1214 Lake Street, Los Angeles
Los Angeles Home For Sale
1214 S LakeSt is a 39-unit multifamily investment opportunity on the edge of the Westlake, Pico-Union, and Koreatown neighborhoods of Los Angeles located just west of S Hoover St between W 12th St & W Pico Blvd.The property features a unit mix of one bachelor, 25singles, 11 one-bedrooms, one one-bedroom plus den, and one two-bedroom; one of the singles and the two-bedroom are recently constructed ADU's pending certificates of occupancy; many units have exposed brick. Ownership has fully renovated 16 units (includingADU's) with vinyl plank floors, stainless steelappliances, tile bathrooms, new cabinetry, quartzcountertops, and new light fixtures.At the asking price, the property is being offered at a5.13% CAP rate and 9.92 GRM on current income withan additional 39% rental upside achievable as unitsturn through continued interior renovations. The property has a secured, gated entrance withintercom access; there are also solar panels on the roof. The building is separately metered for electricity andhas an on-site laundry room with two washers and twodryers (lease with Wash). High Walk Score of 93, the property is one mile fromthe Metro A-E Rail Lines, and close to theMetro Local Lines along S Hoover St & S Alvarado St.This central location is a short commute to DowntownLos Angeles, Hollywood, and Mid-City with proximity toMacArthur Park, Echo Park, Doger Stadium, and TheBroad Museum.
Property Details
Additional Information
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- City:
- Los Angeles
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- County:
- Los Angeles
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- Zip:
- 90006
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- MLS® #:
- 24397249
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- Bedrooms:
- 4
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- Bathrooms:
- 5
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- Square Ft:
- 20,460
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- Lot Size:
- 0.20
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- Levels:
- Multi/Split
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- HOA Dues:
- $
Based on information from California Regional Multiple Listing Service, Inc. as of July 30th, 2024 at 7:50am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.