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221 Avenue 19

Los Angeles, CA 90031

$2,350,000

Listed Price
N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten $569 / sqft

1923

calendar_month Built

Property Description

We are pleased to present 221 S Avenue 19 Apartments: an eight (8) +1 partially permitted private suite multifamily investment located in the heart of the Lincoln Heights submarket of Los Angeles. The property also includes Ready-To-Issue Permits for the construction of two ADU units consisting of two Studio units that will be situated near the rear of the large 9,952 SF lot zoned LA-R1.5. These three, single story, wood frame stucco buildings were built in 1923, 1924, and 1925and consist of 4,130 SF of living area with eight (8) on-site parking spaces. In addition to the 4,130 SF of living area, the ADU additions will add an additional 800 SF of living area to the property when completed. The front Two Bedroom unit was recently subdivided into one(1) Studio suite unit and (1) 1 Bedroom / 1 Bathroom unit with partial permits from the city of Los Angeles (Buyer to verify and complete all due diligence as to the legality of said partial permit | Ask Listing Agent for details regarding this new private suite and permits in place).The property currently features seven (7) One Bedroom | One Bathroom units, one (1) Two Bedroom | one Bathroom unit, and one (1) Studio Suite style unit (Buyer to verify and complete all due diligence as to the legality of said permit). The 2 Bedroom unit has undergone extensive renovations in addition to the new added Studio Suite. The additional 1 bedroom units have undergone extensive rehab including, but not limited to: completely redone bathrooms and showers, upgraded living rooms, new kitchens featuring brand new appliances, laminate flooring, new windows, all new paint, etc. Further, these have been updated with new plumbing and upgraded electrical systems. A new owner will benefit from the immediate upside that will be provided by completing the RTI ready ADUs to the property. All of the heavy lifting and costs associated with the City of Los Angles and been completed, and a new owner can potentially break ground shortly after the close of escrow. An investor will also benefit from the property's low annual expenses: no trash expense, separate gas and electric meters, and drought tolerant landscaping providing strong current and future cash flow.

Interior Features

Bedroom Information
Bedrooms N/A
Bathroom Information
Bathrooms N/A

Listing Information

Address 221 Avenue 19
City Los Angeles
State CA
Zip 90031
County Los Angeles
Listing Agent Derrick Vartanian DRE#01816119
Courtesy Of Lyon Stahl Investment Real Estate, Inc.
MLS 23320739
List Price $2,350,000
Status Active
Type Residential Income
Structure Size N/A
Lot Size 9,953
Year Built 1923
DOM 216

Exterior Information

Other Structures
Structures Shed(s)

Maps

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Listing information courtesy of: Derrick Vartanian, Lyon Stahl Investment Real Estate, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of May 14th, 2024 at 4:59 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the 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.