634 N Kingsley DR Active

Los Angeles,CA 90004

$ 3395000

16 Beds

16 Baths

11564 SqFt


Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 11,564 sqft

Price per Sqft $293

MLS Listing ID 24434731

Bedrooms 16

HOA Y/N No

Year Built 1954

Lot Size 0.293 Acres

Property Description

Presenting an exceptional investment opportunity at 634 North Kingsley Drive, a well-managed 16-unit multifamily property located in the heart of Mid-Wilshire. Built in 1954, this asset comprises 16 one-bedroom/one-bathroom units, with upgraded units featuring laminate flooring, granite countertops, wall-mounted HVAC systems, and modern kitchen appliances. The property offers significant value-add potential, with current rents approximately 35% below market rates. A vacant unit provides an immediate opportunity for renovation and income maximization. Recent lease agreements for units 3 and 15, at $1,995 per month, affirm the market rent for the area. With the last 4% rental increase implemented in February 2024, a new investor will have the opportunity to further increase rents in February 2025. Key property features include parking for 13 vehicles, an on-site laundry facility, and individually metered gas and electric utilities for each unit. Notably, the property requires no soft story retrofit, minimizing potential capital expenditures. The property boasts a "Walk Score" of 90, with close proximity to shops, restaurants, and retail along Melrose Avenue and Beverly Boulevard. It is also conveniently situated within a short drive of Hollywood, Downtown Los Angeles, West Hollywood, and Beverly Hills, and is within walking distance of the Metro B Line (Red) at Vermont/Beverly Station.

Location

State CA

County Los Angeles

Area C17 - Mid-Wilshire

Zoning LAR3

Interior

Interior Features Ceiling Fan(s)

Heating Wall Furnace

Fireplace No

Appliance Dishwasher,Refrigerator

Exterior

Garage Assigned

Parking Type Assigned

Total Parking Spaces 13

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5521007022

Special Listing Condition Standard

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