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650 S La Jolla Ave, Los Angeles, CA 90048
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650 S La Jolla Ave Los Angeles, CA 90048

$4,450,000
  • 12 Beds
  • 12 Baths
  • 10,858 Sq.Ft.
For Sale
$4,450,000 Get Pre-Qualified
Map preview of 650 S La Jolla Ave, Los Angeles, CA 90048

Property Overview: 650 S La Jolla Ave Los Angeles, CA has 12 bedrooms, 12 bathrooms, 10,858 living square feet and 12,504 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 650 S La Jolla Avenue is a 10-unit multi-family apartment complex featuring 1,100sq. ft. units, each equipped with a private balcony/patio, in-unit washer and dryers, central heating, and parking. The seller has RTI permits for two 1bd/1bth ADUs through a carport conversion. Upon completion of the ADUs, the property will have a 13x GRM and an in-place 5.4% cap rate, with a 30% upside in existing unit rents. The building features a new 400amp main panel. Each unit is separately metered for electricity and gas.

Listed by Adam Kanizo | BRE #02008361 | Paloma Realty Partners, Inc.
Last checked: 4 minutes ago | Last updated: April 3rd, 2024 | Source CRMLS | DOM: 31
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Home details

Lot Sq. Ft
12,504
HOA Dues
$0/mo
Year built
1928
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24371201
City
Los Angeles
County
Los Angeles
Time on Site
38 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 10
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 2
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $5,500
Unit Breakdown 2
  • # of Units: 10
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,296
  • Total Rent: $22,955
  • Pro Forma/Market Rent: $33,450
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.3%
  • Gross Rent Multiplier: 16
  • Gross Scheduled Income: --
  • Net Operating Income: $191,155
  • Gross Operating Income: $267,196
Annual Expense Breakdown
  • Total Operating Expense: --

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Property Details for 650 S La Jolla Ave

Interior Features
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Washer Included, Dryer Included, Stackable
Room Information
  • Flooring: Wood
Kitchen Information
  • Has Appliances
  • Refrigerator
Interior Features
  • Levels: Multi/Split
  • Security Features: Automatic Gate, Gated Community, Smoke Detector(s)
  • Door Features: Double Door Entry
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 10
  • Has Parking
  • Parking Features: Carport
Property Information
  • Total # of Units: 10
  • Parcel Number: 5510028013
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Other
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Wilshire and La Jolla Ave.
View more facts & features

Local Los Angeles Agent

Sale History for 650 S La Jolla Ave

Last sold on May 31st, 2018

  • March, 2024

  • Mar 26, 2024

    Date

    Active

    CRMLS: 24371201

    $4,500,000

    Price

  • March, 2023

  • Mar 13, 2023

    Date

    Canceled

    CRMLS: 23239503

    $4,300,000

    Price

  • Feb 27, 2023

    Date

    Active

    CRMLS: 23239503

    $4,300,000

    Price

  • Listing provided courtesy of CRMLS

    Introducing a rare opportunity to acquire a 10-unit multi-family property, first time on the market in nearly 40 years! Boasting spacious and comfortable 1-bedroom, 1-bathroom units with an impressive 1100 sqft of living space, each unit comes equipped with its own in-unit washer and dryer, providing unparalleled convenience for residents. The property presents immense potential for rental upside, making it a perfect fit for a long-term buy and hold value add investor looking to maximize their return on investment. The double lot 12,500 sqft land area allows for additional construction options, such as two ADUs in the back, adding further value to this already exceptional investment opportunity. Situated in a prime location, this multi-family property offers easy access to a range of amazing nightlife and restaurants.

  • May, 2018

  • May 31, 2018

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • September, 2009

  • Sep 23, 2009

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 650 S La Jolla Ave

Assessed Value (2020): $3,904,700
Year Land Value Improved Value Assessed Value
2020 $3,641,400 $263,300 $3,904,700

Home Value Compared to the Market

This property vs the competition

650 S La Jolla Ave is listed 263.27% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $409.84 per/sqft which puts the price per square foot 47.05% lower than the median price per square foot for the city of Los Angeles.

About 650 S La Jolla Ave

Detailed summary of property

650 S La Jolla Ave is a multi family located in Los Angeles, CA 90048 and is currently for sale. This multi family property offers 12 bedrooms, 12 bathrooms, roughly 10,858 living square feet, and sits on an approximately 12,504 square foot lot. 650 S La Jolla Ave was first listed on ArdentRealEstateGroup.com on March 26, 2024. The homeowner is currently asking $4,450,000 and was originally asking $4,500,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 263.27% higher than the median priced home. Local competing homes currently for sale include 6708 Willoughby Ave, 1876 Buckingham Rd and 5700 Clemson St. While the average home in Los Angeles, CA is selling in 96 days, 650 S La Jolla Ave has a days on market of 31 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 650 S La Jolla Ave Los Angeles, CA 90048 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 650 S La Jolla Ave

Public county record property details
Beds
10
Baths
10
Year built
1928
Sq. Ft.
10,858
Lot Size
12,500
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
16,17
APN
5510-028-013

The source for these homes facts are from public records.

90048 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$2,695,000
Median List Price/Sq.Ft.
$1,041
Median Sold Price
$2,275,000
Median Sold Price/Sq.Ft.
$989
Total Inventory
125
Median Sale to List Price %
91.18%
Avg Days on Market
72
Loan Type
Conventional (9.52%), FHA (0%), VA (0%), Cash (9.52%), 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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