2966 Clarendon Ave Huntington Park, CA 90255

• February, 2024

• Feb 16, 2024

  Date

  Active

  CRMLS: 24359147

  $5,300,000

  Price

• July, 2023

• Jul 24, 2023

  Date

  Expired

  CRMLS: 23244621

  $5,490,000

  Price

• Feb 23, 2023

  Date

  Active

  CRMLS: 23244621

  $5,490,000

  Price

• Listing provided courtesy of CRMLS

  We are pleased to present for sale, The Clarendon, a twenty-two-unit apartment building in the Huntington Park submarket of Los Angeles. Located on a quiet residential street comprised of mostly single-family homes, the property is a charming, center-courtyard, walk-up. Built in 1964, The Clarendon features a unit mix of twelve studios, two 1-bedroom/1-bath, three 2-bedroom/1-bath, and a four-bedroom/2-bath house. Recently completed in 2022 was the addition of four additional units comprised of one 2-bedroom/1-bath, two 2-bedroom/2-bath and one three-bedroom/two-bath. The additional units are master metered for both gas and electric. Why buy in Huntington Park? Unlike the City of Los Angeles, Huntington Park currently allows for rent increases of 5% + CPI, which is equivalent to 10%. The City of Los Angeles has not allowed rent increases since 2019 and increases on rent-controlled buildings are generally capped at no more than 4%. By allowing higher rent increases Huntington Park gives landlords great flexibility in achieving rents that are closer to market, which is especially beneficial during high inflationary periods. Another benefit is the utility costs are considerably lower in comparison to the City of Los Angeles. New ownership can continue to improve the asset by renovating units as they become vacant, implementing RUBS to recapture utility costs, replacing the leased laundry machines with landlord owned, and continue to give the below market tenants annual rent increases.

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• May, 2021

• May 28, 2021

  Date

  Sold

  CRMLS: ND21068416

  $3,200,000

  Price

• May 5, 2021

  Date

  Pending

  CRMLS: ND21068416

  $3,499,000

  Price

• Apr 2, 2021

  Date

  Active

  CRMLS: ND21068416

  $3,499,000

  Price

• Listing provided courtesy of CRMLS

  Las Lomas Apartments is exceptionally well located in the heart of Los Angeles between the 110, 710, 5, and 10 freeways, only 15 minutes from downtown LA. Due to the property's close proximity to major employment hubs of Southern California, the apartments have enjoyed historically low tenant turnover and have had no spells of vacancy even during COVID shut downs. In addition, the property commands the highest rents in its submarket. Las Lomas is close to grocery stores, the Civic Center, schools, major freeways, and high quality jobs. This sort of convenience is usually associated with the hustle and bustle of the city, however to the contrary, Clarendon Ave. is a quiet street in a residential neighborhood consisting of primarily single family homes. The management has built a community of quiet, respectful and responsible residents. The current management has invested over $250,000 into improvements, and fully renovated most of the units and areas of the property. An additional $80,000 was spent converting a large portion of the property's plumbing from galvanized piping to copper and abs. Furthermore, management has spent $7,000 rewiring the electrical. On-Site Manager of 25 years! On-Site Maintenance Person who has done all the construction and maintenance for the last 6 years! This is a perfect opportunity to acquire a well-maintained asset that can continue to develop its upside and place in its market as a premier housing accommodation for years to come!

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• December, 2020

• Dec 30, 2020

  Date

  Sold (Public Records)

  Public Records

  --

  Price

• July, 2018

• Jul 10, 2018

  Date

  Sold (Public Records)

  Public Records

  --

  Price

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