$1,350,000
$1,450,000
6.9%For more information regarding the value of a property, please contact us for a free consultation.
508 Chestnut AVE Los Angeles, CA 90042
7,509 Sqft Lot
Key Details
Sold Price $1,350,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID AR24076130
Sold Date 07/10/24
HOA Y/N No
Year Built 1961
Lot Size 7,509 Sqft
Property Description
Look no more! We are proud to present this charming 6-unit apartment building, which includes a Single-Family House in front and 5 apartments in the rear. This Highland Park complex presents a lucrative value-add investment opportunity in a prime location. The property has a desirable layout that contributes to ease of management and operational efficiency, making the property a great addition to first time investors or seasoned owners adding to the portfolio. The SFR in the front is 2 bed / 1 bath, and all the units in the back building are 1 bed / 1 bath. This asset is individually metered for gas / electricity and has individual water heaters in each unit. This Value-Add property has 40% upside in rents, and Highland Park has seen significant growth over the last 10 years and shows no sign of slowing down! This market attracts a diverse demographic, including young professionals, families, and students, ensuring consistent demand for rental units. The property offers a commuter friendly location with a short distance to the 110 fwy and close to the Highland Park & South Pasadena Metro Gold line stop. Property was built in 1940 & 1961.
Location
State CA
County Los Angeles
Area 632 - Highland Park
Zoning LARD1.5
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Carport, Driveway
Carport Spaces 3
Pool None
Community Features Dog Park, Hiking, Stable(s), Urban
Total Parking Spaces 3
Private Pool No
Building
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5493033011
Energy Description 817.0
Acceptable Financing Cash, Owner Will Carry, Owner May Carry
Listing Terms Cash, Owner Will Carry, Owner May Carry
Financing Seller Financing
Special Listing Condition Standard
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Bought with Justin McCardle • Growth Investment Group Pasade