2202 Michigan Avenue

Los Angeles, CA 90033

$7,650,000
Price
2
Beds
28
Baths
22,154 Sq. Ft.
$345 / Sq. Ft.
22,154
Sq. Ft.
$345
per Sq. Ft.

Description

We are proud to present an exceptional opportunity to acquire a well-maintained, 28-unit apartment complex at 2202 Michigan Avenue. This ±22,154 SF building sits on a ±22,386 SF lot and is situated between N Chicago Street and N Soto Street on Michigan Avenue. This vibrant location positions your investment at the heart of it all. Residents enjoy convenient access to Downtown Los Angeles, the L. A. Live entertainment complex, USC Health Sciences Campus, Dodger Stadium, and much more. Major freeways...We are proud to present an exceptional opportunity to acquire a well-maintained, 28-unit apartment complex at 2202 Michigan Avenue. This ±22,154 SF building sits on a ±22,386 SF lot and is situated between N Chicago Street and N Soto Street on Michigan Avenue. This vibrant location positions your investment at the heart of it all. Residents enjoy convenient access to Downtown Los Angeles, the L. A. Live entertainment complex, USC Health Sciences Campus, Dodger Stadium, and much more. Major freeways (10, 5, 60, and 101) are minutes away, along with a vibrant mix of shopping centers, restaurants, museums, and retailers. The property also sits one-block away from highly amenitized retail corridors on Ceasar Chavez Boulevard and Soto Street. This prime location isn’t just about convenience; it’s about capitalizing on a booming market. Los Angeles, the entertainment capital, experiences high demand for quality rentals. The property sits amidst a thriving working class with a steady need for well-maintained housing and easy access to major employers. 2202 Michigan Avenue offers the perfect blend of value and income potential. This well-maintained property features desirable amenities like lush landscaping, controlled entry gate, on-site parking, laundry facilities, pet-friendly dog run, and BBQ communal area. Individual units boast security doors, kitchens with dishwashers and stainless steel appliances, air conditioning, ceiling fans, and vertical blinds. With low vacancy rates and consistent rental income, 2202 Michigan Avenue is a secure long-term investment ideal for any investor seeking a strong return. This opportunity caters to a wide range – first-time purchasers, seasoned investors, and those seeking a 1031 exchange – providing a win-win scenario.
  1. Listed by ERIC CHEN • DRE #01489184 • Brokerage DRE #00409987 • CB RICHARD ELLIS • 626-757-5717

Property Details for 2202 Michigan Avenue

Parking Spaces Total
28
Private Pool
No
Cooling Type
Wall/Window
Total Units
28.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
22154
Assessor Parcel Number
5183-005-051
LISTING UPDATED: 10/23/2024 10:04 AM

Property Details for 2202 Michigan Avenue

StatusActive
MLS #CV24219877
Days on Market8
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1985
CountyLos Angeles County

Building Information for 2202 Michigan Avenue

Building/Complex2202 Michigan AveFloor-Stories2Residences-Pet Policy-Year Built1985Building Size-

Property Information for 2202 Michigan Avenue

Rental Info
Rental Info
  • Tenant Pays: See Remarks
Income / Expense / Tax Details
Income Details
  • Gross Income: $666,923
  • Gross Scheduled Income: $666,923
  • Vacancy Allowance: 20008
  • Gross Operating Income: $646,915
  • Net Operating Income: $426,514
  • Laundry Income: $15,861
  • Other Income 1: $10,202
  • Other Income 2: $28,078
  • Gross Multiplier: 11.97
  • Cap Rate: 5.58
Expense Details
  • Operating Expense: $220,401
  • New Taxes Expense: $95,018
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $18,200
  • Maintenance Expense: $19,600
  • Professional Management Expense: $31,407
  • Other Expense: $5,600
  • Other Expense Description: Reserves
  • Trash Expense: $25,288
  • Water Sewer Expense: $25,287
  • Total Expenses: $220,401
Tax / Assessment Info
  • Tax Tract Number: 204420
  • Tax Census Tract: 2044.20
  • CFD/Mello-Roos Fee: $3,264
  • Tax Lot: 63
Community / Development
Community / Development
  • Community Features: Curbs, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: 26-30 Units/Acre
  • Number Of Units: 28
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 28
Unit Information
Unit 1
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,452
  • Unit Type Total Rent: $52,270
  • Unit Type Pro Forma: 1595
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 25
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,955
  • Unit Type Total Rent: $586,575
  • Unit Type Pro Forma: 2350
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 27
  • Rent Controlled: Yes
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 1
  • Number Of Separate Gas Meters: 1
  • Number Of Separate Water Meters: 1

Property History for 2202 Michigan 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 2202 Michigan Avenue

Taxable ValueLand$4,080,000Additions$2,558,400Total$6,638,400
Tax Record2024$82,905 ($6,909 / month)
Home Facts
Total Finished SqFt22,124 SqFtAbove Grade Finished SqFt22,124 SqFtLot Size22,386 SqFtStyleMulti-Family Res (5+ Units)Year Built1985ZoningLARD1.5CountyLOS ANGELESAPN5183-005-051

Schools near 2202 Michigan Avenue

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

Extera Public Schools
CharterK to 8

Theodore Roosevelt Senior High
Public9 to 12

Felicitas And Gonzalo Mendez High
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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2202 Michigan Avenue is a multi-family home for sale in Los Angeles, CA 90033. This property was listed for sale on October 22, 2024 by CB RICHARD ELLIS, it's currently listed at $7,650,000. It has been on the market for a total of 8 days and was last sold on January 6, 2023. This listing's school district is Los Angeles Unified School District. Nearby schools include Breed Street Elementary School, Extera Public Schools and Theodore Roosevelt Senior High. 2202 Michigan Avenue is a 2-bed, 28-bath, 22,154 sqft multi-family home built in 1985.

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 CB RICHARD ELLIS, ERIC CHEN, DRE #01489184

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.