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8819 Reading Ave Los Angeles, CA 90045

$2,199,000

8 Beds
6 Baths
3,911 Sq.Ft.

For Sale

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Map preview of 8819 Reading Ave, Los Angeles, CA 90045

Property Overview: 8819 Reading Ave Los Angeles, CA has 8 bedrooms, 6 bathrooms, 3,911 living square feet and 7,008 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: 8819 Reading presents a significant value-add opportunity to acquire a 6-unit apartment building in the Westchester neighborhood of Los Angeles. The property is fully leased, with 3 of the 6 units having recently been fully renovated and are now achieving a significant rent premium compared to the unrenovated units on the property. The sale of the property also includes RTI plans for a 2 Bedroom ADU. Recent building upgrades include: replaced roof, installed dual-pane windows, copper plumbing, and painted the exterior of the building. Westchester has received a large overflow of residents seeking less expensive luxury living near their places of employment, providing new ownership the opportunity to continue the value-add renovations at 8819 Reading and capitalize on the increasing demand for premium finishes in this rental market.

Listed by Steffan Braunlich | BRE #01859098 | Berkadia

Last checked: 1 minute ago | Last updated: April 10th, 2024 | Source CRMLS | DOM: 25

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Home details

Lot Sq. Ft: 7,008
HOA Dues: $0/mo
Year built: 1951
Garage: --
Property Type:: Multi Family

Status: Active
MLS#: 24375501
City: Los Angeles
County: Los Angeles
Time on Site: 30 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 6
Total # of Buildings: 2

Unit Breakdown 1

# of Units: 2
# of Beds: 2
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $2,876
Total Rent: $5,753
Pro Forma/Market Rent: $6,100

Unit Breakdown 2

# of Units: 4
# of Beds: 1
# of Baths: 1
Furnishing: Unfurnished
Actual Rent: $1,605
Total Rent: $6,421
Pro Forma/Market Rent: $9,800

Multi-Family Income/Expense Information

Property Income and Analysis

Cap Rate: 4.45%
Gross Rent Multiplier: 15.05
Gross Scheduled Income: --
Net Operating Income: $97,849
Gross Operating Income: $141,709

Annual Expense Breakdown

Total Operating Expense: --

Open Houses for 8819 Reading Ave

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Property Details for 8819 Reading Ave

Interior Features

Heating Information

Has Heating
Wall Furnace

Laundry Information

Has Laundry
Washer Included, Dryer Included

Kitchen Information

Has Appliances
Dishwasher, Refrigerator

Interior Features

Ceiling Fan(s)
Levels: Two

Lot Details / Garage and Parking

Parking/Garage Information

# of Parking Spaces: 6
Has Parking
Parking Features: Garage, Carport

Property Information

Total # of Units: 6
Parcel Number: 4125014002

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Is Not Part of Association

Assessment Information

No Assessments

Location / Neighborhood

Location Information

Directions: South off of Manchester Ave and West of the 405 freeway.

View more facts & features

Local Los Angeles Agent

Sale History for 8819 Reading Ave

Last leased for $2,950 on March 7th, 2024

April, 2024
Apr 12, 2024

Date

Canceled

CRMLS: SB24026596

$2,990

Price
Feb 6, 2024

Date

Active

CRMLS: SB24026596

$2,990

Price
Listing provided courtesy of CRMLS

***3 Months Free Rent!*** Welcome home to this 2 bed, 1 bath apartment in the Westchester neighborhood of Los Angeles! This unit has a fresh coat of paint and offers a wall AC unit. The kitchen is equipped with a refrigerator, stove, dishwasher and microwave. It has sleek quartz counter tops and beautiful cabinets. It also offers a washer and dryer in the unit. Located near the 405 freeway, LAX airport, Loyola Marymount University, and the new Westchester/Veterans station of the Metro's K-Line. *The last 3 months of this 12 months rent are free, making the net effective rent $2,242.50/month.

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April, 2024
Apr 2, 2024

Date

Active

CRMLS: 24375501

$2,199,000

Price
March, 2024
Mar 7, 2024

Date

Leased

CRMLS: 24357893

$2,950

Price
Feb 13, 2024

Date

Active

CRMLS: 24357893

$2,950

Price
Listing provided courtesy of CRMLS

Introducing a contemporary two-bedroom, one-bathroom apartment boasting sleek amenities such as stainless steel appliances, granite countertops, and pristine new cabinets. Revel in the convenience of vinyl flooring throughout and the added luxury of an in-unit washer and dryer. Perfectly situated just 7 minutes from LAX airport and a mere 5-minute drive to the 405 FWY, Trader Joe's, and an array of restaurants, this residence provides easy access to all that Los Angeles has to offer. Pet-friendly and smoke-free, seize the opportunity to experience modern living at its finest. Schedule your viewing appointment today.

