1053 Figueroa TER Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90012
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID WS24109540
Year Built 1992
Lot Size 7,426 Sqft
Property Description
Presenting a rare opportunity to acquire this attractive 1992 custom-built and meticulously crafted,5 unit,city view apartment complex. Located adjacent to the iconic Chinatown, Echo Park & Silverlake areas of Los Angeles,& positioned strategically& conveniently near the #2,5,134,110,&101 freeways,& rapid transit including the Gold Line & bus routes. It is situated in a trendy & up-and-coming strong rental market amidst DTLA, Silverlake,Dodger Stadium,Echo Park & the Financial District neighborhoods with major employers including USC,Good Samaritan Hospital,Paramount Studios,& the Los Angeles Fashion and Arts Districts,& much more.This property offers an excellent opportunity for discerning homeowners or investors to secure a true value-added asset in a highly coveted locale.Comprising 3 stories with a total building size of 7,658 sq.ft. per assessor,all units are spacious & the apartment complex boasts a desirable unit mix including an OWNER unit of approx.2,641 sq.ft.(will be available upon close of escrow with new paint & carpet throughout) featuring a 3br,3.5bth townhome-style front unit with an office /den(could be used as a 4th bedroom),large recreation room, C/A, spacious laundry area, ample storage rooms,a 2-car attached garage. The outside laundry & storage rooms with best possibilities for ADU are utility ready with dry walls & windows.Buyer to Investigate feasibility, seller makes no guarantees and no warranties. The remaining 4 units are an ideal mix of two larger (over 1,100 sq. ft. ea) 3br,2bth U and two good-sized 2-br,1-bth U. Each unit boasts an excellent layout, individual water heaters, & separate metering for gas and electricity utilities, ensuring convenience & efficiency. Four units are occupied by tenants on month to month leases. Rent comparable reports indicate a positive upside & added investment potential. Property is not under city’s Rent Stabilization Ordinance (RSO), but subject to State Rent Control AB1482 & Just Cause Ordinance (JCO). Buyer to investigate, seller makes no guarantees & no warranties. Total 10 parking spaces,3 covered spaces, 5 open parking spaces & a 2 car garage. Great Owner user building. Residents benefit from an array of culinary delights, cultural experiences, & artistic exhibitions for investors,owner or professionals, further enriching the allure of this investment opportunity. Now is the time to seize this exceptional offering in one of Los Angeles’ most dynamic and sought-after neighborhoods.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LARD1.5
Interior
Heating Combination,Central,Wall Furnace
Cooling See Remarks
Flooring Carpet,Laminate,Tile,Vinyl
Fireplaces Type None
Laundry Inside
Exterior
Exterior Feature Rain Gutters
Parking Features Attached Carport,Assigned,Concrete,Covered,Carport,Detached Carport,Direct Access,Door-Single,Garage Faces Front,Garage,On Site,Paved,One Space
Garage Spaces 2.0
Garage Description 2.0
Pool None
Community Features Street Lights,Sidewalks
Utilities Available Electricity Available,Natural Gas Connected,Sewer Connected,Water Available
View Y/N Yes
View City Lights,Neighborhood
Building
Lot Description No Landscaping,Rectangular Lot
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Conventional
Listing Terms Cash,Cash to New Loan,Conventional
Special Listing Condition Standard