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7056 Lanewood Ave, Los Angeles, CA 90028
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7056 Lanewood Ave Los Angeles, CA 90028

$4,595,000
  • 10 Beds
  • 22 Baths
  • 11,452 Sq.Ft.
For Sale
$4,595,000 Get Pre-Qualified
Map preview of 7056 Lanewood Ave, Los Angeles, CA 90028

Property Overview: 7056 Lanewood Ave Los Angeles, CA has 10 bedrooms, 22 bathrooms, 11,452 living square feet and 14,981 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: 7056 Lanewood Avenue is a 22-unit apartment community in Hollywood (90028). The offering offers investors a unique and rare opportunity to acquire an irreplaceable asset with strong in-place metrics and meaningful rental upside in one of LA's most dynamic and stable markets. 7056 Lanewood Avenue was built in 1953 and consists of 11,452 square feet of improvements. The unit composition features an attractive mix of Ten (10) spacious 1-Bedroom Units and Twelve (12) Studio Apartments. The property is sited on a +/- 14,977 square foot parcel, zoned LAR4. The property is well-parked, with 17 parking spaces, and is not on the list of LA City mandatory seismic retrofit. Tenants and future investors will appreciate this well-maintained asset, featuring an attractive courtyard and lush landscaping. Additional amenities include a secure entry with intercom gate access, gated parking, and on-site washer/dryer. 7056 Lanewood Avenue is master-metered for gas and electrical utilities, which currently allows an annual 5% rent increase. Additionally, the Ratio Utility Billing System (RUBs Program) is already in place for all incoming residents. Lanewood Avenue is a quiet tree-lined street near Hollywood employers and attractions. With its prime location in Hollywood, 7056 Lanewood is an outstanding rental location for residents looking for immediate access to major Hollywood employers, services, and entertainment venues. The proximity to world-class neighboring venues makes this an ideal investment for apartment operators seeking a stable investment opportunity and long-term wealth preservation and appreciation.

Listed by Nick Astrupgaard | BRE #01893466 | KW Commercial Studio City
Co-listed by Rich Johns | BRE #01432215 | KW Commercial Studio City
Last checked: 3 minutes ago | Last updated: May 22nd, 2024 | Source CRMLS | DOM: 42
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Home details

Lot Sq. Ft
14,981
HOA Dues
$0/mo
Year built
1953
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
24391989
City
Los Angeles
County
Los Angeles
Time on Site
42 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 22
  • Total # of Buildings: 1
Unit Breakdown 1
  • # of Units: 10
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,458
  • Total Rent: $14,581
  • Pro Forma/Market Rent: $23,500
Unit Breakdown 2
  • # of Units: 12
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,350
  • Total Rent: $16,195
  • Pro Forma/Market Rent: $22,200
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.2%
  • Gross Rent Multiplier: 11.7
  • Gross Scheduled Income: --
  • Net Operating Income: $238,853
  • Gross Operating Income: $386,024
Annual Expense Breakdown
  • Total Operating Expense: --

Open Houses for 7056 Lanewood Ave

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Property Details for 7056 Lanewood Ave

Interior Features
Kitchen Information
  • Has Appliances
Interior Features
  • Levels: Two
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 17
  • Has Parking
Property Information
  • Total # of Units: 22
  • Parcel Number: 5548013018
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Prime Hollywood Location, Near West Hollywood, and Neighboring Employers and Attraction.
View more facts & features

Local Los Angeles Agent

Sale History for 7056 Lanewood Ave

Last sold on January 26th, 2021

  • May, 2024

  • May 14, 2024

    Date

    Active

    CRMLS: 24391989

    $4,595,000

    Price

  • December, 2023

  • Dec 13, 2023

    Date

    Expired

    CRMLS: 23310379

    $4,695,000

    Price

  • Sep 12, 2023

    Date

    Active

    CRMLS: 23310379

    $4,950,000

    Price

  • Listing provided courtesy of CRMLS

    INCREDIBLE 12.25 GIM AND 5.03 CAP RATE blocks from West Hollywood. We are pleased to offer for sale a rare multi-family investment opportunity located at 7056 Lanewood Avenue in the heart of Hollywood and immediately adjacent to West Hollywood. Consisting of 22 units in a serene courtyard setting, the building boasts a great unit mix consisting of large studio and 1-bedroom units. Offering substantial rental upside, the property will be delivered with several vacant units, thus enabling an astute investor to capitalize on high market rents. The unit mix includes (10) 1-bed, 1-bath units and (12) studio, 1-bath units. This is a great turnkey, easy to manage asset in an undeniably attractive location that will surely pay long-term dividends to a savvy investor. Additional property features include on-site parking for 17 cars that is exempt from seismic soft story retrofit work (Buyer to verify), an on-site laundry facility, and secure entry. All utilities are master metered, which will allow an investor to profit from higher annual rent increases. In close proximity to high-end dining, entertainment venues, and nightlife, this rare offering presents an astute investor with the unique opportunity to capitalize on higher market rents and to acquire an easy-to-manage asset in one of the best rental locations in all of Los Angeles.

  • January, 2021

  • Jan 26, 2021

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • April, 2020

  • Apr 17, 2020

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 7056 Lanewood Ave

Assessed Value (2020): $351,551
Year Land Value Improved Value Assessed Value
2020 $110,275 $241,276 $351,551

Home Value Compared to the Market

This property vs the competition

7056 Lanewood Ave is listed 267.89% higher than the median list price for the city of Los Angeles which has a median list price of $1,249,000. The median price per/sqft for Los Angeles is $778 and this home is listed at $401.24 per/sqft which puts the price per square foot 48.43% lower than the median price per square foot for the city of Los Angeles.

About 7056 Lanewood Ave

Detailed summary of property

7056 Lanewood Ave is a multi family located in Los Angeles, CA 90028 and is currently for sale. This multi family property offers 10 bedrooms, 22 bathrooms, roughly 11,452 living square feet, and sits on an approximately 14,981 square foot lot. 7056 Lanewood Ave was first listed on ArdentRealEstateGroup.com on May 14, 2024. The homeowner is currently asking $4,595,000. The median priced home in Los Angeles is $1,249,000 with a median price per square foot of $778. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 267.89% higher than the median priced home. Local competing homes currently for sale include 1005 N Croft Ave, 4835 Elmwood Ave and 5322 Loma Linda Ave. While the average home in Los Angeles, CA is selling in 98 days, 7056 Lanewood Ave has a days on market of 42 days. There are currently 4006 homes for sale in the Los Angeles real estate market and 2700 of them are single family homes while 1190 of them are condos and 109 are townhomes. For more information on this home for sale at 7056 Lanewood Ave Los Angeles, CA 90028 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 7056 Lanewood Ave

Public county record property details
Beds
10
Baths
--
Year built
1953
Sq. Ft.
11,452
Lot Size
14,976
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
22,23
APN
5548-013-018

The source for these homes facts are from public records.

90028 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,099,000
Median List Price/Sq.Ft.
$690
Median Sold Price
$1,325,000
Median Sold Price/Sq.Ft.
$624
Total Inventory
43
Median Sale to List Price %
91.38%
Avg Days on Market
57
Loan Type
Conventional (50%), FHA (0%), VA (0%), Cash (0%), 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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