741 S Detroit St, Los Angeles, CA 90036
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741 S Detroit St Los Angeles, CA 90036

$2,450,000 Sold Price as of 07/08/2022
  • 4 Beds
  • 4 Baths
  • 4,429 Sq.Ft.
Sold
$2,450,000 Sold Price as of 07/08/2022 Refinance Your Mortgage

Map preview of 741 S Detroit St, Los Angeles, CA 90036

Property Overview: 741 S Detroit St Los Angeles, CA has 4 bedrooms, 4 bathrooms, 4,429 living square feet and 6,696 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: We are pleased to present 741 S. Detroit Street, a turnkey 4-unit apartment building located in a highly desirable residential neighborhood of Miracle Mile, Los Angeles. The property is comprised of 4,429 rentable square feet and consists of three (3) large one-bedroom/one-bathroom units and one (1) one-bedroom/one-bathroom + den unit. All units are considerably large with an average size of approximately 1,100 square feet and features in-unit laundry, most units have central A/C and heating, walk-in closets, high ceilings, and tons of light. The large units, in combination with the unique sought-after features that they offer, create a perfect opportunity for an investor or an owner user seeking to live on the premises. Besides for the 4 on grade parking spaces, this property also boasts 4 detached parking garages which can be delivered vacant upon the close of escrow giving an investor the opportunity to immediately add value and capture the upside potential. This is a true pride of ownership asset, as the current ownership has kept the property in immaculate condition all while persevering and maintaining the property's Historic and unique character. With a Walk Score of 95, the location not only provides residents ideal proximity to a myriad of entertainment venues, cultural destinations, and world-class dining but also happens to be nearby to a variety of new, high-quality developments in the works. Between Hackman Capital in the process of redeveloping the massive 25-acres CBS Television Studio lot, the Onni Group is currently working to reposition the one-million-square-feet Wilshire Courtyard business park, and the Metro Purple Line in the midst of a westward expansion running through Miracle Mile, the surrounding areas will surely benefit from the alterations in more ways than one. Given the property's prime Miracle Mile location and anticipated future developments in the area, 741 S. Detroit Street is an ideal investment for investors or owner-users seeking a pride of ownership property in one of the most sought-after neighborhoods in Los Angeles.

Listed by Saadia 'Sam' Liberow | BRE #01933858 | Marcus & Millichap
Last checked: 2 minutes ago | Last updated: September 21st, 2023 | Source CRMLS | DOM: 32

Home details

Lot Sq. Ft
6,696
HOA Dues
$0/mo
Year built
1924
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
22159715
City
Los Angeles
County
Los Angeles
Time on Site
758 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: $2,750
  • Total Rent: $2,750
  • Pro Forma/Market Rent: $2,900
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Furnished
  • Actual Rent: $3,495
  • Total Rent: $3,495
  • Pro Forma/Market Rent: $3,495
Unit Breakdown 3
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,850
  • Total Rent: $2,850
  • Pro Forma/Market Rent: $3,200
Unit Breakdown 4
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,700
  • Total Rent: $2,700
  • Pro Forma/Market Rent: $2,900
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 17.63
  • Gross Scheduled Income: --
  • Net Operating Income: $102,435
  • Gross Operating Income: $147,494
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 741 S Detroit St

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 8
  • Has Parking
  • Parking Features: Garage
Property Information
  • Total # of Units: 4
  • Parcel Number: 5089002008
Location / Neighborhood
Location Information
  • Directions: Near the corner of W 8th Street and S Detroit Street.
View more facts & features

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Sale History for 741 S Detroit St

Last leased for $4,850 on September 21st, 2023
  • September, 2023

  • Sep 21, 2023

    Date

    Leased

    CRMLS: 23310215

    $4,850

    Price

  • Sep 11, 2023

    Date

    Active

    CRMLS: 23310215

    $4,850

    Price

  • Listing provided courtesy of CRMLS

    Welcome to a bright and airy unit located in the Miracle Mile! The Unit is on the 2nd floor and has 3 bedrooms and 2 bathrooms consisting of 1,991sq of impeccable living space in the Great neighborhood. As you step in the front door, you are greeted with a lovely large living room with through hardwood floors, and the kitchen opens up to the formal dining room. The kitchen has granite countertops with a dining area, lots of cabinets. There is a den that could be used for the office room. The master suite is a spacious space with a walk-in closet and a private balcony and a large window through natural light. Great neighborhood, something to see to be appreciated. Minutes away from Beverly Center and the Grove,walking distance from La Brea.

  • July, 2022

  • Jul 8, 2022

    Date

    Sold

    CRMLS: 22159715

    $2,450,000

    Price

  • May 21, 2022

    Date

    Active

    CRMLS: 22159715

    $2,495,000

    Price

  • October, 2007

  • Oct 29, 2007

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • August, 2005

  • Aug 12, 2005

    Date

    Sold (Public Records)

    Public Records

    $1,450,000

    Price

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Tax History for 741 S Detroit St

Assessed Value (2020): $1,295,839
Year Land Value Improved Value Assessed Value
2020 $941,995 $353,844 $1,295,839

Home Value Compared to the Market

This property vs the competition

741 S Detroit St sold on July 8, 2022 for 120.8% higher than the current median sold price for the city of Los Angeles which is $1,130,000. The median sold price per/sqft for Los Angeles is $754 and this home is sold at $563.33 per/sqft which puts the price per square foot 25.29% lower than the current median sale per square foot for the city of Los Angeles.

About 741 S Detroit St

Detailed summary of property

741 S Detroit St is a multi family that recently sold in Los Angeles, CA 90036. This multi family property offered 4 bedrooms, 4 bathrooms, roughly 4,429 living square feet, and sits on an approximately 6,696 square foot lot. 741 S Detroit St was first listed on ArdentRealEstateGroup.com on May 21, 2022. The homeowner sold the property for $2,450,000. Home in Los Angeles are selling for a median price of $1,130,000 and a median price per square foot of $754. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 120.8% higher than the current median priced home. Local homes that are currently for sale include 461 N Vista St, 347 N Genesee Ave and 606 N Sycamore Ave. While the average home in Los Angeles, CA is selling in 98 days, 741 S Detroit St has a days on market of 32 days. There are currently 3912 homes for sale in the Los Angeles real estate market and 2639 of them are single family homes while 1161 of them are condos and 105 are townhomes. For more information on this home for sale at 741 S Detroit St Los Angeles, CA 90036 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 741 S Detroit St

Public county record property details
Beds
4
Baths
4
Year built
1924
Sq. Ft.
4,429
Lot Size
6,696
Stories
--
Type
Quadruplex (4 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
5
APN
5089-002-008

The source for these homes facts are from public records.

90036 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$2,150,000
Median List Price/Sq.Ft.
$958
Median Sold Price
$1,490,000
Median Sold Price/Sq.Ft.
$878
Total Inventory
45
Median Sale to List Price %
99.33%
Avg Days on Market
28
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (26.32%), Other (21.05%)

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Related Resources to 741 S Detroit St

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.