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817 N Madison Ave, Los Angeles, CA 90029
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817 N Madison Ave Los Angeles, CA 90029

$1,150,000 Sold Price as of 04/27/2021
  • 52 Beds
  • 28 Baths
  • 5,224 Sq.Ft.
Sold
$1,150,000 Sold Price as of 04/27/2021 Refinance Your Mortgage
Map preview of 817 N Madison Ave, Los Angeles, CA 90029

Property Overview: 817 N Madison Ave Los Angeles, CA has 52 bedrooms, 28 bathrooms, 5,224 living square feet and 7,513 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Lilly Enterprises, Inc., as the exclusive listing agency, is pleased to present for sale 817 N Madison Avenue, a 7 unit apartment offering in Los Angeles (East Hollywood), CA. Deferred maintenance and under market rents ( 300% in rental upside), present an investor with the possibility to achieve long term growth through turnover and renovation. The property is subject to The City of LA Rent Stabilization Ordinance (RSO), which supersedes the Assembly Bill 1482 "Tenant Protection Act of 2019." The property is not subject to The City of LA Soft-Story Retrofit Program. Two separate structures reside on a single 7,500 SF lot with a triplex in the front and a quad in the rear. There are 3 undesignated and unassigned parking spaces, which can all be gated from the front entry. A large common area patio resides in the rear, which is currently being used as an outdoor fitness space. Plumbing is a combination of galvanized in the front and copper in the rear. The roof was replaced within the last year. Unit sizes range from 675 SF for the 1BR/1BA's and 775 SF for the 2BR/1BA's. Each unit is serviced by individual wall heaters and water heaters. Landlord is responsible for water, sewer and electric. Tenants are responsible for gas.

Listed by Matthew Lee | BRE #01881080 | Lilly Enterprises, Inc.
Last checked: 15 minutes ago | Last updated: September 2nd, 2022 | Source CRMLS | DOM: 43

Home details

Lot Sq. Ft
7,513
HOA Dues
$0/mo
Year built
1957
Garage
--
Property Type:
Multi Family
Status
Sold
MLS#
21698046
City
Los Angeles
County
Los Angeles
Time on Site
1171 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 7
  • Total # of Buildings: 2
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Total Rent: $0
  • Pro Forma/Market Rent: $1,500
Unit Breakdown 2
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $500
  • Total Rent: $500
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 3
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $500
  • Total Rent: $500
  • Pro Forma/Market Rent: $1,500
Unit Breakdown 4
  • # of Units: 4
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $618
  • Total Rent: $618
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 5
  • # of Units: 5
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $500
  • Total Rent: $500
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 6
  • # of Units: 6
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $540
  • Total Rent: $540
  • Pro Forma/Market Rent: $2,200
Unit Breakdown 7
  • # of Units: 7
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $550
  • Total Rent: $550
  • Pro Forma/Market Rent: $2,200
Multi-Family Income/Expense Information
Property Income and Analysis
  • Gross Rent Multiplier: 28.32
  • Gross Scheduled Income: --
  • Net Operating Income: $26,671
  • Gross Operating Income: $53,671
Annual Expense Breakdown
  • Total Operating Expense: --

Property Details for 817 N Madison Ave

Interior Features
Cooling Information
  • No Cooling
  • None
Heating Information
  • Has Heating
  • Wall Furnace
Laundry Information
  • No Laundry
  • None
Fireplace Information
  • No Fireplace
  • None
Kitchen Information
  • No Appliances
  • None
Interior Features
  • Levels: Multi/Split
  • Security Features: Gated Community
Exterior Features
Exterior Information
  • Other Structures: Shed(s)
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • Has Parking
  • Parking Features: Driveway, Concrete, Gated, Street, Parking Space, Uncovered, Unassigned, Shared Driveway
Lot Information
  • Lot Size Source: Assessor
Property Information
  • No View
  • View: None
  • Total # of Units: 7
  • Parcel Number: 5539015003
  • Accessibility Features: None
  • Property Condition: Fixer, Repairs Cosmetic, Repairs Major
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Other
Location / Neighborhood
Location Information
  • Directions: Located 2 blocks NE of N Vermont Ave. & Melrose Ave., one block E of Los Angeles City College.
View more facts & features

Local Los Angeles Agent

Sale History for 817 N Madison Ave

Last sold for $1,150,000 on April 27th, 2021

  • March, 2022

  • Mar 7, 2022

    Date

    Price Change

    CRMLS: SB22032492

    $2,375,000

    Price

  • Feb 22, 2022

    Date

    Active

    CRMLS: SB22032492

    $2,500,000

    Price

  • Listing provided courtesy of CRMLS

    With 5 out of the 7 units currently available, 817 N Madison Ave, Los Angeles is the perfect value-add opportunity for any investor looking to turn units in this hot market! New buyer would be able to renovate the units immediately and collect top-of-the- market rents. Once the five available units are remodeled, 817 N Madison would operate at a 4.26% CAP and 15.04 GRM. 817 N Madison Ave consists of (5) 2Bed+1Bath and (2) 1Bed+1Bath units. The property is made up of two separate buildings, a 4-plex and tri-plex. The property sits on a 7,513 SF lot and has 5,224 SF of rentable space. The subject property is located in Virgil Village, a sub-market of East Hollywood. 817 N Madison is just minutes away from restaurants/cafes/bars and boutiques.

  • April, 2021

  • Apr 27, 2021

    Date

    Sold

    CRMLS: 21698046

    $1,150,000

    Price

  • Apr 15, 2021

    Date

    Pending

    CRMLS: 21698046

    $1,600,000

    Price

  • Mar 2, 2021

    Date

    Active

    CRMLS: 21698046

    $1,600,000

    Price

Show More

Tax History for 817 N Madison Ave

Assessed Value (2020): $147,102
Year Land Value Improved Value Assessed Value
2020 $46,376 $100,726 $147,102

Home Value Compared to the Market

This property vs the competition

817 N Madison Ave sold on April 27, 2021 for 34.45% 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 $306.28 per/sqft which puts the price per square foot 59.43% lower than the current median sale per square foot for the city of Los Angeles.

About 817 N Madison Ave

Detailed summary of property

817 N Madison Ave is a multi family that recently sold in Los Angeles, CA 90029. This multi family property offered 52 bedrooms, 28 bathrooms, roughly 5,224 living square feet, and sits on an approximately 7,513 square foot lot. 817 N Madison Ave was first listed on ArdentRealEstateGroup.com on March 2, 2021. The homeowner sold the property for $1,150,000. 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 34.45% higher than the current median priced home. Local homes that are currently for sale include 4101 Clayton Ave, 4572 Rosewood Ave and 400 N Harvard Blvd. While the average home in Los Angeles, CA is selling in 94 days, 817 N Madison Ave has a days on market of 43 days. There are currently 3654 homes for sale in the Los Angeles real estate market and 2456 of them are single family homes while 1102 of them are condos and 90 are townhomes. For more information on this home for sale at 817 N Madison Ave Los Angeles, CA 90029 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 817 N Madison Ave

Public county record property details
Beds
12
Baths
7
Year built
1957
Sq. Ft.
5,224
Lot Size
7,513
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
3
APN
5539-015-003

The source for these homes facts are from public records.

90029 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,200,000
Median List Price/Sq.Ft.
$794
Median Sold Price
$1,049,000
Median Sold Price/Sq.Ft.
$1,042
Total Inventory
35
Median Sale to List Price %
95.36%
Avg Days on Market
38
Loan Type
Conventional (60%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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.

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