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324 W 51st St, Los Angeles, CA 90037
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324 W 51st St Los Angeles, CA 90037

$2,149,000
  • 16 Beds
  • 6 Baths
  • 5,199 Sq.Ft.
For Sale
$2,149,000 Get Pre-Qualified
Map preview of 324 W 51st St, Los Angeles, CA 90037

Property Overview: 324 W 51st St Los Angeles, CA has 16 bedrooms, 6 bathrooms, 5,199 living square feet and 5,508 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: We are pleased to present an exceptional investment opportunity at 324 W 51st St, a fully gut-rehabbed property in the 90037 zip code of Los Angeles. The sellers, who are experienced developers, transformed a four-unit building into a 'like-new' property, meticulously rehabilitating it down to the studs and enhancing the unit count to six with the addition of two Accessory Dwelling Units (ADUs). The original property, purchased in October 2021, consisted of four sizeable one-bedroom units. During the renovation, these units were each converted into three-bedroom units, with two of them gaining an extra half-bath. This thoughtful conversion, along with the addition of two-bedroom, one-bathroom ADUs each measuring 641.5 SF, will inevitably lead to increased rental income for future investors. All equipment and systems across the six units are brand new, designed to help the landlord minimize expenses and maximize returns. Furthermore, the property is individually metered for all utilities, including water, and it has no common area electrical meter, ensuring minimal landlord expenses. The City has provided individual trash cans for each unit, eliminating the significant cost associated with City trash services. As of this writing, leases for four of the six units have been signed. The remaining two leases are expected to be finalized, perfectly aligning with the opportunity for a new investor to take over a fully leased, cash-flowing, 'like new' asset. This property is an exceptional find in an area that typically lacks such offerings, despite its close proximity to many of the city's major attractions and entertainment centers.

Listed by Filip Niculete | BRE #01905352 | Marcus & Millichap
Co-listed by Glen Scher | BRE #01962976 | Marcus & Millichap
Last checked: 12 minutes ago | Last updated: October 24th, 2023 | Source CRMLS | DOM: 247
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Home details

Lot Sq. Ft
5,508
HOA Dues
$0/mo
Year built
1922
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
23297051
City
Los Angeles
County
Los Angeles
Time on Site
275 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 6
  • Total # of Buildings: 2
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,650
  • Total Rent: $5,300
  • Pro Forma/Market Rent: $5,800
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,096
  • Total Rent: $4,192
  • Pro Forma/Market Rent: $4,600
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 3
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,625
  • Total Rent: $5,250
  • Pro Forma/Market Rent: $5,600
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.98%
  • Gross Rent Multiplier: 12.15
  • Gross Scheduled Income: --
  • Net Operating Income: $128,445
  • Gross Operating Income: $171,597
Annual Expense Breakdown
  • Total Operating Expense: --

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Property Details for 324 W 51st St

Interior Features
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • Has Laundry
  • Washer Included, Dryer Included
Kitchen Information
  • Has Appliances
  • Dishwasher, Disposal, Microwave, Refrigerator
Interior Features
  • Levels: Two
Lot Details / Garage and Parking
Parking/Garage Information
  • Has Parking
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Total # of Units: 6
  • Parcel Number: 5110027007
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Location / Neighborhood
Location Information
  • Directions: S Broadway & W 51st
View more facts & features

Local Los Angeles Agent

Sale History for 324 W 51st St

Last sold for $660,000 on February 13th, 2020

  • February, 2024

  • Feb 26, 2024

    Date

    Withdrawn

    CRMLS: DW23200753

    $2,200,000

    Price

  • Oct 27, 2023

    Date

    Active

    CRMLS: DW23200753

    $2,149,000

    Price

  • Listing provided courtesy of CRMLS

    Amazing investment opportunity a fully rehabbed property in the 90037 zip code of Los Angeles. Property contains six units with the addition of two Accessory Dwelling Units (ADUs). All units have been updated with brand appliances, to increase desirability of tenants with the additional landlord advantage to minimize repair expenses and maximize returns. The property has sub meters for all utilities, including water, and it has no common area electrical meter and each unit has its own trash can, no city costs for trash. Property is located near many city attractions, entertainment centers, day to day shopping and restaurants.

  • August, 2023

  • Aug 2, 2023

    Date

    Canceled

    CRMLS: 22205791

    $2,400,000

    Price

  • Oct 4, 2022

    Date

    Active

    CRMLS: 22205791

    $2,499,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present this unique investment opportunity to purchase 324 W 51st St, a fully gut-rehabbed property in "like new" condition just a short distance from USC, and all of the major developments and entertainment centers that reside near the University and in Downtown Los Angeles. The Sellers are developers by trade and purchased the property in October 2021 with the intention of rehabbing and repositioning the asset. When they initially purchased it, the subject property consisted of four (4) large, one-bedroom units. Since then, the Sellers have gut rehabbed all the unit's interiors and converted each of the four (4) previous 1-bedroom units into 3-bedroom units. Two of the units have one bathroom, and an extra half bathroom has been added to the other two units that exist inside the original structure. The Sellers also added two (2) detached, two-bedroom / 1- bathroom ADUs measuring 641.5 SF each, bringing the total unit count to six (6). Prospective investors will have the rare opportunity to purchase a "like new" property in an area that is generally deprived of them, allowing them to achieve rental prices that will near the peak of the surrounding market with little risk of incurring major capital improvements that would come to be expected from properties of older vintage.

