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2531 Hillcrest Dr, Los Angeles, CA 90016
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2531 Hillcrest Dr Los Angeles, CA 90016

$1,249,000
  • 6 Beds
  • 6 Baths
  • 3,122 Sq.Ft.
For Sale
$1,249,000 Get Pre-Qualified
Map preview of 2531 Hillcrest Dr, Los Angeles, CA 90016

Property Overview: 2531 Hillcrest Dr Los Angeles, CA has 6 bedrooms, 6 bathrooms, 3,122 living square feet and 6,217 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: 2531 Hillcrest Drive is a 6-unit courtyard-style bungalow complex offering a substantial value-add opportunity and an up-and-coming location undergoing a widely covered creative renaissance. 2531 Hillcrest is offered at $208,167 per unit, 5.44% current CAP, and 12.25 current GRM. With approx. 53% rental upside, the property will stabilize at a 9.54% market CAP and 8.09 market GRM. Featuring (6) 1-bdrm. units, this value-add property is located in the heart of West Adams (just north of West Adams Blvd & La Brea Ave). This rapidly developing neighborhood is home to many mixed-use and office development projects, and a community of emerging and highly-reviewed restaurants and cafes breathing new life into this in-demand neighborhood. In addition to the property's walkability to the heart of West Adams, this courtyard-style complex is close to the Expo Rail Line and Silicon Beach tech hubs. Additional property amenities include two parking spaces.

Listed by Kenny Stevens | BRE #01090251 | Compass
Last checked: 3 minutes ago | Last updated: February 27th, 2024 | Source CRMLS | DOM: 214
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Home details

Lot Sq. Ft
6,217
HOA Dues
$0/mo
Year built
1925
Garage
1 Car
Property Type:
Multi Family
Status
Active
MLS#
23312527
City
Los Angeles
County
Los Angeles
Time on Site
230 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 6
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 6
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,366
  • Total Rent: $8,196
  • Pro Forma/Market Rent: $12,570
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.44%
  • Gross Rent Multiplier: 12.25
  • Gross Scheduled Income: --
  • Net Operating Income: $67,365
  • Gross Operating Income: $99,409
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 2531 Hillcrest Dr

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Property Details for 2531 Hillcrest Dr

Interior Features
Heating Information
  • Has Heating
  • Wall Furnace
Kitchen Information
  • Has Appliances
  • Refrigerator
Interior Features
  • Levels: One
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 1
  • # of Parking Spaces: 2
  • Has Parking
  • Parking Features: Garage - Single Door, Uncovered
Lot Information
  • Lot Size Source: Other
Property Information
  • No View
  • View: None
  • Total # of Units: 6
  • Parcel Number: 5057005017
  • Architectural Style: Bungalow
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Located just north of West Adams Blvd, the subject property is located on Hillcrest Dr between S. La Brea Ave and Crenshaw Blvd.
View more facts & features

Local Los Angeles Agent

Sale History for 2531 Hillcrest Dr

Last sold for $1,193,000 on March 21st, 2019

  • September, 2023

  • Sep 18, 2023

    Date

    Active

    CRMLS: 23312527

    $1,295,000

    Price

  • March, 2019

  • Mar 22, 2019

    Date

    Sold

    CRMLS: 18415450

    $1,193,000

    Price

  • Mar 3, 2019

    Date

    Pending

    CRMLS: 18415450

    $1,290,000

    Price

  • Jan 3, 2019

    Date

    Active Under Contract

    CRMLS: 18415450

    $1,290,000

    Price

  • Dec 13, 2018

    Date

    Active

    CRMLS: 18415450

    $1,290,000

    Price

  • Listing provided courtesy of CRMLS

    Seven Units in West Adams. Walk to the Expo Line and new Crenshaw Line. Gross Scheduled Income: $85,528. Total Expense: $23,690. Annual Net Income: $61,838. GRM: 15.08. Cap Rate: 4.79%. Unit mix is six 1BD/1BA and one bachelor. Three units completely remodeled with hardwood flooring, new bathroom and new kitchens. Updated plumbing, electrical and roof throughout. New wood fence on side and front. Newly painted. Also has two 1-car garages, both being rented. Great opportunity to own multifamily complex. Low monthly expenses and easy tenants. This area is very renter friendly with walking distance to Expo Line and Crenshaw Line. This area is up-and-coming. Very safe. Easy commute to Hollywood, downtown LA or Santa Monica. Great for 1031 exchange. Tremendous upside as Adams Blvd. continues to develop with new restaurants, boutique shops, and even hipster motels. This won't last!

