1053 Figueroa Terrace

Los Angeles, CA 90012

PRICE REDUCED

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-$250,800 (-12.54%)

$1,749,000

List Price

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1992

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Property Description

Presenting attractive 1992 custom-built 5-units, with a large & private townhouse style owner’s front unit w/ beautiful city view & a 2-car attached garage w/ direct access to the unit.Offering 6.1% Cap Rate. Stable & below market income w/plenty of upside potential and possibility to convert some space to ADU’s for additional income (buyer to investigate feasibility, seller makes no guarantees & warranties). Located close to iconic Chinatown, booming Echo Park & Silverlake areas of DTLA & positioned strategically & conveniently near freeways, Metro Line & Bus routes & near the LA Fashion & Arts Districts, and many more. It is also near the Music Center, Disney Concert Hall, Broad Museum and other downtown attractions. This property offers an excellent opportunity for the discerning homeowner or investors to secure a true value-added asset in a highly coveted area. Surrounding neighborhood boasts large future development projects & many existing condominiums valued at $1 million or more. Comprising three stories with a total building size of 7,658 sq.ft. per assessor, all units are spacious & the apartment complex boasts a desirable unit mix including the owner’s unit measured approx. 2,641sq ft. (freshly painted & newly carpeted) w/ 3-bedroom, 3.5-bathroom & an office/den w/ closets (could be a 4th bedroom), two walk-in closets, kitchen range & wok stove, large recreation room, laundry room & ample storage closets/rooms. The remaining four units is an ideal mix of two spacious 3-bedroom, 2-bathroom units & two good-sized 2-bedroom, 1-bathroom units. Recent uprgrades including a new roof & sky light. Owner unit equip w/ a new dishwasher. Each unit has individual water heaters & separate meters for gas and electricity. Owner unit will be available upon COE and the other 4 units are rented to tenants on month-to-month leases. Rent comparable reports indicate a positive upside & added investment potential. Property is not under city rent control ordinance (RSO), but subject to State Rent Control & just caused ordinance (JCO). Buyer to investigate, seller makes no guarantees and no warranties. Ample parking includes 3 covered spaces, 5 open parking spaces and a 2-car attached garage for the owner unit. Residents benefit from an array of culinary delights, cultural experiences, and artistic exhibitions open for all. Now is the time to seize this exceptional offering in one of Los Angeles' most dynamic and sought-after neighborhoods

Listing Information

List Price $1,749,000
Status Active
MLS WS24254754
HOA $0
Type Residential Income
Subtype Apartment
Year Built 1992
Lot Size 7,428
Structure Size N/A
DOM 15
Courtesy Of RE/MAX PREMIER/SANMARINO
Listing Agent YAN CHOW DRE#00778558

Interior Features

Laundry Information
Location(s) Inside
Total Bedroom
Bedrooms N/A
Bathroom Information
Features Jack and Jill Bath
Total Bathroom
Bathrooms N/A
Flooring Information
Material Carpet, Laminate, Tile, Vinyl
Fireplace Information
Features None
Additional Information
Additional Features Balcony, Storage, Jack and Jill Bath, Primary Suite, Walk-In Closet(s)
Cooling Type
Cooling Type See Remarks

Exterior Information

Other Structures
Structures Storage
View Yes

Maps

Listing information courtesy of: YAN CHOW, RE/MAX PREMIER/SANMARINO 626-660-1139. *Based on information from the Association of REALTORS/Multiple Listing as of Feb 8th, 2025 at 5:57 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.