634 N Kingsley DR Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90004
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
Acres 0.2933
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