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422 N Soto St Los Angeles, CA 90033

$1,050,000 Sold Price as of 06/17/2022

6 Beds
6 Baths
2,992 Sq.Ft.

Sold

$1,050,000 Sold Price as of 06/17/2022 Refinance Your Mortgage

Map preview of 422 N Soto St, Los Angeles, CA 90033

Property Overview: 422 N Soto St Los Angeles, CA has 6 bedrooms, 6 bathrooms, 2,992 living square feet and 5,913 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Value Add REO in prime Boyle Heights consisting of 15 Units (9 SRO's + 6 with mixed amenities). Some units have kitchens and bathrooms others units have a communal kitchen and multiple communal bathrooms. Property will be delivered with 5 vacant units (1 unit has fire damage). This building is surrounded by newer and well maintained buildings. There is tremendous opportunity to increase rents to an eventual double digit cashflow. Bridge financing is available if needed. Contact agent for OM.

Listed by Hooman Emanuel | BRE #01200237 | Keller Williams Studio City

Last checked: 3 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 74

Home details

Lot Sq. Ft: 5,913
HOA Dues: $0/mo
Year built: 1895
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 22141869
City: Los Angeles
County: Los Angeles
Time on Site: 773 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 15
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 9
# of Beds: 0
# of Baths: 0
Furnishing: Unfurnished
Actual Rent: $678
Total Rent: $6,105
Pro Forma/Market Rent: $8,100

Unit Breakdown 2

# of Units: 6
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $622
Total Rent: $3,732
Pro Forma/Market Rent: $5,850

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 9.32
Gross Scheduled Income: --
Net Operating Income: $66,934
Gross Operating Income: $114,503

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 422 N Soto St

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 5
Has Parking
Parking Features: Controlled Entrance

Property Information

Total # of Units: 15
Parcel Number: 5177028011

Location / Neighborhood

Location Information

Directions: 3 blocks North of Caesar Chavez Ave, on Soto.

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Local Los Angeles Agent

Sale History for 422 N Soto St

Last sold for $1,050,000 on June 17th, 2022

June, 2022
Jun 17, 2022

Date

Sold

CRMLS: 22141869

$1,050,000

Price
Mar 31, 2022

Date

Active

CRMLS: 22141869

$1,100,000

Price
September, 2021
Sep 14, 2021

Date

Active

CRMLS: 21783734

$1,200,000

Price
Listing provided courtesy of CRMLS

Value Add REO in prime Boyle Heights consisting of 15 SRO units. Some units have kitchens and bathrooms others units have a communal kitchen and multiple communal bathrooms. This building is surrounded by newer and well maintained buildings. There is tremendous opportunity to increase rents to an eventual double digit cashflow. Bridge financing is available if needed.

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August, 2021
Aug 9, 2021

Date

Withdrawn

CRMLS: 21708992

$1,265,000

Price
Jun 30, 2021

Date

Price Change

CRMLS: 21708992

$1,265,000

Price
Apr 27, 2021

Date

Price Change

CRMLS: 21708992

$1,310,000

Price
Mar 24, 2021

Date

Active

CRMLS: 21708992

$1,410,000

Price
Listing provided courtesy of CRMLS

This property offers an investor the chance to acquire 15 apartment units in Los Angeles for less than $95,000 per unit. Several of the apartments are SRO-type units, which have historically been developed with the intention to provide housing to renters flocking to the city looking for work -- these units were purposely constructed to be efficient and affordable. This is an ideal product for the Boyle Heights market, since its located within three miles of California's largest employment hub Downtown Los Angeles. The property currently offers a 5% CAP Rate to a new investor with potential rental upside totaling approximately 58%. The property offers nearly 3,000 square feet of living space on almost 6,000 square feet of land. In addition to its 15 income-producing units, the open space at the rear of the parcel may provide an additional revenue stream to a new investor via parking income.

