1026 West 24th Street

Los Angeles, CA 90007

$1,650,000
Price
5
Beds
4
Baths
2,854 Sq. Ft.
$578 / Sq. Ft.
2,854
Sq. Ft.
$578
per Sq. Ft.

Description

We are pleased to present a four (4) unit plus one (1) non-conforming unit apartment building located at 1026 W 24th Street in Los Angeles, California. The subject property is located in an ideal University Park location, north of W Jefferson Boulevard and east of S Hoover Street. University Park is known for its historic culture, rich amenities, and hosting the renowned University of Southern California. The University Park market is a rapidly changing housing market, exhibiting itself as one of...We are pleased to present a four (4) unit plus one (1) non-conforming unit apartment building located at 1026 W 24th Street in Los Angeles, California. The subject property is located in an ideal University Park location, north of W Jefferson Boulevard and east of S Hoover Street. University Park is known for its historic culture, rich amenities, and hosting the renowned University of Southern California. The University Park market is a rapidly changing housing market, exhibiting itself as one of the strongest rental residential markets in the city of Los Angeles. The University of Southern California, currently enrolling more than 45,000 undergraduate, graduate, and professional students, is one of the most prestigious universities in the country. Roughly 70% of USC students live off-campus, and with enrollment comprised of more graduate and professional students than undergraduate students, the demand for off campus housing near the school is continually strong. Rent growth in the area is propelled by the short-term nature of a college students tenure. There is no shortage of nearby amenities within walking distance, including popular restaurants such as Bacaro LA, The Fields, and Caveman Kitchen. Today, the University Park neighborhood contains an outstanding array of museums, galleries, theaters, sport venues, gardens, libraries, and churches. With its rich mixture of education, entertainment, art, and culture, the past and the future, the University Park neighborhood offers exciting discoveries for people all ages. Built in 1940, this property consists of a great unit mix of two (1) studio / one-bathroom units, one (1) two-bedroom / one-bathroom unit with an attached non conforming unit / one-bathroom space attached (potential to add as another permitted unit), and two (2) three-bedroom / two-bedroom units. Two (2) units will be delivered vacant. Select units have also been recently renovated and are leased partially furnished. Gas and Electric are separately metered and there have been recents updates to the plumbing, water heaters, paint and landscaping. This charming mid century asset has plenty of on-site parking in the rear with enough space to potentially build additional ADU unit(s). Tenants will love being within close proximity of many trendy restaurants, nightlife, and entertainment options such as The Velaslavasay Panoama, Nature's Brew by Bacari, Hoover Recreation Center, Everytable, Planet Fitness, Shrine Auditorium and Expo Hall, and USC DPS patrol area. Being less than a mile away from the campus of USC, student tenants will have an easy and convenient commute. Positioned in an ideal University Park location that is DPS patrolled, this offering presents an exceptional opportunity for an investor to capitalize on a student housing asset that qualifies for 30-year fixed residential financing with good opportunities to add at least one (1) ADU.
  1. Listed by Jason Tuvia • DRE #01772495 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 1026 West 24th Street

Water Front
None
Zoning
LARD1.5
Style
Craftsman
Parcel Number
5124008017
Total Units
4.0
Living Area
2854
Source Living Area
Vendor Enhanced
Area
Downtown L.A. (C42)
LISTING UPDATED: 09/18/2024 12:01 AM

Property Details for 1026 West 24th Street

StatusActive
MLS #24-438075
Days on Market102
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1940
Lot Size0.17 AC / 7,245 SF
CountyLos Angeles County

