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701 W 48th St Los Angeles, CA 90037

$780,000 Sold Price as of 10/16/2019

4 Beds
4 Baths
4,272 Sq.Ft.

Sold

$780,000 Sold Price as of 10/16/2019 Refinance Your Mortgage

Map preview of 701 W 48th St, Los Angeles, CA 90037

Property Overview: 701 W 48th St Los Angeles, CA has 4 bedrooms, 4 bathrooms, 4,272 living square feet and 6,793 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Sitting on 6,792 square feet of land zoned LARD1.5, 701 West 48th Street was built in 1923 and consists of four 1 bed/1 bath units with an average size of 1,068 square feet. This property will be delivered two vacant units that will allow an investor to immediately remodel and achieve market rents. Due to the current layout of the existing upstairs units in this building, there might an opportunity to add an additional bedroom and to convert two of the units to 2 bed/1 bath units. Buyer will have to verify with the Department of Building and Safety and the Housing Department to confirm if this will be possible. 701 & 707 W 48th Street can be bought individually, with residential financing, or together as a portfolio.

Listed by Sevak Keshishian | BRE #01887505 | Marcus & Millichap

Last checked: 1 minute ago | Last updated: August 1st, 2022 | Source CRMLS | DOM: 45

Home details

Lot Sq. Ft: 6,793
HOA Dues: $0/mo
Year built: 1923
Garage: --
Property Type:: Multi Family

Status: Sold
MLS#: 19480748
City: Los Angeles
County: Los Angeles
Time on Site: 1222 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 4
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,800
Total Rent: $0
Pro Forma/Market Rent: $1,800

Unit Breakdown 2

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $857
Total Rent: $857
Pro Forma/Market Rent: $1,800

Unit Breakdown 3

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $912
Total Rent: $912
Pro Forma/Market Rent: $1,800

Unit Breakdown 4

# of Units: 1
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,800
Total Rent: $0
Pro Forma/Market Rent: $1,800

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 5.69%
Gross Rent Multiplier: 11.64
Gross Scheduled Income: --
Net Operating Income: $42,712
Gross Operating Income: $64,428
Improvements Total: $76,672

Annual Expense Breakdown

Total Operating Expense: $1,000
Electric: $2,495
Insurance: $1,495
Maintenance: $2,600
Other Expenses: $500

Property Details for 701 W 48th St

Interior Features

Cooling Information

Has Cooling
Wall/Window Unit(s)

Laundry Information

Has Laundry
Washer Included, Dryer Included

Kitchen Information

Has Appliances
Refrigerator

Lot Details / Garage and Parking

Parking/Garage Information

Has Parking
Parking Features: Assigned

Property Information

Total # of Units: 4
Parcel Number: 5018026006

Location / Neighborhood

Location Information

Directions: Located just about a mile south of Exposition Park and the campus of University ofSouthern California.

View more facts & features

Local Los Angeles Agent

Sale History for 701 W 48th St

Last sold for $780,000 on October 16th, 2019

August, 2022
Aug 1, 2022

Date

Expired

CRMLS: 22165875

$2,449,000

Price
Jun 8, 2022

Date

Active

CRMLS: 22165875

$2,449,000

Price
Listing provided courtesy of CRMLS

We are pleased to offer this eight unit multifamily investment opportunity, with approved plans for 4 ADU units. Five of the units have been completely remodeled with high end finishes. Three units will be delivered vacant and rent ready. The units operate as 3 bedroom units leaving room for tremendous upside. See attached rent roll for details. Approved ADU units will all be one bedroom one bath each. The buildings sit on two lots totaling 13,584 square feet with approximately 9,026 rentable space- not including the garages. Each unit has a seperate electric and gas meter. This property is only minutes from USC and the new Banc of California Stadium and has amazing upside potential. Please do not walk on the property without an appointment with listing agent. Please do not disturb tenants.

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October, 2019
Oct 19, 2019

Date

Sold

CRMLS: 19480748

$780,000

Price
Sep 24, 2019

Date

Pending

CRMLS: 19480748

$750,000

Price
Sep 18, 2019

Date

Active Under Contract

CRMLS: 19480748

$750,000

Price
Sep 13, 2019

Date

Canceled

CRMLS: 19480748

$750,000

Price
Aug 30, 2019

Date

Withdrawn

CRMLS: 19480748

$750,000

Price
Aug 30, 2019

Date

Canceled

CRMLS: 19480748

$750,000

Price
Aug 6, 2019

Date

Withdrawn

CRMLS: 19480748

$750,000

Price
Jun 21, 2019

Date

Active

CRMLS: 19480748

$750,000

Price
October, 2019
Oct 16, 2019

Date

Sold (Public Records)

Public Records

$780,000

Price
May, 2019
May 16, 2019

Date

Sold

CRMLS: SB19005313

$500,000

Price
Jan 9, 2019

Date

Pending

CRMLS: SB19005313

$550,000

Price
Jan 9, 2019

Date

Active

CRMLS: SB19005313

$550,000

Price
Listing provided courtesy of CRMLS

This is 4 unit multi-unit building with each unit consisting of 1 bedroom and 1 bathroom. Also, please note that the accuracy of all information, including square footage and lot size is deemed reliable, but not guaranteed and should be independently verified through personal inspection with appropriate professionals.

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May, 2019
May 14, 2019

Date

Sold (Public Records)

Public Records

$500,000

Price

Tax History for 701 W 48th St

Assessed Value (2020): $780,000

Year	Land Value	Improved Value	Assessed Value
2020	$670,000	$110,000	$780,000

Home Value Compared to the Market

This property vs the competition

701 W 48th St sold on October 16, 2019 for 36.97% 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 $175.56 per/sqft which puts the price per square foot 76.75% lower than the current median sale per square foot for the city of Los Angeles.

About 701 W 48th St

Detailed summary of property

701 W 48th St is a multi family that recently sold in Los Angeles, CA 90037. This multi family property offered 4 bedrooms, 4 bathrooms, roughly 4,272 living square feet, and sits on an approximately 6,793 square foot lot. 701 W 48th St was first listed on ArdentRealEstateGroup.com on January 13, 2021. The homeowner sold the property for $780,000. 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 36.97% lower than the current median priced home. Local homes that are currently for sale include 6207 S Figueroa St, 4024 Woodlawn Ave and 837 W Gage Ave. While the average home in Los Angeles, CA is selling in 92 days, 701 W 48th St has a days on market of 45 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 W 48th St 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 701 W 48th St

Public county record property details

Beds: 4
Baths: 4
Year built: 1923
Sq. Ft.: 4,272
Lot Size: 6,792
Stories: --

Type: Quadruplex (4 Units, Any Combination)
Pool: No
Spa: No
County: Los Angeles
Lot#: 17
APN: 5018-026-006

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

Median Sale to List Price %

106.72%

Avg Days on Market

Loan Type

Conventional (0%), FHA (50%), VA (0%), Cash (33.33%), Other (0%)

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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.