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November, 2020
Nov 2, 2020

Date

Sold (Public Records)

Public Records

$1,151,177

Price
November, 2019
Nov 26, 2019

Date

Sold

CRMLS: SR19249015

$1,515,250

Price
Oct 23, 2019

Date

Pending

CRMLS: SR19249015

$1,515,250

Price
Oct 23, 2019

Date

Active

CRMLS: SR19249015

$1,515,250

Price
Listing provided courtesy of CRMLS

Business opportunity, great location minutes away from downtown Los Angeles. 15 Bedrooms and 4 baths hostel.

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November, 2019
Nov 25, 2019

Date

Sold (Public Records)

Public Records

$1,515,500

Price
July, 2019
Jul 16, 2019

Date

Expired

CRMLS: SR19059500

$1,449,000

Price
Mar 18, 2019

Date

Active

CRMLS: SR19059500

$1,449,000

Price
Listing provided courtesy of CRMLS

EXCELLENT BUSINESS OPPORTUNITY, Great Location minutes away from downtown LA. 15 Bedrooms and 4 baths Hostel.

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September, 2018
Sep 25, 2018

Date

Expired

CRMLS: SR18019885

$1,380,000

Price
May 30, 2018

Date

Active

CRMLS: SR18019885

$1,380,000

Price
May 24, 2018

Date

Hold

CRMLS: SR18019885

$1,380,000

Price
Jan 26, 2018

Date

Active

CRMLS: SR18019885

$1,380,000

Price
Listing provided courtesy of CRMLS

EXCELLENT BUSINESS OPPORTUNITY, Great Location minutes away from downtown LA. 15 Bedrooms and 4 baths Hostel.

Continue Reading
January, 2018
Jan 25, 2018

Date

Canceled

CRMLS: SR17251016

$1,380,000

Price
Nov 14, 2017

Date

Withdrawn

CRMLS: SR17251016

$1,380,000

Price
Nov 4, 2017

Date

Active

CRMLS: SR17251016

$1,380,000

Price
Listing provided courtesy of CRMLS

Excellent business opportunity, Great Location minutes away from downtown LA. 15 Bedroom and 2 bath Hostel.

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Tax History for 422 N Soto St

Assessed Value (2020): $1,516,100

Year	Land Value	Improved Value	Assessed Value
2020	$800,000	$716,100	$1,516,100

Home Value Compared to the Market

This property vs the competition

422 N Soto St sold on June 17, 2022 for 7.56% lower 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 $367.65 per/sqft which puts the price per square foot 51.31% lower than the current median sale per square foot for the city of Los Angeles.

About 422 N Soto St

Detailed summary of property

422 N Soto St is a multi family that recently sold in Los Angeles, CA 90033. This multi family property offered 6 bedrooms, 6 bathrooms, roughly 2,992 living square feet, and sits on an approximately 5,913 square foot lot. 422 N Soto St was first listed on ArdentRealEstateGroup.com on March 31, 2022. The homeowner sold the property for $1,050,000. 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 7.56% lower than the current median priced home. Local homes that are currently for sale include 548 S Lorena St, 3035 Winter St and 3035 Winter St. While the average home in Los Angeles, CA is selling in 93 days, 422 N Soto St has a days on market of 74 days. There are currently 3618 homes for sale in the Los Angeles real estate market and 2437 of them are single family homes while 1084 of them are condos and 92 are townhomes. For more information on this home for sale at 422 N Soto St Los Angeles, CA 90033 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 422 N Soto St

Public county record property details

Beds: 15
Baths: 2
Year built: 1895
Sq. Ft.: 2,992
Lot Size: 5,912
Stories: --

Type: Boarding House, Rooming House, Apt Hotel, Transient Lodgings, Hostel
Pool: No
Spa: No
County: Los Angeles
Lot#: 10,11
APN: 5177-028-011

The source for these homes facts are from public records.

90033 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$800,000

Median List Price/Sq.Ft.

$520

Median Sold Price

Median Sold Price/Sq.Ft.

Total Inventory

Median Sale to List Price %

Avg Days on Market

Loan Type

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

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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.