1251 S Wilton Place, Los Angeles, CA 90019

About this property

The subject property is a two story 8 unit apartment building constructed in 1934 with classic Spanish style architecture situated on a large 10,491 square foot lot. The rents are significantly below market, and there is additional income potential from renting 5 of the 7 garages that are presently used by the landlord. 2 of the garages are included with two of the rental units. The property could also generate additional income potential using the ADU process to add dwellings (buyer to verify). The property has been upgraded with newer electric breakers, and a new water heater that was installed in 2022. The landlord pays for trash service, but there are separate gas and electric meters for each unit, which the tenants pay for. The property is located within Country Club Park, which is a quit residential neighborhood that is gated off at Pico Boulevard. The streets are very wide with many older historic buildings that were constructed in the early 1900’s situated on large lots. The property location provides convenient access to the 10 freeway, Mid-Wilshire, Koreatown, Downtown LA, USC, and has a walk score of 82 (Very Walkable). This offering provides huge upside in future income with stability of current income as it is 100% leased with all tenants paying their full rent on time.

Listing description from the April 2023 sale, as reported to CRMLS.

Sale history

$2,058,000

Sold April 2023 · listed $2,200,000, on market February 2023 · MLS #SB23028069 · Source: CRMLS

Listing Agent: Stephen Lampe · Listing Office: Re/Max Commercial & Investment · Contact: slampe@remaxcir.com · Bought with: Young Chang · Ivy Realty Co.

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