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501 Loma Dr Los Angeles, CA 90017

$1,220,000 Sold Price as of 08/06/2020

7 Beds
7 Baths
-- Sq.Ft.

Sold

$1,220,000 Sold Price as of 08/06/2020 Refinance Your Mortgage

Map preview of 501 Loma Dr, Los Angeles, CA 90017

Property Overview: 501 Loma Dr Los Angeles, CA has 7 bedrooms, 7 bathrooms, -- living square feet and 8,333 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Major price reduction of $190,000. The new asking price is $1,300,000. 501 South Loma Drive is a 7-unit multifamily property. Built in 1939, the property was constructed of low-density pre-war style architecture with a two-story, walk-up structure with plenty of character. Units offer walk-in closets, hardwood floors, built-in cabinetry and large windows. All units have private garages, and most have front and rear entrances. The unit-mix contains six one-bedrooms with one-bathroom and one unit that is a one-bedroom with one-bathroom and a den that features French doors off a large balcony. All units are individually metered for gas and electricity. Two units to be delivered vacant at close-of-escrow. A very early-stage project for 36-units was started. The property location is ideally zoned LAR4 and situated in a Transit Oriented Communities (TOC) Tier 3 zone. Buyer to perform their own due diligence and investigations into this investment offering.

Listed by Brent Sprenkle | BRE #01290116 | Berkadia

Last checked: 9 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 88

Home details

Lot Sq. Ft: 8,333
HOA Dues: $0/mo
Year built: 1939
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 20567060
City: Los Angeles
County: Los Angeles
Time on Site: 1224 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 7
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 7
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,179
Total Rent: $8,252
Pro Forma/Market Rent: $11,200

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 12.95
Gross Scheduled Income: --
Net Operating Income: $57,487
Gross Operating Income: $99,031

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 501 Loma Dr

Interior Features

Heating Information

Has Heating
Wall Furnace

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking
Parking Features: Garage

Property Information

Total # of Units: 7
Parcel Number: 5153006013

Location / Neighborhood

Location Information

Directions: Situated just outside downtown Los Angeles, West of the 110 freeway in Central City West (Westlake).

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Local Los Angeles Agent

Sale History for 501 Loma Dr

Last sold for $1,220,000 on August 6th, 2020

August, 2020
Aug 8, 2020

Date

Sold

CRMLS: 20567060

$1,220,000

Price
Jun 23, 2020

Date

Pending

CRMLS: 20567060

$1,300,000

Price
Jun 4, 2020

Date

Price Change

CRMLS: 20567060

$1,300,000

Price
Mar 26, 2020

Date

Active

CRMLS: 20567060

$1,490,000

Price
August, 2020
Aug 6, 2020

Date

Sold (Public Records)

Public Records

$1,220,000

Price
December, 2019
Dec 24, 2019

Date

Expired

CRMLS: 19531300

$1,750,000

Price
Nov 22, 2019

Date

Active

CRMLS: 19531300

$1,750,000

Price
Listing provided courtesy of CRMLS
December, 2019
Dec 24, 2019

Date

Expired

CRMLS: 19517632

$1,750,000

Price
Oct 4, 2019

Date

Active

CRMLS: 19517632

$1,750,000

Price
Listing provided courtesy of CRMLS

Presented for sale is a 7 Unit Apartment Building with tremendous redevelopment upside! Presented with two vacant units, this building features spacious 1+1 units with 7 private garages. Being on a sloped lot, behind the street-facing garages and across from the Rampart LAPD Station, these homes enjoy the calmer feel while being in the middle of everything. Just a short walk to Food4Less, Rite Aid, Home Depot, Plan Check Kitchen+Bar, and under a 15 minute walk to the Metro Subway Station, you would be hard-pressed to find a more pedestrian friendly neighborhood. Market GRM at 12.57 and Market CAP at 5.24%

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May, 2019
May 15, 2019

Date

Sold

CRMLS: 18412182

$1,410,900

Price
Jan 16, 2019

Date

Pending

CRMLS: 18412182

$1,395,000

Price
Dec 1, 2018

Date

Active

CRMLS: 18412182

$1,395,000

Price
Listing provided courtesy of CRMLS

7 unit apartment building constructed in 1939. The pre-war, two-story, walk-up structure contains character and charm not found in other buildings. Units contain walk-in closets, hardwood floors, built-in cabinetry, and large windows. All of the units have private garages and most have front and rear entrances. The unit mix contains 6 large one bedrooms with one bathroom as well as one unit (apartment 7) that is a one bedroom with a den, a large balcony, and one bathroom. The property is situated across from a Los Angeles police department headquarters and has a WalkScore of 90, which is considered a Walker's Paradise. All units are individually metered for gas and electricity. Two units are currently vacant.

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May, 2019
May 14, 2019

Date

Sold (Public Records)

Public Records

$1,395,000

Price

Tax History for 501 Loma Dr

Assessed Value (2020): $1,423,100

Year	Land Value	Improved Value	Assessed Value
2020	$847,620	$575,480	$1,423,100

Home Value Compared to the Market

This property vs the competition

501 Loma Dr sold on August 6, 2020 for 9.24% higher than the current median sold price for the city of Los Angeles which is $1,190,000.

About 501 Loma Dr

Detailed summary of property

501 Loma Dr is a multi family that recently sold in Los Angeles, CA 90017. This multi family property offered 7 bedrooms, 7 bathrooms, roughly -- living square feet, and sits on an approximately 8,333 square foot lot. 501 Loma Dr was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $1,220,000. 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 9.24% higher than the current median priced home. Local homes that are currently for sale include 2300 W 12th St, 1446 S Burlington Ave and 234 S Vendome St. While the average home in Los Angeles, CA is selling in 93 days, 501 Loma Dr has a days on market of 88 days. There are currently 3718 homes for sale in the Los Angeles real estate market and 2495 of them are single family homes while 1123 of them are condos and 94 are townhomes. For more information on this home for sale at 501 Loma Dr Los Angeles, CA 90017 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 501 Loma Dr

Public county record property details

Beds: 7
Baths: 7
Year built: 1939
Sq. Ft.: 5,237
Lot Size: 8,332
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 31
APN: 5153-006-013

The source for these homes facts are from public records.

90017 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$639,999

Median List Price/Sq.Ft.

$722

Median Sold Price

$540,000

Median Sold Price/Sq.Ft.

$478

Total Inventory

Median Sale to List Price %

98.54%

Avg Days on Market

Loan Type

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

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Homes for Sale Near 501 Loma Dr

Nearby Homes for Sale

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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.