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247 W Florence Ave, Los Angeles, CA 90003
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247 W Florence Ave Los Angeles, CA 90003

$1,150,000
  • 6 Beds
  • 5 Baths
  • 6,410 Sq.Ft.
For Sale
$1,150,000 Get Pre-Qualified
Map preview of 247 W Florence Ave, Los Angeles, CA 90003

Property Overview: 247 W Florence Ave Los Angeles, CA has 6 bedrooms, 5 bathrooms, 6,410 living square feet and 5,969 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: 247 W Florence is an 8-unit mixed-use property, offered at 9.90 GRM and 5.27% CAP on current rents, with approx. 67% rental upside. This mixed-use property with tremendous promise consists of (1) 2-bdrm. unit, (4) 1-bdrm. units, and (3) ground-floor commercial units that offer a significant value-add opportunity. 247 W Florence is offered at a 9.90 GRM and 5.27% CAP on current rents, $143,750 per unit, and $179 per foot. A savvy investor can stabilize the property at a 11.08% CAP and 5.90 GRM by achieving market rents for renovated units. This 8-unit mixed-use property resides on a 5,967 SF lot (zoned LAC2) with three gated tandem parking spots. 247 West Florence is minutes from several South LA thoroughfares, including Broadway, Main Street, Manchester Boulevard, and the 110 Freeway. In addition, the property is 3 miles west of Pacific Blvd - the commercial heart of Huntington Park. This listing can be purchased individually or as part of a 5-property South LA portfolio - please contact LA1 for more info.

Listed by Max Berger | BRE #02054048 | Compass
Last checked: 4 minutes ago | Last updated: June 12th, 2024 | Source CRMLS | DOM: 25
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Home details

Lot Sq. Ft
5,969
HOA Dues
$0/mo
Year built
1919
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24400031
City
Los Angeles
County
Los Angeles
Time on Site
25 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 8
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,081
  • Total Rent: $1,081
  • Pro Forma/Market Rent: $2,495
Unit Breakdown 2
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $885
  • Total Rent: $3,541
  • Pro Forma/Market Rent: $8,000
Unit Breakdown 3
  • # of Units: 3
  • # of Beds: 0
  • # of Baths: 0
  • Furnishing: Unfurnished
  • Actual Rent: $1,670
  • Total Rent: $5,011
  • Pro Forma/Market Rent: $5,700
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.27%
  • Gross Rent Multiplier: 9.9
  • Gross Scheduled Income: --
  • Net Operating Income: $60,562
  • Gross Operating Income: $113,291
Annual Expense Breakdown
  • Total Operating Expense: --

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Property Details for 247 W Florence Ave

Interior Features
Laundry Information
  • Has Laundry
  • Community
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Two
  • Security Features: Gated Community
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 3
  • Has Parking
  • Parking Features: Tandem Garage
Property Information
  • No View
  • View: None
  • Total # of Units: 8
  • Parcel Number: 6012013049
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Located two blocks east of the 110 Fwy, the subject property is near the corner of Broadway and W. Florence Ave.
View more facts & features

Local Los Angeles Agent

Sale History for 247 W Florence Ave

Last sold for $1,250,000 on December 10th, 2018

  • June, 2024

  • Jun 4, 2024

    Date

    Active

    CRMLS: 24400031

    $1,150,000

    Price

  • December, 2018

  • Dec 10, 2018

    Date

    Sold (Public Records)

    Public Records

    $1,250,000

    Price

Show More

Tax History for 247 W Florence Ave

Assessed Value (2020): $1,275,000
Year Land Value Improved Value Assessed Value
2020 $530,400 $744,600 $1,275,000

Home Value Compared to the Market

This property vs the competition

247 W Florence Ave is listed 6.96% lower 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 $179.41 per/sqft which puts the price per square foot 76.85% lower than the median price per square foot for the city of Los Angeles.

About 247 W Florence Ave

Detailed summary of property

247 W Florence Ave is a multi family located in Los Angeles, CA 90003 and is currently for sale. This multi family property offers 6 bedrooms, 5 bathrooms, roughly 6,410 living square feet, and sits on an approximately 5,969 square foot lot. 247 W Florence Ave was first listed on ArdentRealEstateGroup.com on June 4, 2024. The homeowner is currently asking $1,150,000. 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 6.96% lower than the median priced home. Local competing homes currently for sale include 348 E 68th St, 8115 S Figueroa St and 636 W 81st St. While the average home in Los Angeles, CA is selling in 99 days, 247 W Florence Ave has a days on market of 25 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 247 W Florence Ave Los Angeles, CA 90003 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 247 W Florence Ave

Public county record property details
Beds
--
Baths
--
Year built
1919
Sq. Ft.
6,410
Lot Size
5,967
Stories
1
Type
Commercial/Office/Residential (Mixed Use)
Pool
No
Spa
No
County
Los Angeles
Lot#
140
APN
6012-013-049

The source for these homes facts are from public records.

90003 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$575,000
Median List Price/Sq.Ft.
$583
Median Sold Price
$535,000
Median Sold Price/Sq.Ft.
$575
Total Inventory
42
Median Sale to List Price %
101.9%
Avg Days on Market
34
Loan Type
Conventional (0%), FHA (11.11%), VA (11.11%), Cash (44.44%), Other (33.33%)

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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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