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February, 2024
Feb 29, 2024

Date

Expired

CRMLS: 24344277

$2,199,000

Price
Jan 5, 2024

Date

Active

CRMLS: 24344277

$2,239,000

Price
Listing provided courtesy of CRMLS

**SELLER SAYS BRING ALL REASONABLE OFFERS!** Conveniently located minutes to Sofi, LAX, Silicon Beach, West LA, and the South Bay, this 6-unit building is generating $150,799 in gross income w/ 24% upside in rents. In addition to 3 units having been recently remodeled, the list of building upgrades includes dual pane windows, copper plumbing, a new roof, foundation work, exterior painting and landscaping. The sale includes approved RTI plans to convert both existing garages to a 605 sq ft 2bd/1ba ADU, which will generate an additional $2,700-$2,900/mo. in income. There is also a Tier 3 TOC Density Bonus for future development potential of the 7,008 sq ft R3 lot. This property is a great opportunity and long-term play, for a buyer looking to be in a stable rental area with proximity and access to some of the best attractions of the Westside and South Bay, offering a short-term path to increasing your gross income by over 20%! Seller to do a 1031 exchange at no cost to buyer.

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January, 2024
Jan 19, 2024

Date

Leased

CRMLS: SB23185404

$2,648

Price
Oct 4, 2023

Date

Active

CRMLS: SB23185404

$2,825

Price
Listing provided courtesy of CRMLS

*3 months free rent! Welcome home to this 2 bed, 1 bath ground-floor apartment in the Westchester neighborhood of Los Angeles! This unit has a fresh coat of paint and offers a wall AC unit. The kitchen is equipped with a refrigerator, stove, dishwasher and microwave. It has sleek quartz counter tops and beautiful cabinets. It also offers a washer and dryer in the unit. Located near the 405 freeway, LAX airport, Loyola Marymount University, and the new Westchester/Veterans station of the Metro's K-Line. *Last 3 months are rent free!

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December, 2023
Dec 29, 2023

Date

Leased

CRMLS: SB23224436

$2,350

Price
Dec 12, 2023

Date

Active

CRMLS: SB23224436

$2,350

Price
Listing provided courtesy of CRMLS

*3 months free rent! Look at this bright 1 bed, 1 bath apartment in the Westchester neighborhood of Los Angeles! This top-floor unit features wall to wall closets for the true fashionista at heart, a wall AC unit, laminate flooring and very nice finishes throughout the unit. The kitchen is fully equipped with a refrigerator, stove, dishwasher and microwave. The bathroom features a nice deep tub with canceleria. Enjoy in house laundry with your own washer and dryer. One carport space included. **Small closet storage space available for $75 extra per month**. Located near the 405 freeway, LAX airport, Loyola Marymount University, and the new Westchester/Veterans station of the Metro's K-Line. The last 3 months of this 12 month lease is rent free.

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September, 2023
Sep 12, 2023

Date

Canceled

CRMLS: 23274169

$2,235,000

Price
May 30, 2023

Date

Active

CRMLS: 23274169

$2,235,000

Price
Listing provided courtesy of CRMLS

PRICE REDUCTION OF $150,000! "A pride-of-ownership deal meets value-add deal" in the Westside's hidden gem of Westchester - only minutes to LAX and SoFi Stadium and a bedroom community to the Westside's biggest employers in Silicon Beach and West LA. The subject property affords an investor the best of both worlds. In addition to existing dual-pane windows, copper plumbing, and washer/dryer hookups in ALL units, the building recently had extensive roof ($19K+), foundation ($16K+) and paint upgrades ($11K+) as well as 3 units extensively renovated - 2 done in last 2 months! Subway tile, new cabinetry, flooring, fixtures, stone surfaces, you name it. The reimaging of the facade and landscaping give the asset a very approachable, clean appeal. Two ADUs, in the garages, can be added. Lastly, Tier 3, TOC Density Bonus allows for aggressive redevelopment! AND the Seller will allow potential Buyers to speak with tenants about "cash for keys" during escrow.

