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556 N Serrano Ave, Los Angeles, CA 90004
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556 N Serrano Ave Los Angeles, CA 90004

$1,049,000 Sold Price as of 01/12/2024
  • 7 Beds
  • 5 Baths
  • 5,270 Sq.Ft.
Sold
$1,049,000 Sold Price as of 01/12/2024 Refinance Your Mortgage
Map preview of 556 N Serrano Ave, Los Angeles, CA 90004

Property Overview: 556 N Serrano Ave Los Angeles, CA has 7 bedrooms, 5 bathrooms, 5,270 living square feet and 7,499 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: This 5 unit property is an amazing value add opportunity. Pro-forma rents would yield a 6.8% cap rate. Own a two story 4-plex with a detached 1500 SF 3 bed 1 bathroom house on a 7,500 square foot lot in the heart of Koreatown, just off of Melrose near Hollywood! The fourplex consists of four 1 bedroom 1 bathroom units each just over 900 square feet large, with their own formal dining room and living room. Property is fully occupied and will be delivered with existing tenants subject to rent controll. Each unit has its own laundry hookups. Located in one of the most desirable neighborhoods in Los Angeles, this property is just steps away from the vibrant culture and nightlife of Koreatown, while also being conveniently located near Hollywood and all its amenities. With so much to offer, this property is truly a gem that you don't want to miss out on.

Listed by PAUL ARGUETA | BRE #01223040 | REH REAL ESTATE
Last checked: 8 minutes ago | Last updated: January 26th, 2024 | Source CRMLS | DOM: 280

Home details

Lot Sq. Ft
7,499
HOA Dues
$0/mo
Year built
1912
Garage
--
Property Type:
Fourplex
Status
Sold
MLS#
WS23040680
City
Los Angeles
County
Los Angeles
Time on Site
405 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 5
  • Total # of Buildings: 2
  • # of Electric Meters: 5
  • # of Gas Meters: 5
  • # of Water Meters: 5
Unit Breakdown 1
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $4,356
  • Total Rent: $4,356
  • Pro Forma/Market Rent: $1,500
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 3
  • # of Baths: 1
  • Garage Spaces: 0
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $1,326
  • Total Rent: $1,326
  • Pro Forma/Market Rent: $3,000
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 3.12%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $68,184
  • Net Operating Income: $42,028
  • Gross Operating Income: $68,184
  • Vacancy Allowance: $0
Annual Expense Breakdown
  • Total Operating Expense: $23,864
  • Trash: $0
  • Insurance: $0
  • Professional Management: $0

Property Details for 556 N Serrano Ave

Interior Features
Laundry Information
  • Has Laundry
  • See Remarks
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Lot Information
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 5
  • Parcel Number: 5521012001
  • Year Built Source: Assessor
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: Off 101 Freeway exit Melrose head west to Serrano head south
Neighborhood Information
  • Community Features: Sidewalks, Suburban
View more facts & features

Local Los Angeles Agent

Sale History for 556 N Serrano Ave

Last sold for $1,049,000 on January 12th, 2024

  • January, 2024

  • Jan 12, 2024

    Date

    Sold

    CRMLS: WS23040680

    $1,049,000

    Price

  • Mar 10, 2023

    Date

    Active

    CRMLS: WS23040680

    $1,698,000

    Price

  • March, 2019

  • Mar 9, 2019

    Date

    Expired

    CRMLS: 18366750

    $1,249,000

    Price

  • Mar 8, 2019

    Date

    Withdrawn

    CRMLS: 18366750

    $1,249,000

    Price

  • Jul 26, 2018

    Date

    Active Under Contract

    CRMLS: 18366750

    $1,249,000

    Price

  • Jul 19, 2018

    Date

    Active

    CRMLS: 18366750

    $1,249,000

    Price

  • Listing provided courtesy of CRMLS

  • July, 2018

  • Jul 6, 2018

    Date

    Canceled

    CRMLS: 18352774

    $1,295,000

    Price

  • Jun 8, 2018

    Date

    Active

    CRMLS: 18352774

    $1,295,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present the exclusive listing of 556 North Serrano Avenue, a five-unit character asset with rich detail and etchings. Located just south of Melrose and east of Western in the sought-after neighborhood of Melrose Hill of Los Angeles' "10 Great Neighborhoods," according to Los Angeles Magazine, this asset benefits from its impeccable location.This 5,270-square foot asset boasts a desirable unit mix of four large, one-bedroom/ one-bathroom units and one, three-bedroom/ one-bathroom home. Boasting a walk score of 89, this property is conveniently located within walking distance to Melrose Cafe, The Shrimp Lover, Tasty House, Blipsy Barcade, Club Napoles, and Lemon Grove Recreation Center and Park. Located on a corner lot maintained by the same ownership for decades, this is a great acquisition opportunity for those looking for an attractive building with substantial rental upside in a highly desired location.

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Tax History for 556 N Serrano Ave

Assessed Value (2020): $101,044
Year Land Value Improved Value Assessed Value
2020 $59,379 $41,665 $101,044

Home Value Compared to the Market

This property vs the competition

556 N Serrano Ave sold on January 12, 2024 for 9.43% higher than the current median sold price for the city of Los Angeles which is $1,050,000. The median sold price per/sqft for Los Angeles is $738 and this home is sold at $218.03 per/sqft which puts the price per square foot 70.46% lower than the current median sale per square foot for the city of Los Angeles.

About 556 N Serrano Ave

Detailed summary of property

556 N Serrano Ave is a fourplex that recently sold in Los Angeles, CA 90004. This fourplex offered 7 bedrooms, 5 bathrooms, roughly 5,270 living square feet, and sits on an approximately 7,499 square foot lot. 556 N Serrano Ave was first listed on ArdentRealEstateGroup.com on March 11, 2023. The homeowner sold the property for $1,049,000. Home in Los Angeles are selling for a median price of $1,050,000 and a median price per square foot of $738. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 9.43% higher than the current median priced home. Local homes that are currently for sale include 1223 N Normandie Ave, 1412 N Serrano Ave and 3456 Plata St. While the average home in Los Angeles, CA is selling in 97 days, 556 N Serrano Ave has a days on market of 280 days. There are currently 3357 homes for sale in the Los Angeles real estate market and 2273 of them are single family homes while 993 of them are condos and 86 are townhomes. For more information on this home for sale at 556 N Serrano Ave Los Angeles, CA 90004 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 556 N Serrano Ave

Public county record property details
Beds
6
Baths
5
Year built
1912
Sq. Ft.
5,270
Lot Size
7,498
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
1
APN
5521-012-001

The source for these homes facts are from public records.

90004 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,388,000
Median List Price/Sq.Ft.
$806
Median Sold Price
$1,163,014
Median Sold Price/Sq.Ft.
$789
Total Inventory
62
Median Sale to List Price %
93.04%
Avg Days on Market
39
Loan Type
Conventional (27.27%), FHA (0%), VA (0%), Cash (9.09%), Other (9.09%)

Thinking of Selling?

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(714) 706-1823

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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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