION asset by increasing the current rents by 30-40%. The current unit mix is comprised of: one 2BR/2BA, one 2BR/1BA and six 1BR/1BA units, each with their own parking spaces on a courtyard setting. At the upper end of the lot, separated from the apartments, is a private and spacious 4BR/3BA single family home with separate street entrance- perfect for an owner-user! Centrally located in Mount Washington with convenient access to freeways, restaurants, shops, and just minutes to Los Angeles Downtown, Glendale & Pasadena. Offering Memorandum available upon request.

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September, 2017
Sep 18, 2017

Date

Sold (Public Records)

Public Records

$2,225,000

Price
March, 2017
Mar 21, 2017

Date

Canceled

CRMLS: 16978411

$2,760,000

Price
Nov 28, 2016

Date

Pending

CRMLS: 16978411

$2,760,000

Price
Sep 6, 2016

Date

Price Change

CRMLS: 16978411

$2,760,000

Price
Aug 29, 2016

Date

Price Change

CRMLS: 16978411

$2,860,000

Price
Feb 4, 2016

Date

Price Change

CRMLS: 16978411

$2,228,000

Price
Listing provided courtesy of CRMLS

Reduced by $100K. Unique opportunity near Eagle Rock Mt. Washington to acquire 8 bungalow-style apartment units and a spacious, 4 bedroom / 3 bath home ideally situated above and apart from the units, on a hill with city views. The apartments are comprised of one 2 bedroom two baths, one 2 bedroom 1 bath, and six 1 bedroom 1 bath units, in a quiet, courtyard setting. The partially sloped, R2-1 zoned lot is 38,508 square feet (Buyer to verify) with future development potential. The asset shows tremendous potential as a value-add opportunity for an investor or an owner-user.

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July, 2007
Jul 21, 2007

Date

Expired

CRMLS: 12091403

$1,550,000

Price
Apr 30, 2007

Date

Active

CRMLS: 12091403

$1,550,000

Price
Listing provided courtesy of CRMLS

This property has almost .88 acre of land. There are 8 bungulow type units + single family home in the back with 4 bed + 2 bath approx. 2500 sf. Very unusal property with lots of potential.

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Tax History for 2434 W Avenue 32

Assessed Value (2020): $2,314,890

Year	Land Value	Improved Value	Assessed Value
2020	$1,274,490	$1,040,400	$2,314,890

Home Value Compared to the Market

This property vs the competition

2434 W Avenue 32 sold on December 23, 2020 for 288.39% 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 $487.67 per/sqft which puts the price per square foot 32.64% lower than the current median sale per square foot for the city of Los Angeles.

About 2434 W Avenue 32

Detailed summary of property

2434 W Avenue 32 is a multi family that recently sold in Los Angeles, CA 90065. This multi family property offered 19 bedrooms, 12 bathrooms, roughly 8,920 living square feet, and sits on an approximately 38,507 square foot lot. 2434 W Avenue 32 was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $4,250,000. 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 288.39% higher than the current median priced home. Local homes that are currently for sale include 1684 Murchison St, 132 S Westmoreland Ave and 722 Hartford Ave. While the average home in Los Angeles, CA is selling in 106 days, 2434 W Avenue 32 has a days on market of 132 days. There are currently 4139 homes for sale in the Los Angeles real estate market and 2834 of them are single family homes while 1183 of them are condos and 115 are townhomes. For more information on this home for sale at 2434 W Avenue 32 Los Angeles, CA 90065 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 2434 W Avenue 32

Public county record property details

Beds: 13
Baths: 10
Year built: 1927
Sq. Ft.: 7,125
Lot Size: 38,508
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 106
APN: 5456-009-006

The source for these homes facts are from public records.

90065 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$1,199,000

Median List Price/Sq.Ft.

$796

Median Sold Price

$1,253,094

Median Sold Price/Sq.Ft.

$681

Total Inventory

Median Sale to List Price %

100.25%

Avg Days on Market

Loan Type

Conventional (10%), FHA (0%), VA (0%), Cash (25%), Other (15%)

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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.