Skip To Content

1824 S Highland Avenue

Los Angeles (City), CA 90019
  • $2,199,000
  • STATUS: Active
  • ON SITE: 21 Days
  • ID#: BB22085738
UPDATED: 56 min ago
$2,199,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1903
County:

School Ratings & Info

Listing Agent(s): Elizabeth Maddox of The 2-4 Unit Specialists (818-859-7242) and Ian Maddox of The 2-4 Unit Specialists(818-859-7242)


Description

1824 S Highland Ave is a fully stabilized, pride-of-ownership fourplex located in the rapidly developing Mid-City neighborhood only a few minutes fromtrendy Downtown Culver City! Two of the units were given a full-scale remodel in 2021 thats on par with new construction! A third unit was lightly remodeled in 2019 and achieved an outstanding rent close to todays market value! With SEPARATE METERS for all utilities (tenants pay all!) and upscale renovations, this is the closest thing youll get to buying a new construction fourplex without having to spend over $3.5 million dollars! Additionally, it is important to note the potential to add one or two ADUs on the property, which would add tremendous value.The units boast spacious, open floor plans, plentiful windows letting in ample natural lighting, real hardwood flooring, washers and dryers in all units, stainless steel kitchen appliances for 2 of the 4 units, and 4 new water heaters (2 are brand new, 2 were installed in the past year or two)! The twoupstairs units also get access to a lovely shared balcony. In the rear of the property there are two 2 car-garages (tandem) and 2 surface parking spaces.The current cap rate is an outstanding 4.51% and the pro forma cap rate is 4.94%! With new constructions selling in this hot pocket of Mid-City for over $3 million dollars and renting for over $4,000 for a 3 bedroom, we feel this property will continue to appreciate greatly over time.1824 S Highland is located less than 10 minutes from Downtown Culver City and the countless hotspots in the area, including the trendy Helms Bakery District, the Culver City Steps (Amazon Studios headquarters), Ivy Station (HBO headquarters), and the Cumulus District (Whole Foods).This area boasts a huge quantity of entertainment, tech, and creative jobs- ideal for leasing!

Monthly Payment Calculator



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-24T19:31:41.64. 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 Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/128260626
Print Image

1824 S Highland Avenue Los Angeles (City), CA 90019

  • Price: $2,199,000
  • Status: Active
  • On Site: 21 Days
  • Updated: 56 min ago
  • ID#: BB22085738
0
Beds
0
Baths
0
½ Baths
0.15
Acres
1903
Built
Neighborhood:
C16 - Mid Los Angeles
County:
Los Angeles
Area:
C16 - Mid Los Angeles
Property Description
1824 S Highland Ave is a fully stabilized, pride-of-ownership fourplex located in the rapidly developing Mid-City neighborhood only a few minutes fromtrendy Downtown Culver City! Two of the units were given a full-scale remodel in 2021 thats on par with new construction! A third unit was lightly remodeled in 2019 and achieved an outstanding rent close to todays market value! With SEPARATE METERS for all utilities (tenants pay all!) and upscale renovations, this is the closest thing youll get to buying a new construction fourplex without having to spend over $3.5 million dollars! Additionally, it is important to note the potential to add one or two ADUs on the property, which would add tremendous value.The units boast spacious, open floor plans, plentiful windows letting in ample natural lighting, real hardwood flooring, washers and dryers in all units, stainless steel kitchen appliances for 2 of the 4 units, and 4 new water heaters (2 are brand new, 2 were installed in the past year or two)! The twoupstairs units also get access to a lovely shared balcony. In the rear of the property there are two 2 car-garages (tandem) and 2 surface parking spaces.The current cap rate is an outstanding 4.51% and the pro forma cap rate is 4.94%! With new constructions selling in this hot pocket of Mid-City for over $3 million dollars and renting for over $4,000 for a 3 bedroom, we feel this property will continue to appreciate greatly over time.1824 S Highland is located less than 10 minutes from Downtown Culver City and the countless hotspots in the area, including the trendy Helms Bakery District, the Culver City Steps (Amazon Studios headquarters), Ivy Station (HBO headquarters), and the Cumulus District (Whole Foods).This area boasts a huge quantity of entertainment, tech, and creative jobs- ideal for leasing!
Exterior Features

Direction Faces West Entry Level 1 Entry Location 1st Floor Lot Features Front Yard Number Of Separate Electric Meters 4 Open Parking Spaces 2 Parking Features AssignedOff StreetPavedOne Space Parking Total 6 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Spa Features None Spa YN No View City LightsNeighborhood View YN Yes

Interior Features

Appliances DishwasherGas OvenGas RangeMicrowaveRefrigeratorDryerWasher Common Walls 1 Common Wall Fireplace Features None Fireplace YN No Flooring LaminateWood Interior Features BalconyCeiling Fan(S)High CeilingsBedroom On Main Level Window Features Bay Window(S)

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.51 Common Interest None Community Features Street LightsSidewalks Garage YN Yes Gross Income 134088 Gross Scheduled Income 134088 Insurance Expense 1883 Land Lease YN No Laundry Features Washer HookupGas Dryer HookupInside Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Submit Maintenance Expense 1200 Net Operating Income 99199 New Construction YN No New Taxes Expense 25843 Number Of Separate Gas Meters 4 Number Of Separate Water Meters 4 Number Of Units Leased 4 Operating Expense 29526 Property Sub Type Quadruplex Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tax Annual Amount 26442 Tenant Pays All Utilities Total Actual Rent 11174 Trash Expense 0 Vacancy Allowance Rate 4 Water Source Public Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-24T19:31:41.64. 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 Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_368710674-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_368710674-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_368710674-1.jpg
Logo
Legacy 15 Real Estate Brokers
22521 Avenida Empresa Suites 100 & 102
Rancho Santa Margarita CA, 92688
Listing Agent(s): Elizabeth Maddox of The 2-4 Unit Specialists (818-859-7242) and Ian Maddox of The 2-4 Unit Specialists(818-859-7242)