Thank you
Paul Barbosa
Century 21 Hollywood
323-462-7436
Attention 1031 exchange funds and astute investors! An unparalleled investment opportunity awaits in the heart of Los Angeles at 198 S Commonwealth Ave, a well maintained building with pride of ownership, updates and upgrades which include, mini split HVAC in some units, updated units, stainless steel appliances. Presenting a prime commercial property in the thriving Wilshire Center district, where cultural diversity and urban vitality intersect. This strategically located asset offers tremendous potential for savvy investors seeking to maximize their 1031 exchange funds. Embrace the dynamic spirit of this bustling neighborhood, where a myriad of shops, eateries, and businesses flourish, ensuring a steady flow of foot traffic and consumer demand.Set your sights on the endless possibilities this property holds. With its proximity to renowned Korean barbecue restaurants, trendy cafes, and specialty stores, capitalize on the vibrant retail landscape that has made this district a sought-after destination for locals and visitors alike. Transportation convenience further enhances the investment appeal. Multiple bus lines and the Wilshire/Vermont Metro station offer seamless connectivity, facilitating easy access for patrons from across the city. This accessibility, coupled with the neighborhood's central location, ensures strong demand and long-term growth potential. 100% Occupied. Rent Control Rent Increase freeze is being lifted in February 2024 with a 4% allowable rental increase. All tenants are on month to month. Historically low to no vacancies. Pictures are from various units in the building from the recent past. SqFt of units is estimated. Drive by only! DO NOT disturb tenants.
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Total Bedrooms : 12
Total Baths: 8
Full Baths: 0
Half Baths: 0
Sewer : Other
Flooring: Tile,Wood
Wall/Window Unit(s)
Air Conditioning
Wall Furnace
Has Heating
Year Built: 1924
Building Area Total: 8,486
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.1708
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 7438
Original List Price: 3,000,000
Listing Contract Date: 2023-12-13
Listing Agreement: Seller Reserved
Parcel Number: 5501018018
Garage Description: None
Lease Term: Negotiable
Tenant Pays: Cable TV,Electricity,Gas
Source Listing Status: Active
Source Neighborhood: C17 - Mid-Wilshire
Postal Code Plus 4: 6017
Directions: East of Virgil ave and North of W 3rd St and south of Beverly Blvd
Zoning: LAR3
Source Property Type: Residential Income
Area: C17 - Mid-Wilshire
Property Age: 100
Property Condition: Updated/Remodeled
Year Built Source: Vendor Enhanced
Total Square Feet Living: 8486
Entry Level: 1
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
101 S Mariposa, Los Angeles, CA,90004 | $2,100,000 | 4 | 2 | 1,890 | 4796 Sqft |
161 S St Andrews Place, Los Angeles, CA,90004 | $4,550,000 | 21 | -- | 15,606 | 8490 Sqft |
641 N Hobart Boulevard, Los Angeles, CA,90004 | $7,550,000 | 18 | -- | 16,035 | 7506 Sqft |
4572 Rosewood Avenue, Los Angeles, CA,90004 | $1,295,000 | 4 | -- | 2,114 | 4994 Sqft |
533 N Commonwealth Avenue, Los Angeles, CA,90004 | $1,265,000 | 4 | -- | 3,299 | 7503 Sqft |
543 N Heliotrope Drive, Los Angeles, CA,90004 | $2,150,000 | 10 | 5 | 4,808 | 8000 Sqft |
246 N Catalina Street #4, Los Angeles, CA,90004 | $2,500 | 1 | 1 | 690 | 7779 Sqft |
251 N Kenmore Avenue, Los Angeles, CA,90004 | $2,295,000 | 12 | -- | 6,852 | 7632 Sqft |
501 N Gower Street, Los Angeles, CA,90004 | $1,995,000 | 3 | 3 | 1,803 | 5577 Sqft |
4835 Elmwood Avenue #4835, Los Angeles, CA,90004 | $4,100,000 | 17 | -- | 6,870 | 7248 Sqft |
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ByOwner last updated this listing 05/06/2024 @ 06:21
MLS: 23339917
LISTED BY: Paul Barbosa, Century 21 Hollywood
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.