Presenting a rare opportunity to acquire this attractive 1992 custom-built and meticulously crafted,5 unit,city view apartment complex. Located adjacent to the iconic Chinatown, Echo Park &' Silverlake areas of Los Angeles,&' positioned strategically&' conveniently near the #2,5,134,110,&'101 freeways,&' rapid transit including the Gold Line &' bus routes. It is situated in a trendy &' up-and-coming strong rental market amidst DTLA, Silverlake,Dodger Stadium,Echo Park &' the Financial District neighborhoods with major employers including USC,Good Samaritan Hospital,Paramount Studios,&' the Los Angeles Fashion and Arts Districts,&' much more.This property offers an excellent opportunity for discerning homeowners or investors to secure a true value-added asset in a highly coveted locale.Comprising 3 stories with a total building size of 7,658 sq.ft. per assessor,all units are spacious &' the apartment complex boasts a desirable unit mix including an OWNER unit of approx.2,641 sq.ft.(will be available upon close of escrow with new paint &' carpet throughout) featuring a 3br,3.5bth townhome-style front unit with an office /den(could be used as a 4th bedroom),large recreation room, C/A, spacious laundry area, ample storage rooms,a 2-car attached garage. The outside laundry &' storage rooms with best possibilities for ADU are utility ready with dry walls &' windows.Buyer to Investigate feasibility, seller makes no guarantees and no warranties. The remaining 4 units are an ideal mix of two larger (over 1,100 sq. ft. ea) 3br,2bth U and two good-sized 2-br,1-bth U. Each unit boasts an excellent layout, individual water heaters, &' separate metering for gas and electricity utilities, ensuring convenience &' efficiency. Four units are occupied by tenants on month to month leases. Rent comparable reports indicate a positive upside &' added investment potential. Property is not under city’s Rent Stabilization Ordinance (RSO), but subject to State Rent Control AB1482 &' Just Cause Ordinance (JCO). Buyer to investigate, seller makes no guarantees &' no warranties. Total 10 parking spaces,3 covered spaces, 5 open parking spaces &' a 2 car garage. Great Owner user building. Residents benefit from an array of culinary delights, cultural experiences, &' artistic exhibitions for investors,owner or professionals, further enriching the allure of this investment opportunity. Now is the time to seize this exceptional offering in one of Los Angeles’ most dynamic and sought-after neighborhoods.
Property Details
Price:
$1,999,000
MLS #:
WS24109540
Status:
Active Under Contract
Baths:
0
Address:
1053 Figueroa Terrace
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
c21silverlakeechopark
City:
Los Angeles
Listed Date:
Jun 1, 2024
State:
CA
ZIP:
90012
Lot Size:
7,428 sqft / 0.17 acres (approx)
Year Built:
1992
Schools
Interior
Appliances
Dishwasher, Free- Standing Range, Disposal, Water Heater
Cooling
See Remarks
Fireplace Features
None
Flooring
Carpet, Laminate, Tile, Vinyl
Heating
Central, Combination, Wall Furnace
Interior Features
Balcony, Living Room Balcony, Storage
Exterior
Community Features
Sidewalks, Street Lights
Exterior Features
Rain Gutters
Garage Spaces
2.00
Lot Features
Lot 6500-9999, Rectangular Lot, No Landscaping
Parking Features
Assigned, Carport, Attached Carport, Detached Carport, Covered, Direct Garage Access, Concrete, Paved, Garage, Garage Faces Front, Garage – Single Door, On Site, Parking Space
Parking Spots
10.00
Pool Features
None
Security Features
Carbon Monoxide Detector(s), Smoke Detector(s), Window Bars
Sewer
Public Sewer
Spa Features
None
Stories Total
3
View
City Lights, Neighborhood
Water Source
Public
Financial
Association Fee
0.00
Tenant Pays
Electricity, Gas, Telephone
Utilities
Electricity Available, Natural Gas Connected, Sewer Connected, Water Available
Map
Contact Us
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Courtesy of RE/MAX PREMIER/SANMARINO. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than BUSINESS MA include the name of the listing broker. Neither the listing company nor BUSINESS MA shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
1053 Figueroa Terrace
Los Angeles, CA
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