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4037 W 28Th St Los Angeles, CA 90018

$2,500,000 Sold Price as of 07/17/2020

13 Beds
13 Baths
8,925 Sq.Ft.

Sold

$2,500,000 Sold Price as of 07/17/2020 Refinance Your Mortgage

Map preview of 4037 W 28Th St, Los Angeles, CA 90018

Property Overview: 4037 W 28Th St Los Angeles, CA has 13 bedrooms, 13 bathrooms, 8,925 living square feet and 8,279 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Contact broker for marketing package. Bread and butter 12-unit apartment building located in the up and coming area of Los Angeles known as West Adams. Property is located in an opportunity zone which has potential tax advantages. Ownership recently spent close to $300,000 in capital improvements which included the renovation of 6 out of the 12 units to luxurious standards. These units received new plumbing, electrical, windows, kitchen cabinets with quartz counter tops, laminate and tile flooring, stainless steel appliances, renovated bathrooms and new fixtures with designer finishes. Property also received new exterior paint, water saving landscaping, and exterior LED lighting fixtures. Property is separately metered for gas, electricity and on-site laundry room (Seller owns the machines). Priced at under $223,000/unit, $300/S.F., 4.3% CAP and 14.34 x current low rents. Value add opportunity with significant 43% upside in rents. Priced at 10 GRM and 7.1% CAP at market rents

Listed by Ramin Gheitanchi | BRE #01501715 | Keller Williams Beverly Hills
Co-listed by Michael Monempour | BRE #01996829 | Kidder Mathews of California, Inc.

Last checked: 12 minutes ago | Last updated: March 19th, 2023 | Source CRMLS | DOM: 0

Home details

Lot Sq. Ft: 8,279
HOA Dues: $0/mo
Year built: 1956
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 20591910
City: Los Angeles
County: Los Angeles
Time on Site: 1223 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 12
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,750
Total Rent: $1,750
Pro Forma/Market Rent: $1,795

Unit Breakdown 2

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $621
Total Rent: $621
Pro Forma/Market Rent: $1,795

Unit Breakdown 3

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,133
Total Rent: $1,133
Pro Forma/Market Rent: $1,795

Unit Breakdown 4

# of Units: 1
# of Beds: 3
# of Baths: 2
Furnishing: Unfurnished
Actual Rent: $2,895
Total Rent: $2,895
Pro Forma/Market Rent: $2,895

Unit Breakdown 5

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,745
Total Rent: $1,745
Pro Forma/Market Rent: $1,795

Unit Breakdown 6

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,795
Total Rent: $1,795
Pro Forma/Market Rent: $1,795

Unit Breakdown 7

# of Units: 1
# of Beds: 0
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,345
Total Rent: $1,345
Pro Forma/Market Rent: $1,350

Unit Breakdown 8

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $508
Total Rent: $508
Pro Forma/Market Rent: $1,795

Unit Breakdown 9

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $760
Total Rent: $760
Pro Forma/Market Rent: $1,795

Unit Breakdown 10

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $386
Total Rent: $386
Pro Forma/Market Rent: $1,795

Unit Breakdown 11

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $755
Total Rent: $755
Pro Forma/Market Rent: $1,795

Unit Breakdown 12

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,745
Total Rent: $1,745
Pro Forma/Market Rent: $1,795

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.28%
Gross Rent Multiplier: 14.34
Gross Scheduled Income: --
Net Operating Income: $114,620
Gross Operating Income: $180,886

Annual Expense Breakdown

Total Operating Expense: --

Virtual Tour

Use the following link to view this property's virtual tour:

Virtual Tour URL (external link)

Property Details for 4037 W 28Th St

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 11
Has Parking
Parking Features: Attached Carport

Property Information

Total # of Units: 12
Parcel Number: 5051004011

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Is Not Part of Association

Location / Neighborhood

Location Information

Directions: South of W. Adams Blvd, N. of W. Jefferson Blvd, East of Crenshaw Blvd & West of Arlington Ave.

View more facts & features

Local Los Angeles Agent

Sale History for 4037 W 28Th St

Last sold for $2,500,000 on July 17th, 2020

August, 2020
Aug 7, 2020

Date

Expired

CRMLS: 20561692

$2,995,000

Price
Mar 31, 2020

Date

Withdrawn

CRMLS: 20561692

$2,995,000

Price
Mar 6, 2020

Date

Active

CRMLS: 20561692

$2,995,000

Price
Listing provided courtesy of CRMLS

12-unit apartment building located in the up and coming area of Los Angeles known as West Adams with a plethora of new developments coming along Crenshaw Blvd's new Metro rail service known as Crenshaw Line which is set to open later this year. Property is located in an opportunity zone. Ownership recently spent close to $300,000 in capital improvements which included the renovation of 6 out of the 12 units to luxurious standards. These units received new plumbing, electrical, windows, kitchen cabinets with quartz counter tops, laminate and tile flooring, stainless steel appliances, renovated bathrooms and new fixtures with designer finishes. Property also received new exterior paint, water saving landscaping, and exterior LED lighting fixtures. Property is separately metered for gas, electricity and on-site laundry room (Seller owns the machines). Priced at under $250,000/unit. Value add opportunity with significant 43% upside in rents. Priced at 11.2 GRM and 6.2% CAP at market rents

Continue Reading
July, 2020
Jul 20, 2020

Date

Sold

CRMLS: 20591910

$2,500,000

Price
Jun 16, 2020

Date

Active

CRMLS: 20591910

$2,675,000

Price
July, 2020
Jul 16, 2020

Date

Sold (Public Records)

Public Records

$2,500,000

Price
November, 2018
Nov 21, 2018

Date

Sold (Public Records)

Public Records

$1,740,000

Price

Tax History for 4037 W 28Th St

Assessed Value (2020): $2,029,800

Year	Land Value	Improved Value	Assessed Value
2020	$1,825,800	$204,000	$2,029,800

Home Value Compared to the Market

This property vs the competition

4037 W 28Th St sold on July 17, 2020 for 124.79% higher than the current median sold price for the city of Los Angeles which is $1,190,000. The median sold price per/sqft for Los Angeles is $755 and this home is sold at $299.72 per/sqft which puts the price per square foot 60.3% lower than the current median sale per square foot for the city of Los Angeles.

About 4037 W 28Th St

Detailed summary of property

4037 W 28Th St is a multi family that recently sold in Los Angeles, CA 90018. This multi family property offered 13 bedrooms, 13 bathrooms, roughly 8,925 living square feet, and sits on an approximately 8,279 square foot lot. 4037 W 28Th St was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $2,500,000. Home in Los Angeles are selling for a median price of $1,190,000 and a median price per square foot of $755. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 124.79% higher than the current median priced home. Local homes that are currently for sale include 1245 S Hudson Ave, 1251 S Wilton Pl and 1415 S St Andrews Pl. There are currently 3712 homes for sale in the Los Angeles real estate market and 2493 of them are single family homes while 1120 of them are condos and 93 are townhomes. For more information on this home for sale at 4037 W 28Th St Los Angeles, CA 90018 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 4037 W 28Th St

Public county record property details

Beds: 13
Baths: 12
Year built: 1956
Sq. Ft.: 8,925
Lot Size: 8,259
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 121
APN: 5051-004-011

The source for these homes facts are from public records.

90018 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$949,000

Median List Price/Sq.Ft.

$629

Median Sold Price

$950,000

Median Sold Price/Sq.Ft.

$603

Total Inventory

Median Sale to List Price %

105.67%

Avg Days on Market

Loan Type

Conventional (10%), FHA (0%), VA (0%), Cash (0%), Other (20%)

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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.