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1724 El Cerrito Pl, Los Angeles, CA 90028
$2,945,000
1724 El Cerrito Pl, Los Angeles, CA 90028View this property at 1724 El Cerrito Pl, Los Angeles, CA 90028
1724 El Cerrito PlLos AngelesCA90028
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Property Description
DELIVERED 100% VACANT! Eight Beautifully Appointed, Designer Done FURNISHED One-Of-a-Kind Apartments Situated in the Heart of Hollywood, right by Runyon Canyon, Magic Castle & Hollywood Bowl! Incredibly rare opportunity to set all your own rents! For those discerning buyers who value beauty, location, and income, 1724 N. El Cerrito Place is the multi-family investment property you have been looking for. The market is very competitive for good tenants, here's your opportunity to stand out from the competition with this one-of-a-kind 8 unit gem WHERE 8 OF 8 UNITS WILL BE DELIVERED VACANT! In addition, 1724 El Cerrito Place is situated on a 7,462 SF lot zoned R4 and is located in the Opportunity Zone. 1724 N. El Cerrito Place is about more than just being located in the most desirable, vibrant, and trendy part of Hollywood or having a great mix of four studios and four one bedroom apartments.1724 N. El Cerrito Place offers a savvy multi-family investor an additional bump in rents, occupancy rate, and quality of tenant you will attract because the building is designer done with gorgeous furniture and furnishings (7 of the 8 units will be sold fully furnished). Beautifully curated to be move-in ready, all apartments come with fully equipped kitchens and bathrooms and are completely furnished (except unit #4) from the designer furniture down to the wine glasses and flat screen TV. The fully furnished Studio and One Bedroom apartments range in size from 450 to 875 Sq. Ft. All of the units feature hardwood floors, marble countertops, recessed lighting and parking. All of the pictures included are of the actual apartments. 1724 N. El Cerrito offers everything one could want in a multi-family property: 100% vacant so you set market rents, beautifully appointed, perfectly located, separately metered , on-site owner-owned laundry, 8 parking spots at the rear, seismic retrofitted, large R4 lot and truly so much more! Conservative estimates for new 1 year leases for the 1 bedrooms is $2,750 and the studios at $2,200-$2,300 with tenants paying all their own utilities equate to $240,000 in annual gross income, which is a 12.47 GRM and a 5.34% cap rate (35% est. expenses, including 5% vacancy factor) Day 1 (once lease-up is complete).
Full Property Details
Full Property Details for 1724 El Cerrito Pl
General
- Sold For: $2,945,000
- Status: Closed
- Type: Multi-Family
- MLS ID: 22-174975
- Added to Site: 677 day(s) ago
Interior
- Rooms/Areas: Walk-In Closet, Dining Area, Living Room
- Interior Features: Crown Moldings, Built-Ins, Furnished, Wainscotting, Recessed Lighting
- Cooking Appliances: Cooktop - Gas, Oven
- Flooring: Hardwood, Tile
Rooms
Bathrooms
- Bathroom Features: Tile, Shower Over Tub
Bedrooms
- Total Bedrooms: 8
Other Rooms
- Laundry: None
Additional Information
- Pool Description: None
- Spa Description: None
- Other Features: None
Parking
- Garage Description: Parking for Guests, Parking Space, Tandem, Private, Uncovered
Location
- Area: Hollywood
- County: Los Angeles
- Driving Directions: Located near all the action, between Hollywood Boulevard to the South and Franklin Avenue to the North, La Brea to the West and Highland to the East
- Direction Faces: West
Heating & Cooling
- Cooling Type: Wall Unit(s)
- Heating Type: Wall
Utilities
- Sewer: In Street
Structural Information
- # Buildings: 1
- Architectural Style: Mid-Century
- Exterior Const.: Concrete, Stucco
- Basement Desc.: Slab
- Foundation: Slab
- Roof: Shingle
- Common Walls: Attached
- Entry Location: Ground Level w/steps
- Stories/Levels: 2
- Square Feet: 5,148
- Sq. Ft. Source: Vendor Enhanced
- Year Built: 1939
- Year Built Source: Vendor Enhanced
- Property Condition: Updated/Remodeled
Unit Information
- Units in Complex: 8
- Unit Type: 2106, 2107, 2108
Unit 1
- Total Bathrooms: 1
Unit 2
- Total Bathrooms: 1
Unit 3
- Total Bathrooms: 1
- Bedrooms: 1
Additional Structures
- Other Structures: None
Lot Features
- Property View: Walk Street, Courtyard
- Lot Size (Acres): 0.1713
- Lot Size: 7462
- Lot Size Source: Vendor Enhanced
- Alley: Yes
- Irrigation System: Sprinkler System
- Lot Features: City
- Zoning: LAR4
- Lot Description: Curbs, Front Yard, Lawn, Sidewalks, Street Lighting
Financial Considerations
- Price Per Sq. Ft.: $581.78
- Assessment Year: 1939
- Owner Pays: Gardener, Water
- Tenant Pays: Gas, Electricity
Disclosures and Reports
- Disclosures/Reports: As Is
- APN: 5548-002-032
Listed by Dana Brody, Dana Brody
Sold by RE/MAX One, Chase Simonton
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Schools
Schools serving 1724 El Cerrito Pl
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
7450 Hawthorn Ave, Los Angeles, CA 90046 | K-6 | 0.5 mi | |
929 N Las Palmas Ave, Los Angeles, CA 90038 | 6-8 | 1.1 mi | |
1521 N Highland Ave, Los Angeles, CA 90028 | 9-12 | 0.3 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 1724 El Cerrito Pl
Date
Details
Price
Change
Source
8/01/2022
Sold
$2,945,000
-1.67%
MLS
7/05/2022
Listed
$2,995,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
1724 El Cerrito Pl, Los Angeles, CA 90028 (MLS# 22-174975) is a Multi-Family property that was sold at $2,945,000 on August 01, 2022. Want to learn more about 1724 El Cerrito Pl? Do you have questions about finding other Multi-Family real estate for sale in Hollywood? You can browse all Hollywood real estate or contact a Coldwell Banker agent to request more information.