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$ 2,590,000
Est. payment | /mo
5,664 SqFt
$ 2,590,000
Est. payment | /mo
5,664 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,664 sqft
Price per Sqft $457
MLS Listing ID CL26745529
HOA Y/N No
Year Built 1921
Lot Size 0.850 Acres
Acres 0.85
Property Sub-Type Other
Property Description
We are proud to present 1303-1305 Laveta Terrace, a two-parcel, 10-unit investment offering in the Echo Park neighborhood of Los Angeles comprising a nine-unit apartment complex and a detached two-story single-family residence with a private pool, each on its own legally separate lot. The apartment complex at 1305 Laveta Terrace traces its origins to six individual wood-frame bungalows constructed in 1921, each built under its own city permit as a standalone one-story dwelling. Over the following decades these six structures were consolidated into a nine unit apartment configuration across four buildings, housing six studios and three one-bedroom/one-bathroom units with 4,279 square feet of rentable area on a 26,106-square-foot lot. The detached residence at 1303 Laveta Terrace was built in 1968 as a two-story, Type V single-family home with 1,385 square feet, three bedrooms, three bathrooms, central heat and air conditioning, and a private pool on its own 11,059-squarefoot lot (APN 5419-028-030). The combined site totals approximately 37,165 square feet (0.85 acres) with 5,660 square feet of net rentable area across all units. All apartment units are individually metered for gas and electricity, and each has in-unit washer and dryer connections.The offering presents two distinct value-add opportunities within a single transaction. The apartment building delivers approximately 77% rent upside across seven occupied units with vacancy decontrol supporting rent-to-market resets upon turnover, while two vacant apartment units and the detached house represent immediate lease-up income. The house at 1303, with an estimated market rent of approximately $5,800 per month supported by recent single-family sales on the same block exceeding $2.2 million and $3.4 million, offers a new owner the flexibility to lease at market, operate as a short-term rental, or hold as an owner-occupied residence while managing the adjacent apartment building. Together, the properties deliver a combined pro forma gross of approximately $24,685 per month. The two parcels are legally separate and independently transferable for the first time since 1968, giving a buyer structural flexibility to hold, dispose, or develop each lot on its own terms.This is a lender-owned REO disposition with clear title, offering a streamlined acquisition with no seller emotion, no 1031 exchange timeline, and no partnership approval process. The combination of significant rent upside on the apartment side, a
Location
State CA
County Los Angeles
Zoning LAR2
Interior
Heating Wall Furnace
Fireplace No
Building
New Construction No
Others
Tax ID 5419028029
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Listed by Filip Niculete • Marcus & Millichap
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Patrick Nagel
REALTOR® | Lic# 1760790