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6350 Willoughby Ave Los Angeles, CA 90038

$3,525,000 Sold Price as of 04/19/2019

17 Beds
15 Baths
10,386 Sq.Ft.

Sold

$3,525,000 Sold Price as of 04/19/2019 Refinance Your Mortgage

Map preview of 6350 Willoughby Ave, Los Angeles, CA 90038

Property Overview: 6350 Willoughby Ave Los Angeles, CA has 17 bedrooms, 15 bathrooms, 10,386 living square feet and 7,480 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: The Willoughby is a twelve-unit property located in the heart of Hollywood. This part of Hollywood is undergoing rapid growth and urbanization as dozens of developments have been recently completed, are underway, or in-planning stages. This will increase density, bringing in new retail and entertainment options, and transform this once sleepy pocket of Hollywood into a vibrant city-like community with walkable and bikeable streets, and improved services surrounding major transit hubs.Located at 6350 Willoughby Ave, the twelve-unit Willoughby Apartments was built in 1963 and has been in the hands of the same owner for 20+ years. With virtually no updates or renovations done to the interior of the units, The Willoughby represents a blank slate for a renovation-minded investor. The purchaser has the ability to remodel and update the units to attract higher-paying tenants who are moving to Hollywood for its hip vibe, central location, and walkability. Even with higher rents, The Willou

Listed by Peter Strauss | BRE #01335696 | Iconic Investments

Last checked: 10 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 14

Home details

Lot Sq. Ft: 7,480
HOA Dues: $0/mo
Year built: 1963
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 19437944
City: Los Angeles
County: Los Angeles
Time on Site: 1207 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 12
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 7
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,585
Total Rent: $11,099
Pro Forma/Market Rent: $1,895

Unit Breakdown 2

# of Units: 2
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,545
Total Rent: $3,091
Pro Forma/Market Rent: $2,400

Unit Breakdown 3

# of Units: 2
# of Beds: 2
# of Baths: 2
Furnishing: Unfurnished
Actual Rent: $2,425
Total Rent: $4,850
Pro Forma/Market Rent: $2,500

Unit Breakdown 4

# of Units: 1
# of Beds: 2
# of Baths: 2
Furnishing: Unfurnished
Actual Rent: $1,423
Total Rent: $1,423
Pro Forma/Market Rent: $2,550

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.48%
Gross Rent Multiplier: 14.46
Gross Scheduled Income: --
Net Operating Income: $159,205
Gross Operating Income: $245,567
Improvements Total: $199,775

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 6350 Willoughby Ave

Interior Features

Cooling Information

Has Cooling
See Remarks

Laundry Information

Has Laundry
See Remarks

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking
Parking Features: Covered

Property Information

Total # of Units: 12
Parcel Number: 5533025019

Location / Neighborhood

Location Information

Directions: East of Highland, South of Santa Monica Blvd

View more facts & features

Local Los Angeles Agent

Sale History for 6350 Willoughby Ave

Last sold for $3,525,000 on April 19th, 2019

April, 2019
Apr 19, 2019

Date

Sold

CRMLS: 19437944

$3,525,000

Price
Mar 11, 2019

Date

Active Under Contract

CRMLS: 19437944

$3,550,000

Price
Feb 26, 2019

Date

Active

CRMLS: 19437944

$3,550,000

Price
April, 2019
Apr 19, 2019

Date

Sold (Public Records)

Public Records

$3,525,000

Price
January, 1998
Jan 30, 1998

Date

Sold (Public Records)

Public Records

$185,700

Price

Tax History for 6350 Willoughby Ave

Assessed Value (2020): $3,595,770

Year	Land Value	Improved Value	Assessed Value
2020	$3,060,000	$535,770	$3,595,770

Home Value Compared to the Market

This property vs the competition

6350 Willoughby Ave sold on April 19, 2019 for 198.32% 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 $341.81 per/sqft which puts the price per square foot 54.73% lower than the current median sale per square foot for the city of Los Angeles.

About 6350 Willoughby Ave

Detailed summary of property

6350 Willoughby Ave is a multi family that recently sold in Los Angeles, CA 90038. This multi family property offered 17 bedrooms, 15 bathrooms, roughly 10,386 living square feet, and sits on an approximately 7,480 square foot lot. 6350 Willoughby Ave was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $3,525,000. 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 198.32% higher than the current median priced home. Local homes that are currently for sale include 204 N Manhattan Pl, 204 N Manhattan Pl and 326 S Wilton Pl. While the average home in Los Angeles, CA is selling in 96 days, 6350 Willoughby Ave has a days on market of 14 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 6350 Willoughby Ave Los Angeles, CA 90038 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 6350 Willoughby Ave

Public county record property details

Beds: 17
Baths: 17
Year built: 1963
Sq. Ft.: 10,386
Lot Size: 7,480
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 19
APN: 5533-025-019

The source for these homes facts are from public records.

90038 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$1,299,000

Median List Price/Sq.Ft.

$709

Median Sold Price

$715,000

Median Sold Price/Sq.Ft.

$659

Total Inventory

Median Sale to List Price %

79.44%

Avg Days on Market

Loan Type

Conventional (0%), FHA (0%), VA (0%), Cash (50%), Other (0%)

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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.