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701 N Hill Pl Los Angeles, CA 90012

$1,665,000 Sold Price as of 10/18/2019

40 Beds
20 Baths
5,605 Sq.Ft.

Sold

$1,665,000 Sold Price as of 10/18/2019 Refinance Your Mortgage

Map preview of 701 N Hill Pl, Los Angeles, CA 90012

Property Overview: 701 N Hill Pl Los Angeles, CA has 40 bedrooms, 20 bathrooms, 5,605 living square feet and 5,119 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to present 701 N Hill Pl, a five unit true value-add opportunity located in the fabled Chinatown submarket of Northeast Los Angeles. The first time on the market since being built 45-years ago, the property sits on a 5,118 square foot lot with attractive unit mixes of four two-bedroom units and one 4-bedroom true townhouse style unit. The submarket of Chinatown has been undergoing major proposed changes lately, causing a steady upward climb for rental demand in the area. Delivered with 3 vacant units, the incoming buyer is poised to take immediate advantage of all the major economic momentum around the subject property with their own vision of enhancements. Given the continued growth of the Chinatown submarket, the urban atmosphere surrounding the subject property, and the significant value-add opportunity, 701 North Hill Place represents a rare offering for investors seeking an asset that is poised to provide long-term returns and steady appreciation.

Listed by Tadeh Minnassian | BRE #01960390 | Marcus & Millichap
Co-listed by Sevak Keshishian | BRE #01887505 | Marcus & Millichap

Last checked: 5 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 23

Home details

Lot Sq. Ft: 5,119
HOA Dues: $0/mo
Year built: 1974
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 19496596
City: Los Angeles
County: Los Angeles
Time on Site: 1223 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 5
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,050
Total Rent: $1,050
Pro Forma/Market Rent: $2,100

Unit Breakdown 2

# of Units: 2
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $950
Total Rent: $950
Pro Forma/Market Rent: $2,100

Unit Breakdown 3

# of Units: 3
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Total Rent: $0
Pro Forma/Market Rent: $2,200

Unit Breakdown 4

# of Units: 4
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Total Rent: $0
Pro Forma/Market Rent: $2,250

Unit Breakdown 5

# of Units: 5
# of Beds: 4
# of Baths: 2
Furnishing: Unfurnished
Total Rent: $0
Pro Forma/Market Rent: $3,100

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.63%
Gross Rent Multiplier: 14.04
Gross Scheduled Income: --
Net Operating Income: $74,097
Gross Operating Income: $114,000
Improvements Total: $178,065

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 701 N Hill Pl

Interior Features

Laundry Information

Has Laundry
See Remarks

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking
Parking Features: Garage, Covered

Property Information

Total # of Units: 5
Parcel Number: 5407017014

Location / Neighborhood

Location Information

Directions: Please use navigation for accuracy.

View more facts & features

Local Los Angeles Agent

Sale History for 701 N Hill Pl

Last sold for $1,665,000 on October 18th, 2019

October, 2019
Oct 19, 2019

Date

Sold

CRMLS: 19496596

$1,665,000

Price
Aug 29, 2019

Date

Pending

CRMLS: 19496596

$1,600,000

Price
Aug 5, 2019

Date

Active

CRMLS: 19496596

$1,600,000

Price
October, 2019
Oct 17, 2019

Date

Sold (Public Records)

Public Records

$1,665,000

Price
October, 2019
Oct 17, 2019

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 701 N Hill Pl

Assessed Value (2020): $1,665,000

Year	Land Value	Improved Value	Assessed Value
2020	$900,000	$765,000	$1,665,000

Home Value Compared to the Market

This property vs the competition

701 N Hill Pl sold on October 18, 2019 for 34.45% 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 $285.46 per/sqft which puts the price per square foot 62.19% lower than the current median sale per square foot for the city of Los Angeles.

About 701 N Hill Pl

Detailed summary of property

701 N Hill Pl is a multi family that recently sold in Los Angeles, CA 90012. This multi family property offered 40 bedrooms, 20 bathrooms, roughly 5,605 living square feet, and sits on an approximately 5,119 square foot lot. 701 N Hill Pl was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $1,665,000. 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 34.45% higher than the current median priced home. Local homes that are currently for sale include 1922 Lake Shore Ave, 2226 Branden St and 1927 Johnston St. While the average home in Los Angeles, CA is selling in 92 days, 701 N Hill Pl has a days on market of 23 days. There are currently 3712 homes for sale in the Los Angeles real estate market and 2493 of them are single family homes while 1120 of them are condos and 93 are townhomes. For more information on this home for sale at 701 N Hill Pl Los Angeles, CA 90012 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 701 N Hill Pl

Public county record property details

Beds: 12
Baths: 7
Year built: 1974
Sq. Ft.: 5,605
Lot Size: 5,118
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 55
APN: 5407-017-014

The source for these homes facts are from public records.

90012 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$590,000

Median List Price/Sq.Ft.

$585

Median Sold Price

$462,500

Median Sold Price/Sq.Ft.

$610

Total Inventory

Median Sale to List Price %

92.69%

Avg Days on Market

Loan Type

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