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    215 Lucas Ave

    Los Angeles, CA 90026
    • $6,595,000
    • STATUS: Active
    • ON SITE: 24 days
    • ID#: 20-655456
    UPDATED: 56 min ago
    $6,595,000
    • 36
      BEDS
    • 0.91
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 24,360
      SQFT
    • $271
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1951
    County:

    School Ratings & Info

    Description

    2 property portfolio. APN 5153-029-018 & 019. 215 & 225 Lucas Ave, a 32-unit value-add opportunity situated on two contiguous lots measuring 39,725 square feet (0.91 acres) of R4 land with a Tier 2 TOC bonus located in the low-vacancy Westlake/City West sub-market of Los Angeles, just west of Downtown Los Angeles. The property is being delivered with 26 units vacant at closing allowing investors the opportunity to immediately commence value-add improvements upon close of escrow. The current floor plans and layouts of the units allow for easy legal reconfiguration of the units to add additional bedrooms without losing unit counts. 22 current one-bedroom units can be legally converted to two-bedroom layouts, and 4 two-bedroom units can be updated to three-bedroom plans. The proposed unit conversion opens the opportunity for investors to capture an additional 40% of rental upside.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-11-29T06:43:09.38. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.trulinerealty.com/homes/111605305
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    215 Lucas Ave Los Angeles, CA 90026

    • Price: $6,595,000
    • Status: Active
    • Updated: 56 min ago
    • ID#: 20-655456
    36
    Beds
    0
    Baths
    0
    ½ Baths
    0.91
    Acres
    24,360
    SQFT
    $271
    $/SQFT
    1951
    Built
    Neighborhood:
    Downtown L.A.
    County:
    Los Angeles
    Area:
    Downtown L.A.
    Property Description
    2 property portfolio. APN 5153-029-018 & 019. 215 & 225 Lucas Ave, a 32-unit value-add opportunity situated on two contiguous lots measuring 39,725 square feet (0.91 acres) of R4 land with a Tier 2 TOC bonus located in the low-vacancy Westlake/City West sub-market of Los Angeles, just west of Downtown Los Angeles. The property is being delivered with 26 units vacant at closing allowing investors the opportunity to immediately commence value-add improvements upon close of escrow. The current floor plans and layouts of the units allow for easy legal reconfiguration of the units to add additional bedrooms without losing unit counts. 22 current one-bedroom units can be legally converted to two-bedroom layouts, and 4 two-bedroom units can be updated to three-bedroom plans. The proposed unit conversion opens the opportunity for investors to capture an additional 40% of rental upside.
    Exterior Features

    Carport Spaces Total 33 Cross Streets Lucas & Beverly Direction Faces East Levels Two Lot Description 2-4 Lots Lot Size Area 39725 Other Structures None Parking Garage Carport Style Mid-Century Total Parking 33 View Description None View YN No Water Frontage None

    Interior Features

    Baths Total 32.00 Cooling None Equipment None Heating Natural Gas Water Heater Features Central Water HeaterGas

    Property Features

    Assessed Total Value 276474 Gross Income 648364 Gross Operating Income 677388 Like Units1 28 Like Units2 4 Net Operating Income 460715.00 Number Of Buildings 2 Number Of Units 32 Owner Pays GasWater Sale Type Standard Security Features None Sewer In Street Source Living Area Assessor Source Lot Size Area Assessor Tenant Pays Electricity Total Annual Expense 216673 Type Of Units Apartment Water District Water Heaters YN Yes Year Built Source Assessor Zoning Lacw

    Listing provided courtesy of Peter Strauss DRE#01335696 of Iconic Investments.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-11-29T06:43:09.38. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    TruLine Realty
    8644 Wilshire Blvd. Suite 204
    Beverly Hills CA, 90211