Courtesy of: Transwestern Property Company West, Inc.
Days On Market: 73
Year Build: 1988
Total Baths: 16
Full Baths: 16
Address: 1040 S Lake
County: Los Angeles
City: Los Angeles
Neighborhood: C42 - Downtown L.a.
PRICE REDUCED $200,000! Current Income assumes that Buyer will lease up vacant units at market rent and give allowable 5%+CPI annual rental increases to occupied units. 1040 S Lake Street is an eight (8) unit non Los Angeles rent controlled apartment building constructed in1988. The building is subject to State of California AB1482, which allows for a five percent plus CPI annual rent increases. The unit mix consists of four (4)2bed+2bath units and four (4) 3bed+2bath units. The property is a three-story 7,392 square foot walk-up building with frame and stucco construction situated on a 7,609 square foot lot. All the units have large open floor plans that provide an investor the opportunity to complete their own renovation plan and significantly increase rents. Unit features include large bedrooms, master bathrooms in various configurations, spacious living room areas and separate dining areas adjacent to the kitchens, updated bathroom shower tub and fixtures, ample storage and closet space and significant natural light. Due to the large size of the units, investors may want to explore the possibility of adding washer/dryers in each unit. All units feature individual hot water heaters, central air conditioners, are separately metered for electricity and gas, and the landlord pays for water and trash. Gated access parking is provided onsite with fourteen (14) side by side spaces. The laundry room adjacent to the parking area is not currently in use, but an investor can re-open if desired.
Listing Agent: Josh Kaplan Courtesy of: Transwestern Property Company West, Inc. Office phone: 213-430-2524 Based on information from CRISNet MLS all data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Updated: 7th October, 2022 12:37 PM (UTC)
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