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April, 2023
Apr 20, 2023

Date

Canceled

CRMLS: 22223217

$2,279,000

Price
Dec 6, 2022

Date

Active

CRMLS: 22223217

$2,385,000

Price
Listing provided courtesy of CRMLS

PRICE REDUCTION OF $106,000! "A pride-of-ownership deal meets value-add deal" in the Westside's hidden gem of Westchester - only minutes to LAX and SoFi Stadium and a bedroom community to the Westside's biggest employers in Silicon Beach and West LA. The subject property affords an investor the best of both worlds. In addition to existing dual-pane windows, copper plumbing, and washer/dryer hookups in ALL units, the building recently had extensive roof ($19K+), foundation ($16K+) and paint upgrades ($11K+) as well as 3 units extensively renovated - 2 done in last 2 months! Subway tile, new cabinetry, flooring, fixtures, stone surfaces, you name it. The reimaging of the facade and landscaping give the asset a very approachable, clean appeal. Two ADUs, in the garages, can be added. Lastly, Tier 3, TOC Density Bonus allows for aggressive redevelopment! AND the Seller will allow potential Buyers to speak with tenants about "cash for keys" during escrow.

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September, 2022
Sep 13, 2022

Date

Canceled

CRMLS: 22172889

$2,415,000

Price
Jun 27, 2022

Date

Active

CRMLS: 22172889

$2,515,000

Price
Listing provided courtesy of CRMLS

"A pride-of-ownership deal meets value-add deal" in the Westside's hidden gem of Westchester - only minutes to LAX and SoFi Stadium and a bedroom community to the Westside's biggest employers in Silicon Beach and West LA. The subject property affords an investor the best of both worlds. In addition to existing dual-pane windows, copper plumbing, and washer/dryer hookups in ALL units, the building recently had extensive roof ($19K+), foundation ($16K+) and paint upgrades ($11K+) as well as 3 units extensively renovated - 2 done in last 2 months! Subway tile, new cabinetry, flooring, fixtures, stone surfaces, you name it. The reimaging of the facade and landscaping give the asset a very approachable, clean appeal. 2 ADUs, in the garages, can be added. Lastly, Tier 3, TOC Density Bonus allows for aggressive redevelopment! AND the Seller will allow potential Buyers to speak with tenants about "cash for keys" during escrow.

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April, 2022
Apr 15, 2022

Date

Sold

CRMLS: 22119627

$1,975,000

Price
Jan 18, 2022

Date

Active

CRMLS: 22119627

$2,000,000

Price
Listing provided courtesy of CRMLS

We are proud to present the Reading Apartments, a six-unit multifamily asset located in the trending community of Westchester. The property features clean and bright single level units with washer/dryers, front and rear entry, and off-street parking for each unit from the alley. The property has been well maintained over the years and includes copper plumbing, and dual pain windows. Westchester has experienced dramatic housing and rent rental appreciation in recent years due to its supply of smaller, 1950's vintage entry level homes, its proximity to tech employment centers, and nearby picturesque beaches. Opportunity for equity growth and increased yield exists with unit turnover and renovation. Additionally, due to its preferential TOC tier 3 zoning, the property could potentially support a new development of up to 17 units or one could potentially utilize the garage for ADU conversion/s for increased cash flow. In total, investors looking for secure and predictable long-term returns, with the opportunity to develop more units should take notice. Current rents favorably align the property's pricing to GRM and CAP rate expectations for this submarket, making this asset a meaningful option for savvy investors.

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August, 2016
Aug 19, 2016

Date

Sold (Public Records)

Public Records

$3,845,000

Price
August, 2016
Aug 19, 2016

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 8819 Reading Ave

Assessed Value (2020): $1,432,630

Year	Land Value	Improved Value	Assessed Value
2020	$1,061,208	$371,422	$1,432,630

Home Value Compared to the Market

This property vs the competition

8819 Reading Ave is listed 79.51% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $562.26 per/sqft which puts the price per square foot 27.36% lower than the median price per square foot for the city of Los Angeles.

About 8819 Reading Ave

Detailed summary of property

8819 Reading Ave is a multi family located in Los Angeles, CA 90045 and is currently for sale. This multi family property offers 8 bedrooms, 6 bathrooms, roughly 3,911 living square feet, and sits on an approximately 7,008 square foot lot. 8819 Reading Ave was first listed on ArdentRealEstateGroup.com on April 2, 2024. The homeowner is currently asking $2,199,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 79.51% higher than the median priced home. Local competing homes currently for sale include 2938 S Orange Dr, 3008 Stocker St and 5511 Smiley Dr. While the average home in Los Angeles, CA is selling in 96 days, 8819 Reading Ave has a days on market of 25 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 8819 Reading Ave Los Angeles, CA 90045 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.