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707 Crenshaw Blvd Los Angeles, CA 90005

$2,100,000 Sold Price as of 04/07/2021

8 Beds
10 Baths
6,362 Sq.Ft.

Sold

$2,100,000 Sold Price as of 04/07/2021 Refinance Your Mortgage

Map preview of 707 Crenshaw Blvd, Los Angeles, CA 90005

Property Overview: 707 Crenshaw Blvd Los Angeles, CA has 8 bedrooms, 10 bathrooms, 6,362 living square feet and 7,499 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: SEE OM IN DOCS SECTION OF LISITNG. 707 Crenshaw Boulevard is a ten-unit classic 1940s vintage apartment building constructed in 1940. The unit mix consists of six guest rooms and four 2bedroom/1bathroom units with preliminary plans and survey for an Accessory Dwelling Unit. The superior location and classic building architecture provide the perfect opportunity for an investor to immediately complete their own renovation plan in the 5 vacant units with significant rental upside remaining in the 5 leased units. All two-bedroom units feature large bedrooms, open kitchens, spacious living room areas, ample storage and closet space, crown molding and significant natural light. One of the two-bedroom units (709 Unit 5) has an updated kitchen, updated bathroom and hardwood flooring throughout. All guest rooms feature open kitchenettes, large living spaces, ample closet and storage space, crown molding and significant natural light. One of the guest rooms (709 Unit 3) has laminate flooring and a partially updated kitchen. Several of the units feature dual access from both the front and rear of the unit. Each unit also features an individual water heater. Current owner will deliver preliminary plans and survey to Buyer for an Accessory Dwelling Unit. Owner will also deliver preliminary plans to convert 2bed+1bath units to 3 bed+2bath units. 5 parking spaces.

Listed by Josh Kaplan | BRE #01934177 | Transwestern Property Company West, Inc.
Co-listed by John Swartz | BRE #01873487 | John Swartz

Last checked: 11 minutes ago | Last updated: March 23rd, 2024 | Source CRMLS | DOM: 29

Home details

Lot Sq. Ft: 7,499
HOA Dues: $0/mo
Year built: 1940
Garage: 4 Car
Property Type:: Multi Family

Status: Sold
MLS#: 21702816
City: Los Angeles
County: Los Angeles
Time on Site: 1165 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 10
Total # of Buildings: 1

Unit Breakdown 1

# of Units: 6
# of Beds: 0
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,189
Total Rent: $7,134
Pro Forma/Market Rent: $9,750

Unit Breakdown 2

# of Units: 4
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,865
Total Rent: $7,458
Pro Forma/Market Rent: $9,800

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: 13
Gross Scheduled Income: --
Net Operating Income: $118,753
Gross Operating Income: $177,207

Annual Expense Breakdown

Total Operating Expense: --

Property Details for 707 Crenshaw Blvd

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 4
# of Parking Spaces: 4
Has Parking
Parking Features: Uncovered

Property Information

Total # of Units: 10
Parcel Number: 5090032008

Location / Neighborhood

Location Information

Directions: Just South of Wilshire and West of Western Ave.

