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721 School Ave, Los Angeles, CA 90022
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721 School Ave Los Angeles, CA 90022

$820,000 Sold Price as of 04/05/2024
  • 3 Beds
  • 6 Baths
  • 2,260 Sq.Ft.
Sold
$820,000 Sold Price as of 04/05/2024 Refinance Your Mortgage
Map preview of 721 School Ave, Los Angeles, CA 90022

Property Overview: 721 School Ave Los Angeles, CA has 3 bedrooms, 6 bathrooms, 2,260 living square feet and 6,894 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to present 721 School Ave, a remarkable 6-unit multifamily property located in the heart of East Los Angeles. This unique property, featuring three separate structures, is being offered for sale for the first time in nearly 40 years.Built in 1941, the property consists of (3) one-bedroom units and (3) studio units, providing a total of 2,260 square feet of rentable space on a spacious 6,892 square foot lot. A notable feature of this property is the inclusion of (4) parking garages, which offer potential for conversion into ADUs (subject to buyer verification) or can be used to generate additional income through parking and/or storage fees.Situated near Whittier Blvd, a major thoroughfare in East Los Angeles, Montebello, and Whittier, 721 School Ave offers exceptional accessibility. It is conveniently located close to the 5/60/710 freeways and the Metro Gold Line's Atlantic Station, providing residents with easy commuting options. The property is also within close proximity to the famous Citadel Outlets, adding to its desirability.For the savvy investor, there is an opportunity to achieve nearly a 75% upside in rents through strategic renovations as future vacancies arise, making this an attractive investment in the bustling East Los Angeles market.

Listed by Sevak Keshishian | BRE #01887505 | Marcus & Millichap
Last checked: 2 minutes ago | Last updated: April 5th, 2024 | Source CRMLS | DOM: 19

Home details

Lot Sq. Ft
6,894
HOA Dues
$0/mo
Year built
1941
Garage
4 Car
Property Type:
Multi Family
Status
Sold
MLS#
24361285
City
Los Angeles
County
Los Angeles
Time on Site
209 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 6
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,048
  • Total Rent: $1,048
  • Pro Forma/Market Rent: $1,850
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $827
  • Total Rent: $827
  • Pro Forma/Market Rent: $1,450
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $882
  • Total Rent: $882
  • Pro Forma/Market Rent: $1,450
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $827
  • Total Rent: $827
  • Pro Forma/Market Rent: $1,450
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,048
  • Total Rent: $1,048
  • Pro Forma/Market Rent: $1,850
Unit Breakdown 6
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,048
  • Total Rent: $1,048
  • Pro Forma/Market Rent: $1,850
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.29%
  • Gross Rent Multiplier: 12.03
  • Gross Scheduled Income: --
  • Net Operating Income: $43,414
  • Gross Operating Income: $66,385
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 721 School Ave

Interior Features
Cooling Information
  • Has Cooling
  • Wall/Window Unit(s)
Heating Information
  • Has Heating
  • Wall Furnace
Kitchen Information
  • Has Appliances
  • Refrigerator
Interior Features
  • Levels: Multi/Split
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 4
  • # of Parking Spaces: 6
  • Has Parking
  • Parking Features: Uncovered, Driveway
Property Information
  • Total # of Units: 6
  • Parcel Number: 6342034027
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Head west on Whittier Blvd and turn left on School Ave. The subject property is located in between Hubbard St & Whittier Blvd.
View more facts & features

Local Los Angeles Agent

Sale History for 721 School Ave

Last sold for $820,000 on April 5th, 2024

  • April, 2024

  • Apr 5, 2024

    Date

    Sold

    CRMLS: 24361285

    $820,000

    Price

  • Feb 22, 2024

    Date

    Active

    CRMLS: 24361285

    $800,000

    Price

Tax History for 721 School Ave

Assessed Value (2020): $116,132
Year Land Value Improved Value Assessed Value
2020 $39,471 $76,661 $116,132

Home Value Compared to the Market

This property vs the competition

721 School Ave sold on April 5, 2024 for 28.57% lower than the current median sold price for the city of Los Angeles which is $1,120,000. The median sold price per/sqft for Los Angeles is $724 and this home is sold at $353.98 per/sqft which puts the price per square foot 51.11% lower than the current median sale per square foot for the city of Los Angeles.

About 721 School Ave

Detailed summary of property

721 School Ave is a multi family that recently sold in Los Angeles, CA 90022. This multi family property offered 3 bedrooms, 6 bathrooms, roughly 2,260 living square feet, and sits on an approximately 6,894 square foot lot. 721 School Ave was first listed on ArdentRealEstateGroup.com on February 23, 2024. The homeowner sold the property for $820,000. Home in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 28.57% lower than the current median priced home. Local homes that are currently for sale include 1178 Buelah Ave, 923 N Alma Ave and 923 N Alma Ave. While the average home in Los Angeles, CA is selling in 106 days, 721 School Ave has a days on market of 19 days. There are currently 4052 homes for sale in the Los Angeles real estate market and 2782 of them are single family homes while 1148 of them are condos and 116 are townhomes. For more information on this home for sale at 721 School Ave Los Angeles, CA 90022 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 721 School Ave

Public county record property details
Beds
6
Baths
6
Year built
1941
Sq. Ft.
2,260
Lot Size
6,891
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
1056
APN
6342-034-027

The source for these homes facts are from public records.

90022 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$695,888
Median List Price/Sq.Ft.
$636
Median Sold Price
$640,000
Median Sold Price/Sq.Ft.
$494
Total Inventory
21
Median Sale to List Price %
101.6%
Avg Days on Market
32
Loan Type
Conventional (50%), FHA (0%), VA (0%), Cash (0%), Other (50%)

Thinking of Selling?

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Call, Text or Message
(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.

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