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343 W 89Th St, Los Angeles, CA 90003
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343 W 89Th St Los Angeles, CA 90003

$2,475,000 Sold Price as of 11/16/2021
  • 20 Beds
  • 10 Baths
  • 7,861 Sq.Ft.
Sold
$2,475,000 Sold Price as of 11/16/2021 Refinance Your Mortgage
Map preview of 343 W 89Th St, Los Angeles, CA 90003

Property Overview: 343 W 89Th St Los Angeles, CA has 20 bedrooms, 10 bathrooms, 7,861 living square feet and 10,500 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are proud to present this 10-unit apartment building located at 343 West 89th Street in the 90003 zip code of Los Angeles. With close proximity to the 110 Freeway, as well as main thoroughfares like Manchester Avenue, the subject property provides an easy commute to downtown L.A. and beach cities to the West for the residents enjoyment. The 7,861 square foot property sits on a double lot that measures 10,500 square feet and with a very attractive unit mix of all 2 Bedroom / 1 Bathroom units, making it perfect for families and/or tenants living with roommates. The property also provides ample on-site parking for tenants in the rear of the building. The property is currently 100% occupied and with all Section 8 tenants, providing the investor with strong, secure cash flow which can be hard to come by in this post-pandemic era! The property is purely value-add, so a new investor can add significant value to the asset by making simple touch-ups and renovations to improve the systems and aesthetics of the property. Another way an investor could create additional value would be to add ADUs onto the rear parking lot. The new ADU program that was rolled out state-wide at the beginning of 2020 has offered investors an easy road map to increase income, and the ease in which investors are able to get plans for ADUs permitted and approved has alleviated potential suitors a lot of the stresses that come along with developing and dealing with the city.

Listed by Filip Niculete | BRE #01905352 | Marcus & Millichap
Last checked: 4 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 31

Home details

Lot Sq. Ft
10,500
HOA Dues
$0/mo
Year built
1964
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
21762154
City
Los Angeles
County
Los Angeles
Time on Site
1161 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 10
  • Total # of Buildings: 2
Unit Breakdown 1
  • # of Units: 10
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,684
  • Total Rent: $16,836
  • Pro Forma/Market Rent: $22,630
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 13.12
  • Gross Scheduled Income: --
  • Net Operating Income: $130,548
  • Gross Operating Income: $197,171
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 343 W 89Th St

Lot Details / Garage and Parking
Parking/Garage Information
  • Has Parking
Property Information
  • Total # of Units: 10
  • Parcel Number: 6040025004
Location / Neighborhood
Location Information
  • Directions: W 89th & S Grand
View more facts & features

Local Los Angeles Agent

Sale History for 343 W 89Th St

Last sold for $2,475,000 on November 16th, 2021

  • August, 2021

  • Aug 17, 2021

    Date

    Pending

    CRMLS: 21762154

    $2,650,000

    Price

  • Jul 17, 2021

    Date

    Active

    CRMLS: 21762154

    $2,650,000

    Price

Tax History for 343 W 89Th St

Assessed Value (2020): $259,879
Year Land Value Improved Value Assessed Value
2020 $32,072 $227,807 $259,879

Home Value Compared to the Market

This property vs the competition

343 W 89Th St sold on November 16, 2021 for 136.61% 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 $337.11 per/sqft which puts the price per square foot 53.44% lower than the current median sale per square foot for the city of Los Angeles.

About 343 W 89Th St

Detailed summary of property

343 W 89Th St is a multi family that recently sold in Los Angeles, CA 90003. This multi family property offered 20 bedrooms, 10 bathrooms, roughly 7,861 living square feet, and sits on an approximately 10,500 square foot lot. 343 W 89Th St was first listed on ArdentRealEstateGroup.com on July 17, 2021. The homeowner sold the property for $2,475,000. 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 136.61% higher than the current median priced home. Local homes that are currently for sale include 618 W 49th St, 603 W 47th St and 4529 S Vermont Ave. While the average home in Los Angeles, CA is selling in 106 days, 343 W 89Th St has a days on market of 31 days. There are currently 4052 homes for sale in the Los Angeles real estate market and 2782 of them are single family homes while 1148 of them are condos and 116 are townhomes. For more information on this home for sale at 343 W 89Th St 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 343 W 89Th St

Public county record property details
Beds
20
Baths
10
Year built
1964
Sq. Ft.
7,861
Lot Size
10,500
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
17,18
APN
6040-025-004

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
$599,000
Median List Price/Sq.Ft.
$574
Median Sold Price
$515,000
Median Sold Price/Sq.Ft.
$535
Total Inventory
48
Median Sale to List Price %
103%
Avg Days on Market
31
Loan Type
Conventional (41.67%), FHA (16.67%), VA (0%), Cash (16.67%), Other (25%)

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(714) 706-1823

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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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