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1237 S Citrus Avenue

Los Angeles (City), CA 90019
  • $1,625,000
  • STATUS: Closed
  • ON SITE: 40 Days
  • ID#: 24350311
Sold - 04/09/2024
$1,625,000
SOLD - 04/09/2024
  • 4
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,940
    SQFT
  • $412
    $/SQFT
Type:
Multi-Family
Built:
1936
County:

School Ratings & Info

Listing Agent(s): Saadia 'Sam' Liberow of Marcus & Millichap (818-212-2700)


Description

Explore the rare investment opportunity at 1237 S Citrus Ave in Los Angeles. This property comprises a 3,940 SqFt apartment building on a spacious 6,250 SqFt lot, with immediate value-add potential due to two out of four units being delivered vacant along with two vacant garages, offering the possibility of an ADU conversion for increased cash flow (buyer to verify). Built in 1936, the property boasts an exquisite French Normandie style, featuring four oversized One Bed-One Bath units, each spanning approximately 985 SqFt. All units are equipped with in unit washer/dryer. Recent ownership has invested around $200K in extensive foundation work, including a complete exterior makeover with new stucco and fresh paint. The result is a meticulously maintained and visually stunning building, showcasing historic charm and attention to detail. Nestled in the highly desirable Mid City/Mid-Wilshire submarket, the property benefits from proximity to some of Los Angeles' strongest demographics. Within a one-mile radius, the average household income is approximately $98,519, and the median home value exceeds $1,000,850. The affluent neighborhood attracts professionals from nearby centers such as West Hollywood, the Miracle Mile, Century City, Hollywood, and Culver City. In a market characterized by very low vacancy rates and limited inventory, this property provides investors with peace of mind regarding renting out vacant units. With its strategic location, unique features, and potential for ADU conversion, seize the opportunity to own a piece of history while making a sound and lucrative investment in the thriving Los Angeles real estate market.

Sold by Jason Tuvia of Marcus & Millichap.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-04T00:30:31.55. 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 deemed reliable but is not guaranteed accurate by the MLS or COMPASS. Licensed in the State of California, USA.
www.reiferhomes.com/homes/148362030
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1237 S Citrus Avenue Los Angeles (City), CA 90019

  • Price: $1,699,999
  • Status: Closed
  • On Site: 40 Days
  • ID#: 24350311
4
Beds
0
Baths
0
½ Baths
0.14
Acres
3,940
SQFT
$412
$/SQFT
1936
Built
Neighborhood:
C18 - Hancock Park-Wilshire
County:
Los Angeles
Area:
C18 - Hancock Park-Wilshire
Property Description
Explore the rare investment opportunity at 1237 S Citrus Ave in Los Angeles. This property comprises a 3,940 SqFt apartment building on a spacious 6,250 SqFt lot, with immediate value-add potential due to two out of four units being delivered vacant along with two vacant garages, offering the possibility of an ADU conversion for increased cash flow (buyer to verify). Built in 1936, the property boasts an exquisite French Normandie style, featuring four oversized One Bed-One Bath units, each spanning approximately 985 SqFt. All units are equipped with in unit washer/dryer. Recent ownership has invested around $200K in extensive foundation work, including a complete exterior makeover with new stucco and fresh paint. The result is a meticulously maintained and visually stunning building, showcasing historic charm and attention to detail. Nestled in the highly desirable Mid City/Mid-Wilshire submarket, the property benefits from proximity to some of Los Angeles' strongest demographics. Within a one-mile radius, the average household income is approximately $98,519, and the median home value exceeds $1,000,850. The affluent neighborhood attracts professionals from nearby centers such as West Hollywood, the Miracle Mile, Century City, Hollywood, and Culver City. In a market characterized by very low vacancy rates and limited inventory, this property provides investors with peace of mind regarding renting out vacant units. With its strategic location, unique features, and potential for ADU conversion, seize the opportunity to own a piece of history while making a sound and lucrative investment in the thriving Los Angeles real estate market.
Exterior Features

Parking Features None Parking Total 4

Interior Features

Cooling None Cooling YN No Heating None Heating YN No

Property Features

Association YN No Cap Rate 4.33 Gross Income 110918 Levels Two Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 73562 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning LAR3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-04T00:30:31.55. 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 deemed reliable but is not guaranteed accurate by the MLS or COMPASS. Licensed in the State of California, USA.
 
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COMPASS
6930 Indiana Ave, Suite 1
Riverside CA, 92506
Listing Agent(s): Saadia 'Sam' Liberow of Marcus & Millichap (818-212-2700)