View more facts & features

Local Los Angeles Agent

Sale History for 707 Crenshaw Blvd

Last sold for $2,100,000 on April 7th, 2021

March, 2024
Mar 22, 2024

Date

Expired

CRMLS: 23328635

$2,995,000

Price
Nov 3, 2023

Date

Active

CRMLS: 23328635

$3,395,000

Price
Listing provided courtesy of CRMLS

MAJOR $400,000 PRICE REDUCTION. See DOCs section for OM. 707 Crenshaw Boulevard is a ten-unit classic 1940s vintage apartment building constructed in 1940. The unit mix consists of six light housekeeping units, one studio, two 2bedroom/1bathroom units and two 3bedroom/2bathroom units. The 3bedroom/2bathroom units were originally 2bedroom/1bathroom units and were converted with permits. The newly added bedrooms/bathrooms in each of these units have their own entry and have been leased separately from the rest of the unit. The property will be delivered with RTI plans for a 4 bed/4bath two story 1,100 square foot accessory dwelling unit and plans that have been submitted to LADBS to create an additional studio on the 2nd floor of the main building. The property currently is a two-story,6,362-square-foot walk-up building with wood frame and stucco construction plus a separate small freestanding parking garage building with laundry room, situated on a7,499-square-foot lot. The superior location and classic building architecture provide the perfect opportunity for an investor to continue the value-add strategy of the current owner, who has already completed the following:* Added one studio in the main building *Submitted plans to LADBS for a second similar studio to be created by taking space from 2bed/1bath Unit 705-2 in the main building,*Created and leased a third bedroom to a separate tenant in Units 709-05 and 709-06 to add additional income to the property, and *Completed RTI plans for a brand new free-standing 4 bed/4bath ADU building at the rear of the property that would replace the existing parking garage.*Upgraded the main electrical panel to 400A, which is sufficient to power all of the anticipated upgrades and improvements at the property. Most of the units have been renovated to a fully modern standard with new vinyl flooring, stainless steel appliances, quartz kitchen countertops and clean tile backsplashes in the kitchens and new vanity, flooring, showers, and fixtures in the bathrooms. All two-bedroom units feature large bedrooms, open kitchens, spacious living room areas, ample storage and closet space, crown molding and significant natural light. All light housekeeping units feature open kitchenettes, large living spaces, ample closet and storage space, crown molding and significant natural light. The added bedrooms that are leased separately, feature new bar sinks, bathrooms and living spaces. Parking is provided on-site with four (4) single garage spaces and one single surface space. Units are separately metered for electricity and gas and the landlord pays for water and trash. The property also includes a laundry room with one washer and dryer provided through a lease with a laundry company.

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April, 2021
Apr 9, 2021

Date

Sold

CRMLS: 21702816

$2,100,000

Price
Mar 9, 2021

Date

Active

CRMLS: 21702816

$2,295,000

Price
October, 2020
Oct 5, 2020

Date

Sold

CRMLS: 20567088

$1,845,000

Price
Jul 9, 2020

Date

Pending

CRMLS: 20567088

$2,095,000

Price
Apr 30, 2020

Date

Price Change

CRMLS: 20567088

$2,095,000

Price
Mar 30, 2020

Date

Active

CRMLS: 20567088

$2,250,000

Price
Listing provided courtesy of CRMLS

PRICE REDUCED by $155,000! - Current capitalization rate and GRM assume that vacant Unit 10 (709 #6) will be leased by buyer at market rent. 707 Crenshaw Boulevard is a ten-unit classic 1940s vintage apartment building constructed in 1940. Seller is delivering Unit 10 (709 #6) vacant. The property is a two-story, 6,362-square-foot walk-up building with wood frame and stucco construction situated on a 7,499-square foot lot. Opportunity to renovate and significantly increase rents. Parking - four single garage spaces, and one single surface space.

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October, 2020
Oct 2, 2020

Date

Sold (Public Records)

Public Records

$1,845,000

Price
August, 2005
Aug 1, 2005

Date

Sold (Public Records)

Public Records

$975,000

Price

Tax History for 707 Crenshaw Blvd

Assessed Value (2020): $1,218,315

Year	Land Value	Improved Value	Assessed Value
2020	$749,734	$468,581	$1,218,315

Home Value Compared to the Market

This property vs the competition

707 Crenshaw Blvd sold on April 7, 2021 for 92.86% 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 $360.74 per/sqft which puts the price per square foot 52.22% lower than the current median sale per square foot for the city of Los Angeles.

About 707 Crenshaw Blvd

Detailed summary of property

707 Crenshaw Blvd is a multi family that recently sold in Los Angeles, CA 90005. This multi family property offered 8 bedrooms, 10 bathrooms, roughly 6,362 living square feet, and sits on an approximately 7,499 square foot lot. 707 Crenshaw Blvd was first listed on ArdentRealEstateGroup.com on March 9, 2021. The homeowner sold the property for $2,100,000. 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 92.86% higher than the current median priced home. Local homes that are currently for sale include 951 S Ardmore Ave, 1245 S Hudson Ave and 2460 W 18th St. While the average home in Los Angeles, CA is selling in 92 days, 707 Crenshaw Blvd has a days on market of 29 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 707 Crenshaw Blvd Los Angeles, CA 90005 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 707 Crenshaw Blvd

Public county record property details

Beds: 8
Baths: 10
Year built: 1940
Sq. Ft.: 6,362
Lot Size: 7,499
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 8
APN: 5090-032-008

The source for these homes facts are from public records.

90005 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$835,000

Median List Price/Sq.Ft.

$665

Median Sold Price

$720,000

Median Sold Price/Sq.Ft.

$621

Total Inventory

Median Sale to List Price %

100.14%

Avg Days on Market

Loan Type

Conventional (0%), FHA (0%), VA (0%), Cash (16.67%), 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.