2221 Addison Way

Los Angeles, CA 90041

$1,995,000
Price
8
Beds
8
Baths
5,144 Sq. Ft.
$388 / Sq. Ft.
5,144
Sq. Ft.
$388
per Sq. Ft.

Description

8 Unit income property in highly desirable Eagle Rock - a rare find in a market with extremely limited inventory. All units are 1 Bedroom 1 Bath. Four blocks from Colorado Blvd. Close to Occidental College. Six garages currently being used as storage for tenants. 6 uncovered parking spaces. All units separately metered for gas and electricity and all units have separate water heaters. Foundation bolting completed in 2013. Indicative of the strong rental demand in the local area, this property is...8 Unit income property in highly desirable Eagle Rock - a rare find in a market with extremely limited inventory. All units are 1 Bedroom 1 Bath. Four blocks from Colorado Blvd. Close to Occidental College. Six garages currently being used as storage for tenants. 6 uncovered parking spaces. All units separately metered for gas and electricity and all units have separate water heaters. Foundation bolting completed in 2013. Indicative of the strong rental demand in the local area, this property is fully leased. Upon unit turnover, this property presents an enticing 32% potential upside in rental income, making it a compelling opportunity for growth-minded investors. Contact listing agent for full offering memorandum.
  1. Listed by Gabriel Rudner • DRE #02054447 • Brokerage DRE #00956552 • Aegis Management, Inc.
  2. Listed by Andrew Perris • DRE #00956552 • Brokerage DRE #00956552 • Aegis Management, Inc.

Property Details for 2221 Addison Way

Zoning
LARD1.5
Parcel Number
5685005015
Total Units
8.0
Living Area
5144
Source Living Area
Vendor Enhanced
Area
Eagle Rock (618)
Vacancy Rate
0
Lot Size Area
12589
LISTING UPDATED: 12/13/2024 04:59 PM

Property Details for 2221 Addison Way

StatusActive
MLS #24-390355
Days on Market135
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1925
Lot Size0.29 AC / 12,589 SF
CountyLos Angeles County

Building Information for 2221 Addison Way

Stories-Residences-Year Built1925Building Size-Lot Size0.29 AC / 12,589 SF

Property Information for 2221 Addison Way

Community / Development
Community / Development
  • Number Of Units: 8
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 0
  • Number Of Buildings: 5
  • Type Of Units: Apartments
  • Security Features: Smoke Detector
  • Water Heaters: Yes
  • ADA Compliance: No
  • Additions Alterations: No
  • Water Heater Features: Water Heater Unit
  • Building Permit: Yes
Contract Info
Contract Info
  • Disclosures: LA/Owner Related
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $140,463
  • Net Operating Income: $72,578.00
  • Gross Income: $144,807
  • Cap Rate: 3.46%
  • Gross Rent Multiplier: $14.50
  • Actual Annual Gross Rent: $144,807.00
  • Actual Gross Annual Income: $144,807
  • Actual Rent Total: $144,807.00
  • Financial Info as Of: 05/09/2024
  • Vacancy Allow Dollar: $4,344.00
  • Vacancy Allow Percent: 3.00%
  • Owner Pays: Water
  • Total Annual Expense: 67885
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2902
  • Lot Size Square Feet: 12589
Parking Details
Parking Details
  • Parking Garage: Garage
  • Total Parking: 6
  • Open Other Spaces Total: 6
  • Parking Features: Garage
  • Garage Structures Total: 6.0
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Window Unit(s)
  • Heating Type: Wall Gas
  • Equipment: Other
  • Laundry: None
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Roof: Tar and Gravel
  • New Construction: No
  • Foundation Details: Raised
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 05-12-2024
  • Rent Control: Yes
  • Rent Control: 100
  • Tenant Pays: Gas, Electricity
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,768.00
  • Unit Actual Rent: $1,768.00
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,664.00
  • Unit Actual Rent: $1,664.00
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,553.70
  • Unit Actual Rent: $1,553.70
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,126.00
  • Unit Actual Rent: $1,126.00
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,310.00
  • Unit Actual Rent: $1,310.00
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,950.00
  • Unit Actual Rent: $1,950.00
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 7 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $951.48
  • Unit Actual Rent: $951.40
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit 8 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,664.00
  • Unit Actual Rent: $1,664.00
  • Unit Projected Rent: $1,995.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113
  • Number of Electric Meters: 8
  • Number of Gas Meters: 8
  • Number Leased: 8
  • Number Rented Garages: 6
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $289,658.00
  • Assessed Improvement Percent: 50.0
  • Assessed Land Value: $289,658.00
  • Assessed Land Percent: 50
  • Assessed Total Value: $579,316.00

Property History for 2221 Addison Way

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 2221 Addison Way

Taxable ValueLand$295,451Additions$295,451Total$590,902
Tax Record2024$8,363 ($697 / month)
Home Facts
Total Finished SqFt5,144 SqFtAbove Grade Finished SqFt5,144 SqFtLot Size12,639 SqFtStyleMulti-Family Res (5+ Units)Year Built1925ZoningLARD1.5CountyLOS ANGELESAPN5685-005-015

Schools near 2221 Addison Way

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 7 to 12
Charter - K to 8
Charter - K to 5
Rating
School
Distance
Eagle Rock Elementary and Magnet Center
PublicK to 6

Eagle Rock High School
Public7 to 12

PUC International Preparatory Academy
CharterK to 8

California Creative Learning Academy
CharterK 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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2221 Addison Way is a multi-family home for sale in Los Angeles, CA 90041. This property was listed for sale on May 9, 2024 by Aegis Management, Inc., it's currently listed at $1,995,000. This listing's school district is Los Angeles Unified School District. Nearby schools include Eagle Rock Elementary and Magnet Center, Eagle Rock High School and PUC International Preparatory Academy. 2221 Addison Way is a 8-bed, 8-bath, 5,144 sqft multi-family home built in 1925.

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 Aegis Management, Inc., Gabriel Rudner, DRE #02054447; Aegis Management, Inc., Andrew Perris, DRE #00956552

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.