714 W College Street, Los Angeles, CA 90012
Property
Sold August 2024
Listing Agent: Saadia 'Sam' Liberow (DRE #01933858) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Saadia 'Sam' Liberow · Marcus & Millichap · MLS #24420861 · Source: CRMLS
About this property
First time on the market in over 40 years, this property presents a tremendous investment opportunity with the potential for significant value appreciation. The current owners have generously kept rents low for their long-term tenants, providing a savvy investor the chance to reposition the property and capture almost three times the current rental income as tenants vacate. Mostly in its original condition, this building offers ample potential for strategic renovations and modernizations over time. Ideally situated in the Chinatown neighborhood, 714 W College Ave is just minutes from Downtown Los Angeles. Located between the 101 and 110 Freeways and close to Union Station, it boasts seamless connectivity to various parts of the city and easy access to major employment centers. Additionally, it's a short drive from L.A. Live, the LA Convention Center, Crypto.com Arena, and Dodger Stadium. According to LADBS, this property does not require an earthquake soft story retrofit (Buyer to Verify), which eliminates a potentially costly and complex burden, allowing the buyer to focus on capital improvements that will directly increase rental income. The property also features tuck-under parking accessible via College Street, with space for seven vehicles, and access from both College St and New Depot Street, providing convenient access for tenants regardless of their unit location. This well-located property with tremendous upside potential offers a compelling opportunity for investors with a long-term perspective.
Listing description from the August 2024 sale, as reported to CRMLS.
Sale history