  • March, 2019

  • Mar 21, 2019

    Date

    Sold (Public Records)

    Public Records

    $1,193,000

    Price

  • April, 2016

  • Apr 14, 2016

    Date

    Sold (Public Records)

    Public Records

    $895,000

    Price

  • February, 2015

  • Feb 2, 2015

    Date

    Price Change

    CRMLS: 15826199

    $819,900

    Price

  • Listing provided courtesy of CRMLS

    Situated in the rapidly improving West Adams district, the Hillcrest Bungalow Apartments consist of 3 buildings on a double lot. There are6 one bed one bath units and one bachelor, with 4 tandem parking spaces and a 2 car garage, which is being rented for $600. A recently vacated unit was fully upgraded with new kitchen and bathroom fixtures, appliances and recessed lighting. 2 units have undergone complete electrical upgrades. Other renovations include one new roof and two recent roof upgrades, new window moldings, as well as garage repairs. Additiona rental income can be achieved at the close of escrow by immediately raising the rents by 3%. Located on a quiet street within a short walk to the Farmdale Station of the Metro Expo line (which will eventually link Downtown L.A. to the beach), the Hillcrest Bungalow Apartments offer an opportunity for an investor to add value in an improving location with high rental demand.

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Tax History for 2531 Hillcrest Dr

Assessed Value (2020): $1,216,860
Year Land Value Improved Value Assessed Value
2020 $1,012,860 $204,000 $1,216,860

Home Value Compared to the Market

This property vs the competition

2531 Hillcrest Dr is listed 1.13% higher than the median list price for the city of Los Angeles which has a median list price of $1,235,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $400.06 per/sqft which puts the price per square foot 48.31% lower than the median price per square foot for the city of Los Angeles.

About 2531 Hillcrest Dr

Detailed summary of property

2531 Hillcrest Dr is a multi family located in Los Angeles, CA 90016 and is currently for sale. This multi family property offers 6 bedrooms, 6 bathrooms, roughly 3,122 living square feet, and sits on an approximately 6,217 square foot lot. 2531 Hillcrest Dr was first listed on ArdentRealEstateGroup.com on September 18, 2023. The homeowner is currently asking $1,249,000 and was originally asking $1,295,000. The median priced home in Los Angeles is $1,235,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 1.13% higher than the median priced home. Local competing homes currently for sale include 2546 S Bronson Ave, 2747 S Mansfield Ave and 1637 S Highland Ave. While the average home in Los Angeles, CA is selling in 94 days, 2531 Hillcrest Dr has a days on market of 214 days. There are currently 3580 homes for sale in the Los Angeles real estate market and 2422 of them are single family homes while 1059 of them are condos and 93 are townhomes. For more information on this home for sale at 2531 Hillcrest Dr Los Angeles, CA 90016 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 2531 Hillcrest Dr

Public county record property details
Beds
8
Baths
7
Year built
1925
Sq. Ft.
3,122
Lot Size
6,217
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
115,116
APN
5057-005-017

The source for these homes facts are from public records.

90016 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,100,000
Median List Price/Sq.Ft.
$781
Median Sold Price
$885,000
Median Sold Price/Sq.Ft.
$699
Total Inventory
73
Median Sale to List Price %
98.44%
Avg Days on Market
30
Loan Type
Conventional (21.05%), FHA (0%), VA (0%), Cash (10.53%), Other (10.53%)

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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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