Building Information for 1026 West 24th Street

Stories2Residences-Year Built1940Building Size-Lot Size0.17 AC / 7,245 SF

Property Information for 1026 West 24th Street

Community / Development
Community / Development
  • Tax Mello Roos: No
  • Number Of Units: 4
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Market
  • View: Yes
  • View Description: City, City Lights
  • View: City Lights
  • Security Features: Smoke Detector, Fire and Smoke Detection System
  • Water Heaters: Yes
  • Water Heater Features: Water Heater Unit
Contract Info
Contract Info
  • Probate: No
  • Financing: Submit
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $127,502
  • Net Operating Income: $87,799.00
  • Gross Income: $127,502
  • Cap Rate: 5.32%
  • Gross Rent Multiplier: $12.94
  • Actual Annual Gross Rent: $127,502.00
  • Actual Gross Annual Income: $127,502
  • Actual Rent Total: $127,502.00
  • Financial Info as Of: 09/10/2024
  • Owner Pays: Water
  • Total Annual Expense: 35878
Land / Lot Info
Land / Lot Info
  • Alley: Yes
  • Paved: Yes
  • Lot Acreage: 0.1663
  • Lot Size Square Feet: 7245
  • Lot Features: Landscaped, Front Yard, Rectangular Lot
  • Lot Description: Alley Paved, Curbs, Fenced, Landscaped, Front Yard, Lot Shape-Rectangular, Sidewalks, Single Lot, Street Asphalt
  • Lot Location: Alley Access, City
Parking Details
Parking Details
  • Parking Garage: Attached, Driveway
  • Total Parking: 5
  • Open Other Spaces Total: 5
  • Parking Features: Driveway
  • Attached Garage: Yes
Interior Features
Interior Features
  • Levels: Multi/Split
  • Fireplace Features: Primary Bedroom
  • Fireplace Rooms: Primary Bedroom
  • Cooling Type: Air Conditioning
  • Heating: None
  • Heating Type: None
  • Flooring: Hardwood
  • Equipment: Dryer, Freezer, Garbage Disposal, Refrigerator, Washer
  • Common Walls: Attached
  • Cooking Appliances: Oven, Microwave, Cooktop - Gas
  • Laundry: In Unit
  • Laundry Equipment: Own
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • Tennis Court: None
  • Sprinklers: None
  • Patio Features: Balcony
  • Entry Location: Ground Level w/steps
  • Windows: Bay Window
  • New Construction: No
  • Other Structural Features: Balcony
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 09-10-2024
  • Tenant Pays: Gas, Electricity
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,350.00
  • Unit Actual Rent: $2,350.00
  • Unit Projected Rent: $3,500.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,875.00
  • Unit Actual Rent: $1,875.00
  • Unit Projected Rent: $2,150.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,200.00
  • Unit Actual Rent: $6,400.00
  • Unit Projected Rent: $6,400.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $292,204.00
  • Assessed Improvement Percent: 40.0
  • Assessed Land Value: $438,308.00
  • Assessed Land Percent: 60
  • Assessed Total Value: $730,512.00

Property History for 1026 West 24th Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1026 West 24th Street

Taxable ValueLand$447,074Additions$298,048Total$745,122
Tax Record2024$9,507 ($792 / month)
Home Facts
Total Finished SqFt2,854 SqFtAbove Grade Finished SqFt2,854 SqFtLot Size7,243 SqFtStyleQuadraplexZoningLARD1.5CountyLOS ANGELESAPN5124-008-017

Schools near 1026 West 24th Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 6 to 12
Rating
School
Distance
Norwood Street Elementary School
PublicK to 5

John Adams Middle School
Public6 to 8

West Adams Preparatory High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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1026 West 24th Street is a multi-family home for sale in Los Angeles, CA 90007. This property was listed for sale on September 10, 2024 by Marcus & Millichap, it's currently listed at $1,650,000. It has been on the market for a total of 102 days and was last sold on June 26, 2014. This listing's school district is Los Angeles Unified School District. Nearby schools include Norwood Street Elementary School, John Adams Middle School and West Adams Preparatory High School. 1026 West 24th Street is a 5-bed, 4-bath, 2,854 sqft multi-family home built in 1940.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Jason Tuvia, DRE #01772495

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.