  • August, 2023

  • Aug 2, 2023

    Date

    Active

    CRMLS: 23297051

    $2,300,000

    Price

  • June, 2021

  • Jun 23, 2021

    Date

    Withdrawn

    CRMLS: 21732080

    $1,095,000

    Price

  • May 14, 2021

    Date

    Active

    CRMLS: 21732080

    $1,095,000

    Price

  • Listing provided courtesy of CRMLS

    We pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.The offering comes complete with RTI plans approved for 2 of the 4 existing units that permit the new investor to upgrade the units from 1 Bedroom / 1 Bath to (1) 3 Bedroom / 1 Bath, and (1) 3 Bedroom / 1.5 Bath. Identical plans have been submitted to the city for the remaining two units as well and are expected to be approved in a matter of weeks. Additionally, plans have been submitted to the city that would permit the new investor to add two (2) detached, 641.5 square foot ADUs behind the existing structure. The LID clearance is the final clearance left to pass before these plans become RTI as well. Once everything is approved, the project will be set for the Buyer to transform the property into a newly renovated 6 unit apartment with a total square footage of 5,200. The addition of the ADUs combined with the unit conversions will heavily increase the property value and allow the new investor to collect significantly higher rents than what would have been possible before.

  • February, 2020

  • Feb 14, 2020

    Date

    Sold

    CRMLS: RS19201719

    $660,000

    Price

  • Dec 19, 2019

    Date

    Active Under Contract

    CRMLS: RS19201719

    $750,000

    Price

  • Oct 21, 2019

    Date

    Active

    CRMLS: RS19201719

    $750,000

    Price

  • Sep 30, 2019

    Date

    Active Under Contract

    CRMLS: RS19201719

    $750,000

    Price

  • Sep 6, 2019

    Date

    Active

    CRMLS: RS19201719

    $750,000

    Price

  • Listing provided courtesy of CRMLS

    INCOME PROPERTY OPPORTUNUTY!!! QUADRUPLEX IN A HIGHLY DESIRABLE RENTAL AREA!!! Each unit is 1 bedroom and 1 bathroom. Close to freeways, schools, park, restaurants, public transportation, and shopping PLEASE DO NOT DISTURB TENANTS!!!

  • February, 2020

  • Feb 13, 2020

    Date

    Sold (Public Records)

    Public Records

    $660,000

    Price

  • July, 2019

  • Jul 19, 2019

    Date

    Expired

    CRMLS: RS19008907

    $800,000

    Price

  • Jan 12, 2019

    Date

    Active

    CRMLS: RS19008907

    $800,000

    Price

  • Listing provided courtesy of CRMLS

    INCOME PROPERTY OPPORTUNITY!! QUADRUPLEX IN A HIGHLY DESIRABLE RENTAL AREA!! PROPERTY IN A GREAT CONDITION!! Each unit is 1 bedroom and 1 bathroom. Close to freeways, schools, parks, restaurants, public transportation, and shopping. PLEASE DO NOT DISTURB TENANTS!!!!

  • September, 2018

  • Sep 10, 2018

    Date

    Expired

    CRMLS: RS18061809

    $799,000

    Price

  • Mar 27, 2018

    Date

    Price Change

    CRMLS: RS18061809

    $799,000

    Price

  • Mar 17, 2018

    Date

    Active

    CRMLS: RS18061809

    $899,000

    Price

  • Listing provided courtesy of CRMLS

    PROPERTY IS AN GREAT CONDITIONS!

  • March, 2004

  • Mar 31, 2004

    Date

    Sold (Public Records)

    Public Records

    $379,000

    Price

Show More

Tax History for 324 W 51st St

Assessed Value (2020): $492,706
Year Land Value Improved Value Assessed Value
2020 $142,999 $349,707 $492,706

Home Value Compared to the Market

This property vs the competition

324 W 51st St is listed 75.43% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $413.35 per/sqft which puts the price per square foot 46.6% lower than the median price per square foot for the city of Los Angeles.

About 324 W 51st St

Detailed summary of property

324 W 51st St is a multi family located in Los Angeles, CA 90037 and is currently for sale. This multi family property offers 16 bedrooms, 6 bathrooms, roughly 5,199 living square feet, and sits on an approximately 5,508 square foot lot. 324 W 51st St was first listed on ArdentRealEstateGroup.com on August 2, 2023. The homeowner is currently asking $2,149,000 and was originally asking $2,300,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 75.43% higher than the median priced home. Local competing homes currently for sale include 836 E 24th St, 3105 S Walton Ave and 8418 S Main St. While the average home in Los Angeles, CA is selling in 96 days, 324 W 51st St has a days on market of 247 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 324 W 51st St Los Angeles, CA 90037 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 324 W 51st St

Public county record property details
Beds
4
Baths
4
Year built
1922
Sq. Ft.
3,916
Lot Size
5,508
Stories
--
Type
Quadruplex (4 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
9
APN
5110-027-007

The source for these homes facts are from public records.

90037 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$725,000
Median List Price/Sq.Ft.
$562
Median Sold Price
$667,000
Median Sold Price/Sq.Ft.
$444
Total Inventory
33
Median Sale to List Price %
106.72%
Avg Days on Market
21
Loan Type
Conventional (0%), FHA (50%), VA (0%), Cash (33.33%), Other (0%)

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Buy this home with Ardent Real Estate Group and get $6,447 back.

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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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