1144 Elden Avenue, Los Angeles, CA 90006

About this property

We are pleased to present 1144 Elden, a 12-unit property not subject to LA City rent control. Built in 1986, this property currently allows an annual rent increase of 8.8% (5% plus the Consumer Price Index). Please note, the property is located in an opportunity zone, offering the new owner a potential federal capital gains tax incentive (buyer to verify). Comprised of (6) 2-bdrm. and 1.5-bath units and (6) 1-bdrm. units, these units offer approx. 34% rental upside compared to renovated units in the area. Property amenities include on-grade gated parking and a laundry room. 1144 Elden is offered at $307 per foot, $250,000 per unit, 9.42 market GRM, and 7.19% market CAP. Located just south of Koreatown, near Olympic and Vermont, the property is surrounded by many multifamily and mixed-use projects currently under construction or recently completed. Across the street from the subject property is a Grubb Properties project spanning a city block, featuring 228 units and 50,000 SF of commercial space (ground floor leased by Target).

Listing description from the June 2024 sale, as reported to CRMLS.

Sale history

$2,310,000

Sold June 2024 · listed $3,000,000, on market July 2023 · MLS #23293115 · Source: CRMLS

Listing Agent: Kenny Stevens · Listing Office: Compass · Contact: 310-230-5478 · Bought with: Kenny Stevens · Compass

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