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4502 Wesley Ave Los Angeles, CA 90037

$1,630,000 Sold Price as of 07/29/2022

16 Beds
8 Baths
8,732 Sq.Ft.

Sold

$1,630,000 Sold Price as of 07/29/2022 Refinance Your Mortgage

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Map preview of 4502 Wesley Ave, Los Angeles, CA 90037

Property Overview: 4502 Wesley Ave Los Angeles, CA has 16 bedrooms, 8 bathrooms, 8,732 living square feet and 6,524 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: An 8-unit value-add opportunity in South Los Angeles. Located just south of Vernon Ave between Vermont Ave & Figueroa St, this opportunity allows an investor to purchase an asset less than 1 mile away from the University of Southern California and a couple miles from Downtown Los Angeles. The building features an ideal unit mix of 8 spacious two-bedroom units. The units are currently leased at below market rents, offering an investor significant rental upside over 67% achievable through renovations such as recessed lighting and upgraded kitchens and bathrooms. At the asking price, the pro forma CAP rate is 8.44% when stabilized. This building has a walk score of 76 which means that a vast majority of errands can be accomplished on foot. Moreover, it has a transit score of 63, being conveniently located to various nearby public transportation options. The property is located right across Marguerite Poindexter LaMotte Elementary School, a 3-min walk from 7-Eleven, and 10-min walk from a Ross. This neighborhood in Los Angeles is a rapidly gentrifying and densely populated rental market with multiple developments proposed or under construction nearby (836 W 42nd Pl, 4219-4227 S Broadway, and 3800 S Figueroa). Continuing developments underway point to a tremendous opportunity to invest in an area undergoing urban renewal.

Listed by Neema Ahadian | BRE #01346750 | Marcus & Millichap

Last checked: 7 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 104

Home details

Lot Sq. Ft: 6,524
HOA Dues: $0/mo
Year built: 1912
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 22124195
City: Los Angeles
County: Los Angeles
Time on Site: 836 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 8
Total # of Buildings: 2

Unit Breakdown 1

# of Units: 8
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,261
Total Rent: $10,090
Pro Forma/Market Rent: $16,800

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.12%
Gross Rent Multiplier: 13.88
Gross Scheduled Income: --
Net Operating Income: $69,180
Gross Operating Income: $115,024

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 4502 Wesley Ave

Interior Features

Heating Information

Has Heating
Natural Gas

Kitchen Information

Has Appliances
Refrigerator

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking

Property Information

Total # of Units: 8
Parcel Number: 5018001005

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Is Not Part of Association

Location / Neighborhood

Location Information

Directions: Just south of Vernon Ave betweenVermont Ave and Figueroa St, one mile south of the University ofSouthern California

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Local Los Angeles Agent

Sale History for 4502 Wesley Ave

Last sold for $1,630,000 on July 29th, 2022

July, 2022
Jul 29, 2022

Date

Sold

CRMLS: 22124195

$1,630,000

Price
Jan 18, 2022

Date

Active

CRMLS: 22124195

$1,800,000

Price
August, 2019
Aug 13, 2019

Date

Expired

CRMLS: 19454926

$1,485,000

Price
Apr 12, 2019

Date

Active

CRMLS: 19454926

$1,485,000

Price
Listing provided courtesy of CRMLS

Built in 1912, this 8-unit property is located on a 6,523 SF lot in Vermont Square. The two-story building features eight one/bedroom-one/bathroom units, all with spacious floor plans.The spacious units all stand at 865 square feet, including individual water heaters. Along with low utility payments, the value-add property currently has a 35% rental upside through renovations. Separately metered for gas and electric, the property is being offered at a 4.17% CAP rate on current income, with a market CAP rate reaching 7.56%.Located one quarter mile from the University of Southern California (USC), 4502 Wesley Avenue is bound between Martin Luther king Jr. Boulevard and West Slauson Avenue. Located next to the Harbor Freeway, the property allows for a quick commute to LA Live. Within close proximity to the metro expo line, the dual lot property holds frontage on two major street, Westley Avenue and South Hoover Street, providing a substantial walk score of 82.

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August, 2018
Aug 7, 2018

Date

Sold (Public Records)

Public Records

$1,104,000

Price
May, 2015
May 7, 2015

Date

Price Change

CRMLS: 15903195

$995,000

Price
Listing provided courtesy of CRMLS

BACK ON MARKET! FELL OUT OF ESCROW! We are pleased to offer this eight (8) unit multifamily investment offering, located in the City of Los Angeles (subject to rent stabilization ordinance). The unit mix consists of eight (8) 2+1 units within two separate structures. The subject property was constructed of wood frame and stucco in 1912, and consists of approximately 8,732 rentable square feet. Building upgrades include updated aluminum windows and building amenities include, secured entry with a wrought iron gate, individual water heaters in each unit with the building being separately metered for gas and electricity.

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August, 1995
Aug 25, 1995

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 4502 Wesley Ave

Assessed Value (2020): $1,428,000

Year	Land Value	Improved Value	Assessed Value
2020	$571,200	$856,800	$1,428,000

Home Value Compared to the Market

This property vs the competition

4502 Wesley Ave sold on July 29, 2022 for 41.18% 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 $192.4 per/sqft which puts the price per square foot 74.52% lower than the current median sale per square foot for the city of Los Angeles.

About 4502 Wesley Ave

Detailed summary of property

4502 Wesley Ave is a multi family that recently sold in Los Angeles, CA 90037. This multi family property offered 16 bedrooms, 8 bathrooms, roughly 8,732 living square feet, and sits on an approximately 6,524 square foot lot. 4502 Wesley Ave was first listed on ArdentRealEstateGroup.com on February 3, 2022. The homeowner sold the property for $1,630,000. 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 41.18% higher than the current median priced home. Local homes that are currently for sale include 4351 S Western Ave, 1229 W Gage Ave and 1270 W 35th Pl. While the average home in Los Angeles, CA is selling in 92 days, 4502 Wesley Ave has a days on market of 104 days. 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 4502 Wesley Ave 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 4502 Wesley Ave

Public county record property details

Beds: 8
Baths: 8
Year built: 1912
Sq. Ft.: 8,732
Lot Size: 6,523
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 56
APN: 5018-001-005

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

$749,000

Median List Price/Sq.Ft.

$517

Median Sold Price

$667,000

Median Sold Price/Sq.Ft.

$444

Total Inventory

Median Sale to List Price %

106.72%

Avg Days on Market

Loan Type

Conventional (0%), FHA (50%), VA (0%), Cash (33.33%), 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.