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552 W 40Th Pl, Los Angeles, CA 90037
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552 W 40Th Pl Los Angeles, CA 90037

$1,162,500 Sold Price as of 04/03/2024
  • 5 Beds
  • 5 Baths
  • 2,200 Sq.Ft.
Sold
$1,162,500 Sold Price as of 04/03/2024 Refinance Your Mortgage
Map preview of 552 W 40Th Pl, Los Angeles, CA 90037

Property Overview: 552 W 40Th Pl Los Angeles, CA has 5 bedrooms, 5 bathrooms, 2,200 living square feet and 6,752 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Assumable bridge financing available to help buyer through lease-up phase of ownership. We are pleased to offer an excellent opportunity to purchase a fully vacant five-unit apartment building with a stabilized GRM of 8.14 and stabilized cap rate of 7.88%. Two of the units are completely remodeled with modern finishes including hardwood floors and stainless steel appliances. Gated off-street parking and an on-site storage unit is available for each unit. The property is currently striped with 7 parking spaces, has a separate building that includes four storage closets, and has a charming backyard area that can be enjoyed by all residents. If a new owner wanted to add washer and dryer hookups, and AC Units, they might be able to ask as much as $2,407 per month, the Section 8 maximum for 1 bedroom units.Buyer shall determine for themselves how much rent they can obtain from Section 8. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes or potentially more using AB2345 or other affordable city and state laws. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.

Listed by Oron Maher | BRE #01299093 | Maher Commercial Realty
Last checked: 10 minutes ago | Last updated: April 3rd, 2024 | Source CRMLS | DOM: 38

Home details

Lot Sq. Ft
6,752
HOA Dues
$0/mo
Year built
1952
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
24353087
City
Los Angeles
County
Los Angeles
Time on Site
100 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 5
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 5
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,100
  • Total Rent: $2,100
  • Pro Forma/Market Rent: $2,407
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 7.88%
  • Gross Rent Multiplier: 8.14
  • Gross Scheduled Income: --
  • Net Operating Income: $118,167
  • Gross Operating Income: $146,800
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 552 W 40Th Pl

Interior Features
Cooling Information
  • No Cooling
  • None
Laundry Information
  • Has Laundry
  • None
Kitchen Information
  • Has Appliances
  • Gas Oven
Interior Features
  • Ceiling Fan(s)
  • Levels: One
  • Security Features: Gated Community
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 7
  • Has Parking
  • Parking Features: Gated, Parking Space, Private
Property Information
  • Total # of Units: 5
  • Parcel Number: 5019023005
  • Property Condition: Updated/Remodeled
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: South on Figueroa Street, West on W. 40th Place
View more facts & features

Local Los Angeles Agent

Sale History for 552 W 40Th Pl

Last sold for $1,162,500 on April 3rd, 2024

  • April, 2024

  • Apr 3, 2024

    Date

    Sold

    CRMLS: 24353087

    $1,162,500

    Price

  • Feb 6, 2024

    Date

    Active

    CRMLS: 24353087

    $1,175,000

    Price

  • October, 2023

  • Oct 19, 2023

    Date

    Sold

    CRMLS: 23306503

    $780,000

    Price

  • Aug 31, 2023

    Date

    Active

    CRMLS: 23306503

    $695,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to offer an excellent opportunity to purchase a value-add 5-unit apartment building in the fast-growing South LA submarket of Los Angeles. The property features five one-bedroom units, each with one-bath, on a large 6,751 square foot parcel zoned LARD1.5 TOC Tier 3. There are currently two vacant units at the property with an approximately 70% upside value in rents. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes here. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond. This is a full-authority probate sale, not subject to court confirmation at this time. Per the estate's instructions, all offers will be reviewed on a shared day and time. Seller will prioritize offers that have no contingencies with the ability to close escrow quickly. First showing: Thursday 9/7 from 1-3:00 PM. Second showing: Sunday 09/10 from 1-3:00 PM. Third showing: 09/12 from 11:00 AM -1:00 PM. Offers due: Friday 09/15 by 1:00 PM

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Tax History for 552 W 40Th Pl

Assessed Value (2020): $49,485
Year Land Value Improved Value Assessed Value
2020 $23,284 $26,201 $49,485

Home Value Compared to the Market

This property vs the competition

552 W 40Th Pl sold on April 3, 2024 for 1.26% 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 $534.09 per/sqft which puts the price per square foot 29.26% lower than the current median sale per square foot for the city of Los Angeles.

About 552 W 40Th Pl

Detailed summary of property

552 W 40Th Pl is a multi family that recently sold in Los Angeles, CA 90037. This multi family property offered 5 bedrooms, 5 bathrooms, roughly 2,200 living square feet, and sits on an approximately 6,752 square foot lot. 552 W 40Th Pl was first listed on ArdentRealEstateGroup.com on February 6, 2024. The homeowner sold the property for $1,162,500. 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 1.26% lower than the current median priced home. Local homes that are currently for sale include 1270 W 35th Pl, 116 W 52nd Pl and 1301 W 36th St. While the average home in Los Angeles, CA is selling in 94 days, 552 W 40Th Pl has a days on market of 38 days. There are currently 3654 homes for sale in the Los Angeles real estate market and 2456 of them are single family homes while 1102 of them are condos and 90 are townhomes. For more information on this home for sale at 552 W 40Th Pl 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 552 W 40Th Pl

Public county record property details
Beds
5
Baths
5
Year built
1952
Sq. Ft.
2,200
Lot Size
6,749
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
43,44
APN
5019-023-005

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
32
Median Sale to List Price %
106.72%
Avg Days on Market
21
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.

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