1303 North Detroit Street

Los Angeles, CA 90046

$2,535,000
Price
10
Beds
10
Baths
7,128 Sq. Ft.
$356 / Sq. Ft.
7,128
Sq. Ft.
$356
per Sq. Ft.

Description

We are pleased to present the exclusive listing of 1303 North Detroit Street and 7151 Fountain Avenue. This property was built in 1955, and consists of ten units, totaling 7,128 rentable square feet on a 6,126 square foot lot. This well-maintained ten-unit apartment building features all one-bedroom, one-bathroom units, offering a consistent rental income stream. The front unit on the first floor includes a private front yard, enhancing tenant appeal. Recent improvements include a refurbished deck,...We are pleased to present the exclusive listing of 1303 North Detroit Street and 7151 Fountain Avenue. This property was built in 1955, and consists of ten units, totaling 7,128 rentable square feet on a 6,126 square foot lot. This well-maintained ten-unit apartment building features all one-bedroom, one-bathroom units, offering a consistent rental income stream. The front unit on the first floor includes a private front yard, enhancing tenant appeal. Recent improvements include a refurbished deck, and all units are equipped with wall AC units, except for Unit 9, which has a window AC. Some units also feature heat pumps, ensuring year-round comfort. Water usage is efficiently tracked through the FLUME app, with two 75-gallon water heaters servicing four units each and a 35-gallon water heater for the two front units. The roof was replaced within the last five years, and the main sewer line was replaced exiting the building to the front yard with PVC piping and additional sewer cleanouts were installed in 2023. There was also copper re-pipe of all horizontal feeds reinforcing the property's infrastructure. Additional safety features include earthquake shut-off valves and a raised foundation. Security enhancements comprise new security doors at the entrances and modern LED lighting, improving tenant safety and energy efficiency. The property also offers six covered parking spaces, plus one additional tandem space on the west side, adding to its attractiveness. Importantly, the building is not on the Soft-Story Retrofit list, providing further assurance for potential investors (buyers should verify this information). The property is situated in the vibrant neighborhood of Hollywood, Los Angeles, a prime area known for its rich cultural scene and dynamic urban lifestyle. This location offers residents easy access to an array of amenities, including trendy shops, diverse dining options, and entertainment venues. The property is conveniently located near major thoroughfares, providing quick access to the heart of Hollywood, West Hollywood, and other key areas of Los Angeles. Residents can enjoy nearby attractions such as the Hollywood Walk of Fame, TCL Chinese Theatre, and Griffith Park, which offers extensive outdoor recreational opportunities. The neighborhood is well-served by public transportation, making commutes to downtown and surrounding areas convenient for tenants. Additionally, the area is known for its eclectic vibe, characterized by a mix of historic and modern architecture. The proximity to cultural hotspots, schools, and community services adds to the appeal of 1303 N Detroit Street, positioning it favorably for strong rental demand. With its desirable unit configuration, modern amenities, and significant upgrades and vibrant location, 1303 North Detroit Street and 7151 Fountain Avenue is well-positioned for strong rental demand, making it a compelling investment opportunity in the competitive Los Angeles market.
  1. Listed by Eliyahu Appel • DRE #01918652 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 1303 North Detroit Street

Zoning
LAR3
Parcel Number
5548021020
Total Units
10.0
Living Area
7128
Source Living Area
Vendor Enhanced
Area
Hollywood (C20)
Vacancy Rate
3909
Lot Size Area
6128
LISTING UPDATED: 10/14/2024 12:24 PM

Property Details for 1303 North Detroit Street

StatusActive
MLS #24-451663
Days on Market93
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1955
Lot Size0.14 AC / 6,128 SF
CountyLos Angeles County

Building Information for 1303 North Detroit Street

Stories2Residences-Year Built1955Building Size-Lot Size0.14 AC / 6,128 SF

Property Information for 1303 North Detroit Street

Community / Development
Community / Development
  • Number Of Units: 10
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: 10
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $192,756
  • Net Operating Income: $126,769.00
  • Gross Income: $192,756
  • Cap Rate: 5.07%
  • Gross Rent Multiplier: $12.97
  • Vacancy Allow Dollar: $3,909.00
  • Vacancy Allow Percent: 2.00%
  • Total Annual Expense: 65987
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1407
  • Lot Size Square Feet: 6128
Parking Details
Parking Details
  • Parking Garage: Carport
  • Total Parking: 7
  • Covered Parking: 6
  • Open Other Spaces Total: 1
  • Parking Features: Carport
Interior Features
Interior Features
  • Levels: Two
  • Cooling: Wall/Window Unit(s)
  • Cooling Type: Wall Unit(s), Wall/Window
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-14-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,629.00
  • Unit Actual Rent: $16,289.00
  • Unit Projected Rent: $23,350.00
  • Like Units: 10
Unit Details
  • Unit Type Type: 2106
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,179,004.00
  • Assessed Improvement Percent: 60.0
  • Assessed Land Value: $786,001.00
  • Assessed Land Percent: 40
  • Assessed Total Value: $1,965,005.00

Property History for 1303 North Detroit 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 1303 North Detroit Street

Taxable ValueLand$801,721Additions$1,202,984Total$2,004,705
Tax Record2024$25,261 ($2,105 / month)
Home Facts
Total Finished SqFt7,128 SqFtAbove Grade Finished SqFt7,128 SqFtLot Size6,126 SqFtStyleMulti-Family Res (5+ Units)Year Built1955ZoningLAR3CountyLOS ANGELESAPN5548-021-020

Schools near 1303 North Detroit Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Gardner Street Elementary School
Public - K to 5
Hubert Howe Bancroft Middle School
Public - 6 to 8
Hollywood Senior High School
Public - 9 to 12
Melrose Elementary School
Public - K to 5
Rating
School
Distance
Gardner Street Elementary School
PublicK to 5

Hubert Howe Bancroft Middle School
Public6 to 8

Hollywood Senior High School
Public9 to 12

Melrose Elementary School
PublicK to 5

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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More information about 1303 North Detroit Street, Los Angeles, CA 90046

1303 North Detroit Street is a multi-family home for sale in Los Angeles, CA 90046. This property was listed for sale on September 19, 2024 by Marcus & Millichap, it's currently listed at $2,535,000. It has been on the market for a total of 93 days and was last sold on June 20, 2011. This listing's school district is Los Angeles Unified School District. Nearby schools include Gardner Street Elementary School, Hubert Howe Bancroft Middle School and Hollywood Senior High School. 1303 North Detroit Street is a 10-bed, 10-bath, 7,128 sqft multi-family home built in 1955.

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, Eliyahu Appel, DRE #01918652

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.