1329 2nd Avenue

Los Angeles, CA 90019

$1,645,000
Price
8
Beds
6
Baths
5,824 Sq. Ft.
$282 / Sq. Ft.
5,824
Sq. Ft.
$282
per Sq. Ft.

Description

Daniel Hirth and Alex Reyhan of The Hirth Group are excited to present the exclusive opportunity to acquire 1329 2nd Avenue, a rare six-unit multifamily property in the vibrant and rapidly evolving Arlington Heights submarket of Los Angeles. This investment gem offers not only immediate cash flow but also substantial upside through renovation and re-tenanting. Situated on a 7,500 square-foot lot, this well-maintained asset features two separate buildings that span a total of approx. 5,824 square...Daniel Hirth and Alex Reyhan of The Hirth Group are excited to present the exclusive opportunity to acquire 1329 2nd Avenue, a rare six-unit multifamily property in the vibrant and rapidly evolving Arlington Heights submarket of Los Angeles. This investment gem offers not only immediate cash flow but also substantial upside through renovation and re-tenanting. Situated on a 7,500 square-foot lot, this well-maintained asset features two separate buildings that span a total of approx. 5,824 square feet. The front building is a quadruplex with four distinct units, while the rear structure is a duplex with two units. The current unit mix includes two 2-bedroom, 1-bath units and four 1-bedroom, 1-bath units, two of which have been upgraded to 2-bedroom, 1-bath layouts, providing versatility and potential for higher rents. With six private parking garages, the property offers a competitive edge in an area where parking is a coveted amenity. 1329 2nd Avenue is a compelling investment for those seeking both stability and a value-add component. Currently delivering a strong return of 6.02% at a 12.32 GRM, with tremendous upside potential upon re-tenanting after renovation, this multifamily asset has the ability to perform at a projected 7.15% CAP rate and an attractive 10.71 GRM. As an added advantage, the unit conversions (from 1-bedroom to 2-bedroom layouts) were completed without permits, offering savvy investors the flexibility to formalize these changes with permits, reconfigure to original specifications, or even explore further development options, subject to local zoning regulations.
  1. Listed by Daniel Hirth • DRE #01515796 • Brokerage DRE #01854200 • KW Advisors

Property Details for 1329 2nd Avenue

Zoning
LARD1.5
Cross Streets
W Pico Boulevard and 2nd Avenue
Parcel Number
5072036019
Total Units
6.0
Living Area
5824
Source Living Area
Vendor Enhanced
Area
Mid Los Angeles (C16)
Vacancy Rate
3%
LISTING UPDATED: 12/11/2024 12:39 PM

Property Details for 1329 2nd Avenue

StatusActive
MLS #24-466229
Days on Market80
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1906
Lot Size0.17 AC / 7,502 SF
CountyLos Angeles County

Building Information for 1329 2nd Avenue

Stories2Residences-Year Built1906Building Size-Lot Size0.17 AC / 7,502 SF

Property Information for 1329 2nd Avenue

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: 6
  • Security Features: Window Bars
Contract Info
Contract Info
  • Probate: No
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $129,483
  • Net Operating Income: $99,099.00
  • Gross Income: $133,488
  • Cap Rate: 6.02%
  • Gross Rent Multiplier: $12.32
  • Total Annual Expense: 30384
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1722
  • Lot Size Square Feet: 7502
  • Lot Size Dimensions: 50x150
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Private Garage
  • Total Parking: 6
  • Parking Features: Private
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Refrigerator, Range/Oven, Garbage Disposal
  • Common Walls: Attached
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 11-21-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,673.00
  • Unit Actual Rent: $6,692.00
  • Unit Projected Rent: $8,600.00
  • Like Units: 4
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,216.00
  • Unit Actual Rent: $4,432.00
  • Unit Projected Rent: $4,600.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $500,000.00
  • Assessed Improvement Percent: 33.33
  • Assessed Land Value: $1,000,000.00
  • Assessed Land Percent: 66.67

Property History for 1329 2nd Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1329 2nd Avenue

Taxable ValueLand$1,020,000Additions$510,000Total$1,530,000
Tax Record2024$19,537 ($1,628 / month)
Home Facts
Total Finished SqFt5,824 SqFtAbove Grade Finished SqFt5,824 SqFtLot Size7,500 SqFtStyleMulti-Family Res (5+ Units)Year Built1906ZoningLARD1.5CountyLOS ANGELESAPN5072-036-019

Schools near 1329 2nd Avenue

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 8
Rating
School
Distance
Pio Pico Middle School
Public6 to 8

Los Angeles Senior High School
Public9 to 12

Global Education Academy Middle School
Charter6 to 8

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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1329 2nd Avenue is a multi-family home for sale in Los Angeles, CA 90019. This property was listed for sale on October 7, 2024 by KW Advisors, it's currently listed at $1,645,000. It has been on the market for a total of 80 days and was last sold on December 7, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Carson-Gore Academy Of Enviornmental Studies, Pio Pico Middle School and Los Angeles Senior High School. 1329 2nd Avenue is a 8-bed, 6-bath, 5,824 sqft multi-family home built in 1906.

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 KW Advisors, Daniel Hirth, DRE #01515796

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.