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$2,535,000
Est. payment /mo
10 Beds
10 Baths
7,128 SqFt
UPDATED:
12/05/2024 04:37 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,128 sqft
Price per Sqft $355
MLS Listing ID 24451663
Bedrooms 10
HOA Y/N No
Year Built 1955
Lot Size 6,128 Sqft
Property Description
We are pleased to present the exclusive listing of 1303 North Detroit Street and 7151 Fountain Avenue. This property was built in 1955, and consists of ten units, totaling 7,128 rentable square feet on a 6,126 square foot lot. This well-maintained ten-unit apartment building features all one-bedroom, one-bathroom units, offering a consistent rental income stream. The front unit on the first floor includes a private front yard, enhancing tenant appeal. Recent improvements include a refurbished deck, and all units are equipped with wall AC units, except for Unit 9, which has a window AC. Some units also feature heat pumps, ensuring year-round comfort. Water usage is efficiently tracked through the FLUME app, with two 75-gallon water heaters servicing four units each and a 35-gallon water heater for the two front units. The roof was replaced within the last five years, and the main sewer line was replaced exiting the building to the front yard with PVC piping and additional sewer cleanouts were installed in 2023. There was also copper re-pipe of all horizontal feeds reinforcing the property's infrastructure. Additional safety features include earthquake shut-off valves and a raised foundation. Security enhancements comprise new security doors at the entrances and modern LED lighting, improving tenant safety and energy efficiency. The property also offers six covered parking spaces, plus one additional tandem space on the west side, adding to its attractiveness. Importantly, the building is not on the Soft-Story Retrofit list, providing further assurance for potential investors (buyers should verify this information). The property is situated in the vibrant neighborhood of Hollywood, Los Angeles, a prime area known for its rich cultural scene and dynamic urban lifestyle. This location offers residents easy access to an array of amenities, including trendy shops, diverse dining options, and entertainment venues. The property is conveniently located near major thoroughfares, providing quick access to the heart of Hollywood, West Hollywood, and other key areas of Los Angeles. Residents can enjoy nearby attractions such as the Hollywood Walk of Fame, TCL Chinese Theatre, and Griffith Park, which offers extensive outdoor recreational opportunities. The neighborhood is well-served by public transportation, making commutes to downtown and surrounding areas convenient for tenants. Additionally, the area is known for its eclectic vibe, characterized by a mix of historic and modern architecture. The proximity to cultural hotspots, schools, and community services adds to the appeal of 1303 N Detroit Street, positioning it favorably for strong rental demand. With its desirable unit configuration, modern amenities, and significant upgrades and vibrant location, 1303 North Detroit Street and 7151 Fountain Avenue is well-positioned for strong rental demand, making it a compelling investment opportunity in the competitive Los Angeles market.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LAR3
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Carport
Total Parking Spaces 7
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5548021020
Special Listing Condition Standard
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Listed by Eliyahu Appel • Marcus & Millichap
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HomeSmart Realty West
Broker | License ID: DRE#1905908
Broker License ID: DRE#1905908