1053 Figueroa TER, Los Angeles, CA 90012 – WS24109540

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$1,999,000

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7,426 Sqft Lot

Active Under Contract

1053 Figueroa TER Los Angeles, CA 90012

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Steve Gilbert

steveresocal@gmail.com +1(619) 743-8823

UPDATED:

12/07/2024 10:30 AM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active Under Contract

Purchase Type For Sale

MLS Listing ID WS24109540

HOA Y/N No

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

Interior Features Balcony, Storage, Jack and Jill Bath, Primary Suite, Walk-In Closet(s)

Heating Combination, Central, Wall Furnace

Cooling See Remarks

Flooring Carpet, Laminate, Tile, Vinyl

Fireplaces Type None

Fireplace No

Appliance Dishwasher, Free-Standing Range, Disposal, Water Heater

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

Carport Spaces 3

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

Total Parking Spaces 10

Private Pool No

Building

Lot Description No Landscaping, Rectangular Lot

Faces South

Story 3

Sewer Public Sewer

Water Public

Architectural Style Custom

New Construction No

Others

Senior Community No

Tax ID 5406022015

Security Features Carbon Monoxide Detector(s),Smoke Detector(s),Window Bars

Acceptable Financing Cash, Cash to New Loan, Conventional

Listing Terms Cash, Cash to New Loan, Conventional

Special Listing Condition Standard

Listed by YAN CHOW • RE/MAX PREMIER/SANMARINO • 626-807-6800

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Steve Gilbert

Agent | License ID: 00813555

+1(619) 743-8823

1053 Figueroa TER Los Angeles, CA 90012

Steve Gilbert

Key Details

Location

Interior

Exterior

Building

Others

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1053 Figueroa TER